今早汇市的活跃表明，许多投资者预计发达经济体央行将进一步干预。在美国东部时间上午6点之前，日元兑美元下跌了近1%。日本央行（bankofjapan）将进一步降息至关键存款基准利率为负值的区间，并转向负贷款成本的预期已开始升温。在周四的一次采访中，前日本央行副行长岩田康正（Kazumasa Iwata）表示，随着央行试图提振通胀，利率最终可能降至负1%。紧随着瑞典央行（Riksbank）宣布，该国利率仍将为负值，宽松政策将延长，以及欧洲央行（ecb）对主要银行存款收取利息的计划，负利率实验似乎可能继续波及全球市场的所有资产类别。
华尔街奖金池面临新的限制。Yesterday the National Credit Union Administration was the first federal financial regulator to consider proposed rules designed to fulfill a portion of the2010年多德-弗兰克华尔街改革和消费者保护法案by restricting compensation packages of top Wall Street executives. The draft rules, which the NCUA released, would hold back a large portion of cash bonus payments for up to four years, subject to a clawback if the employee was later deemed to have taken inappropriate risk. The rules would take into consideration both the employee’s role as well as the size of the firm and its importance to financial market stability. Six regulators, including the Federal Reserve and Federal Deposit Insurance Corp., must approve the proposal before it can be released to the industry for public comment.
新的排放调查震撼了汽车工业。德国汽车制造商戴姆勒（Daimler）今天公布财报，2016年第一季度回报率落后2015年同期9%，略低于分析师普遍预测。另外，这家总部位于斯图加特的公司披露了美国司法部对排放测试的调查，导致其股价在早盘大跌。就在这一消息公布的同一天，日本三菱汽车公司宣布，一项内部调查显示，该公司操纵了燃油经济性指标。
Singapore regulators crack down.今天，新加坡金融管理局（Monetary Authority of Singapore）在一项内幕交易调查中删除了多家证券经纪公司的文件和数据。这一举措出台之际，该市政府的监管机构近几个月来已加紧努力，以提高投资者对市场的信心。另外，新加坡总检察长指控前BSI私人银行家杨家伟参与洗钱调查，这是对马来西亚主权财富基金扩大调查的一部分1马来西亚发展.
中国短期货币市场利率飙升。在中国对短期贷款基准利率d multimonth highs as the week concluded with the seven-day repurchase rate rising by more than 15 basis points after the People’s Bank of China added an additional $680 billion into the system through a reverse repo auction. The liquidity measures come as money markets tighten as corporate taxes come due.
文件夹Perspective: Policy remains Supportive for Markets, but Expect Bumps Ahead—卡尔·海林,Landesbank Baden-Württemberg
欧洲央行（ecb）维持政策不变，德拉吉也没有采取太多措施，以增加对进一步宽松措施的预期。这与预期非常接近，但如果仅仅出于心理原因的话，可能还是导致了整个资产的疲软。
近年来，央行政策对全球市场的影响非常大，很多投资者都将目光投向了这些政策。我们不想过分淡化这一点，但我们确实相信，许多市场评论员将资产表现与货币因素过度挂钩。
毫无疑问，量化宽松和超低至负利率将投资者推向风险较高的资产，并帮助推高其价格。但负利率也会减少储蓄，损害信贷市场的运作，并可能增加通货紧缩的看法。随着时间的推移，我们相信低利率的好处会减少，负面的意外后果会增加。
因此，随着即将召开的央行会议临近，市场在评估其影响时，将越来越多地关注形势的两面。下一次联邦公开市场委员会会议将于下周三召开，下一次日本央行政策会议将于周四召开。很少有观察家预计美联储（fed）会做出任何政策调整，相反，他们会关注6月份联邦公开市场委员会（FOMC）会议结果的线索。
There is a better, but less clear chance, of the Bank of Japan trying new policies next week given the strength of the yen. The Bank of Japan could opt for even more negative rates but this could easily backfire again as Japanese loan markets are struggling to adapt to the current yield structure. There has been some talk that the Bank of Japan could increase its quantitative-easing purchases of exchange-traded funds in an attempt to trigger an equity rally and associated capital inflows.
Given the increasingly mixed nature of the influence of monetary policy for investors, look for the markets to rely more on their respective individual supply-and-demand dynamics for direction. Currently most markets have overbought, or nearly overbought, readings in terms of short-term trading sentiment but underweighted positions among longer-term investors, particularly in equities. The longer that central-bank policies remain dovish, they should maintain a supportive foundation for risk markets and bonds. But uneven price patterns and sudden shifts in psychology should also become more common.
Karl Haeling是Landesbank Baden-Württembergin New York.