每日议程：美元搬到耶伦承诺收紧

在海上山的半年证词的第一天，联邦储备椅珍妮特·耶伦对美国经济对外国危机的担忧, saying that underlying fundamentals were strong enough to support a start to tightening later this year. Yellen also indicated that the pat of rate hikes will be slow and steady, insulating markets from policy shocks. With the美联储表明该率将在近期提升其他主要经济体的中央银行继续泵出流动性，美国美元在今年3月达到了12年高位后，几乎削减了对重大货币的所有损失。虽然分析师划分了美元是否可以从目前的水平继续欣赏，但随着美国股票市场的收益季节继续，恢复环保会在讨论前锋指导中讨论。

Greek parliament approves bailout terms.Late yesterday evening Greece’s parliament voted to accept the bailout proposal secured by Prime Minister Alexis Tsipras. If the proposed terms are also accepted by the national legislative bodies of other euro zone members as expected, a new €7 billion ($7.62 billion) loan tranche may be announced as early as Friday. With its national economy in tatters, Greece is desperate for the liquidity. Of the 149 Syriza members of parliament, 32 voted against accepting the austerity measures, includingyanis varoufakis，他本月早些时候辞去希腊财政部长的帖子。分别地，European Central Bank president Mario Draghiexpressed support for the bailout plan in advance of today’s ECB meeting in Frankfurt.

Puerto Rico fails to make payments.Puerto Rico’s Government Development Bank (GDB) yesterday announced that the Public Finance Corp., an agency of the U.S. island commonwealth, had failed to make a required $93.7 million debt-service payment to a bond trustee due on Wednesday. An additional payment of $36 million comes due August 1. A failure to make that payment could constitute a default. The island’s legislature approved roughly $300 million for GDB debt payments within the current budget that were not specific to the current payments. It is possible those funds could be reallocated.

Pound sterling hits multiyear highs.在U.K的地平线上紧缩。随着欧元兑换欧元兑换欧元淘汰的欧洲欧洲央行，这一英镑今早举办了七年高的欧元。

Goldman earnings disappoint on the back of litigation funds.高盛集团今天报告了2015年第二季度盈利的大幅下降，这主要是因为诉讼的规定，从成果中脱掉2.77美元，将实现的收益达到1.98美元。除了法律成本，盈利击败分析师的预期大幅度，因为该公司的贸易团体比预期更好。投资银行在与抵押贷款支持证券有关的司法部的司法部的解决方面留出了资金，使其成为最新的全部华尔街公司。

New accounts continue at record pace in China.尽管最近几周令人震惊的抛售，但有证据表明中国市场的救援努力可能会对中国的零售投资者充满信心。根据香港杰基耶斯定量分析小组今天发布的一份报告，六月新的账户开口达到了1280万，而可能导致全国股票的股票总数增加10％的月份月。

EU antitrust regulators set sights on Qualcomm.周四欧盟委员会(European Commission), the European Union’s primary competition watchdog, announced two separate investigations into the San Diego–headquartered chip manufacturing company Qualcomm’s pricing and sales tactics. EU antitrust headMargrethe Vestagerhas come under criticism for specifically focusing on large U.S. internet technology firms, with some analysts opining that the investigations may be politically motivated.

eBay to sell unit.华尔街日报reported today that eBay is near an agreement to sell its eBay Enterprise unit, which powers online selling for outside retailers, to a consortium of firms led by private equity manager Permira for approximately $900 million. Same sources cited indicated that the spin-off of payment unit PayPal will be completed Friday.

投资组合视角：市场试图加息—Karl Haeling, Landesbank Baden-Württemberg

Fed head Yellen’s ongoing emphasis that the likely slow pace of tightening is more important than the timing of the first rate hike has seemed to help flatten the yield curve. It may also be somewhat noteworthy that Yellen stressed she saw no need to forewarn the market before the Fed actually announces a rate increase.

It was also significant that Yellen noted the economy could actually benefit from higher rates, an indication that she probably prefers at least one rate increase this year. The timing of the first rate hike probably depends on Fed priorities. Will the Fed see a need to raise by September or October given year-end considerations that it may have difficulty raising rates in December? Or will the desire for economic, financial and inflation indicators to all be pointing in the right direction be most important? Yellen has provided almost no insight on the timing question beyond saying one seems probable at some point this year.

A complicating factor could involve inflation. While producer price index figures jumped higher in June, recent weakness commodities suggests any uptick in inflation will be short-lived. The behavior of the commodity markets going forward will be increasingly critical.

Karl Haeling是资本市场的副总裁Landesbank Baden-Württtemberg’s New York office.