国泰海通证券研报称，中债“熊陡”，美债“牛平”。中债：收益率曲线整体上移，10Y-2Y 期限利差扩大，呈“熊陡”特征。AAA 级信用债收益率普遍上行，长端信用利差边际扩大。美债：收益率曲线整体下移，10Y-1Y 期限利差收窄，呈“牛平”特征。鲍威尔在 8 月 22 日杰克逊霍尔经济会议上指出，经济风险平衡正在变化，借贷成本拖累经济，劳动力市场趋弱，通胀风险可控。这释放出 9 月大概率降息的信号。
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