9 I 11 6 2023 9 20111290 11FOMC + longer higher longer 2% Z0017101 1.higherlonger1 1.1.1:115.25-5.50% ..............................................................................................................................1 1.1.2: 10...................................................2 1.1.3: 9 10 ...................................................................................................................3 1.1.4: %.............................................................4 1.1.5: .......................................5 1.higher longer 11 2023 5.25-5.50% 1.1.1:11 5.25-5.50% 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 : % iFinD 0.0000 1116 atamodestpace7atamoderatepace9atasolidpace11atastrongpace2 tightercreditconditiontighter financialandcreditcondition 3 4slowed moderated9 10 15 910 5.5 9 10 10 10 9 4.1% 1.1.2: 10 1000.00 800.00 600.00 400.00 200.00 0.00 -200.00 : : -400.00 : : 3MMA iFinD 1.1.3: 9 10 80.00 60.00 40.00 20.00 0.00 -20.00 -40.00 -60.00 2023-082023-092023-10 iFinD 1 2 longer higher longer 1.1.4: % 6.00 5.00 4.00 3.00 2.00 1.00 0.00 115 12 CMEFedWatch 95.2% : :10 2020-08-062021-08-062022-08-062023-08-06 : :5 : :2 : :1 iFinD 1.1.5: CME 2% I2023116 / 136 310008 4008888910 www.nanhua.net 603093