Ahead of the U.S. interest rate decision, the market is cautious, with U.S. stock index futures slightly rising, European and American bond markets under pressure, spot gold rising back above $4,200, and cryptocurrencies declining

On Tuesday, December 9th, the market was cautious ahead of the Federal Reserve's interest rate decision, with major global stock indices showing mixed performance and U.S. Treasury yields rising to new highs. U.S. stock index futures rose collectively, while European and Asia-Pacific markets experienced mixed results. In the bond market, U.S. Treasury yields continued to rise, reaching a new peak, and Australia's three-year government bond yield also climbed to its highest level since November last year. The U.S. dollar index remained largely flat, the Australian dollar strengthened, and the Japanese yen was under pressure. Gold fell while silver rose, oil prices temporarily stabilized after experiencing the largest single-day drop in nearly three weeks, and cryptocurrencies declined. Frederik Neumann, Chief Asian Economist at HSBC Holdings, stated: "Investors are holding back, waiting for the Federal Reserve's decision. Given the uncertainty surrounding the Fed's policy path in 2026, investors will pay close attention to the Federal Open Market Committee (FOMC) statement and forecasts. As a result, the cautious tone in the U.S. market overnight has carried over into today's Asian market." Core market movements are as follows: U.S. stock index futures rose collectively, with the S&P 500 futures index up over 0.1%, Nasdaq 100 futures up 0.1%, and Dow futures up 0.05%. In pre-market trading, Nvidia rose over 2%, and Intel rose over 1%. The Euro Stoxx 50 index opened up 0.03%. The French CAC 40 index opened up 0.04%. The German DAX index rose 0.09%. The UK FTSE 100 index fell 0.23%. The Nikkei 225 index closed up 0.14%, at 50655.10 points. The Seoul Composite Index in South Korea closed down 0.3%. The yield on the 10-year U.S. Treasury rose 1 basis point to 4.17%; the yield on the 10-year German government bond rose 6 basis points to 2.86%; the yield on the 10-year UK government bond rose 5 basis points to 4.53%. The U.S. dollar index remained largely flat; the dollar rose 0.2% against the yen to 156.28, reaching its highest level since November 28. Spot gold fell 0.3% to $4178.12 per ounce; spot silver rose 0.24% to $58.27 per ounce; WTI crude oil fell over 0.1% to $58.81 per barrel. Bitcoin fell 1.6% to $89908.85, and Ethereum fell 1.4% to $3104.61. Market focus is on this week's Federal Reserve interest rate decision, with U.S. stock index futures rising collectively and U.S. bond yields increasing. The yield on the 10-year U.S. Treasury rose to 4.182% on Tuesday, while the 30-year yield approached 4.82%, both reaching new highs since September. According to Wallstreetcn, traders expect a 90% probability of a 25 basis point rate cut on Wednesday, but analysts believe the decision will come with a hawkish tone, suggesting a possible extension of the pause on rate cuts next year. The terminal rate indicated by the swap market has jumped from below 3% to 3.2%, the highest level since July. Expectations for interest rate hikes by the Bank of Japan continue to rise. According to Wallstreetcn, Bank of Japan Governor Kazuo Ueda stated during a parliamentary inquiry that "if the economic outlook is realized, we will raise interest rates," but he "will not comment on the specific details of interest rates." As a result, the demand for Japan's five-year government bond auction fell below the average of the past year, as investors remain cautious before the policy outlook becomes clear. Finance Minister Shunichi Suzuki previously stated that he is closely monitoring market trends. The yield on ten-year government bonds is currently fluctuating around 2%, at a high range not seen since 2006. The yen has not strengthened under expectations of policy tightening and continues to show weakness.