{"id":44971,"date":"2026-04-17T19:52:09","date_gmt":"2026-04-17T19:52:09","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e8%af%ba%e8%bf%aa%e4%ba%9a%e5%88%86%e6%9e%90%e5%b8%88%e9%a2%84%e8%ae%a1%ef%bc%8c%e5%9c%a8%e9%80%9a%e8%83%80%e6%8c%81%e7%bb%ad%e4%b9%8b%e9%99%85%ef%bc%8c%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e5%b0%86\/"},"modified":"2026-04-17T19:52:09","modified_gmt":"2026-04-17T19:52:09","slug":"%e8%af%ba%e8%bf%aa%e4%ba%9a%e5%88%86%e6%9e%90%e5%b8%88%e9%a2%84%e8%ae%a1%ef%bc%8c%e5%9c%a8%e9%80%9a%e8%83%80%e6%8c%81%e7%bb%ad%e4%b9%8b%e9%99%85%ef%bc%8c%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e5%b0%86","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e8%af%ba%e8%bf%aa%e4%ba%9a%e5%88%86%e6%9e%90%e5%b8%88%e9%a2%84%e8%ae%a1%ef%bc%8c%e5%9c%a8%e9%80%9a%e8%83%80%e6%8c%81%e7%bb%ad%e4%b9%8b%e9%99%85%ef%bc%8c%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e5%b0%86\/","title":{"rendered":"\u8bfa\u8fea\u4e9a\u5206\u6790\u5e08\u9884\u8ba1\uff0c\u5728\u901a\u80c0\u6301\u7eed\u4e4b\u9645\uff0c\u6b27\u6d32\u592e\u884c\u5c06\u4ece6\u6708\u8d77\u56db\u6b21\u52a0\u606f25\u4e2a\u57fa\u70b9"},"content":{"rendered":"<p>\u5317\u6b27\u8054\u5408\u94f6\u884c\uff08Nordea\uff09\u76ee\u524d\u9884\u8ba1\uff0c\u6b27\u6d32\u592e\u884c\uff08ECB\uff09\u5c06\u4ece6\u6708\u5f00\u59cb\u8fde\u7eed\u56db\u6b21\u6bcf\u6b21\u4e0a\u8c0325\u4e2a\u57fa\u70b9\uff08bp\uff0c\u57fa\u70b9\uff1b1\u4e2a\u57fa\u70b9=0.01\u4e2a\u767e\u5206\u70b9\uff09\u7684\u5229\u7387\uff0c\u5373\u4f7f\u4e2d\u4e1c\u4f20\u51fa\u505c\u706b\u6d88\u606f\u4e5f\u662f\u5982\u6b64\u3002\u8be5\u9884\u6d4b\u5728\u505c\u706b\u5ba3\u5e03\u524d\u521a\u66f4\u65b0\u3002<\/p>\n<p>\u505c\u706b\u88ab\u5f62\u5bb9\u4e3a\u8fd9\u4e00\u8def\u5f84\u7684\u4e0b\u884c\u98ce\u9669\uff08\u5373\u53ef\u80fd\u8ba9\u52a0\u606f\u538b\u529b\u964d\u4f4e\u7684\u56e0\u7d20\uff09\uff0c\u4f46\u8be5\u9884\u6d4b\u4ecd\u88ab\u8ba4\u4e3a\u53ef\u884c\u3002\u8fd9\u4e2a\u89c2\u70b9\u4e0d\u4f9d\u8d56\u4e2d\u4e1c\u5c40\u52bf\u8fdb\u4e00\u6b65\u5347\u7ea7\u3002<\/p>\n<h3>\u6838\u5fc3\u901a\u80c0\u4e0e\u5229\u7387\u8def\u5f84<\/h3>\n<p>\u62a5\u544a\u79f0\uff0c\u6838\u5fc3\u901a\u80c0\uff08core inflation\uff1a\u5254\u9664\u80fd\u6e90\u4e0e\u98df\u54c1\u7b49\u6ce2\u52a8\u8f83\u5927\u7684\u4ef7\u683c\uff0c\u66f4\u80fd\u53cd\u6620\u5185\u9700\u4ef7\u683c\u538b\u529b\u7684\u901a\u80c0\u6307\u6807\uff09\u5df2\u8d85\u8fc7\u76ee\u6807\u8d85\u8fc7\u56db\u5e74\u3002\u52b3\u52a8\u529b\u5e02\u573a\u88ab\u5f62\u5bb9\u4e3a\u7d27\u5f20\uff08tight\uff1a\u4eba\u624b\u504f\u7d27\u3001\u5931\u4e1a\u7387\u4f4e\uff0c\u5bb9\u6613\u63a8\u9ad8\u5de5\u8d44\uff09\uff0c\u7ecf\u6d4e\u5219\u5177\u97e7\u6027\uff08resilient\uff1a\u589e\u957f\u672a\u660e\u663e\u8f6c\u5f31\uff09\uff0c\u56e0\u6b64\u901a\u80c0\u5fe7\u8651\u4ecd\u9ad8\u3002<\/p>\n<p>\u5f15\u7528\u7684\u6b27\u6d32\u592e\u884c\u7ba1\u7406\u59d4\u5458\u4f1a\u6210\u5458\u8bc4\u8bba\u663e\u793a\uff0c\u592e\u884c\u4ecd\u6709\u65f6\u95f4\u8bc4\u4f30\u7ecf\u6d4e\u72b6\u51b5\u3002\u8fd9\u4e9b\u8a00\u8bba\u4e5f\u6307\u54116\u6708\u52a0\u606f\u8f83\u53ef\u80fd\uff0c\u5e76\u53cd\u5bf9\u57284\u6708\u884c\u52a8\u3002<\/p>\n<p>\u62a5\u544a\u79f0\uff0c\u6536\u76ca\u7387\u66f2\u7ebf\uff08yield curve\uff1a\u4e0d\u540c\u5230\u671f\u5e74\u671f\u503a\u5238\u5229\u7387\u7684\u6392\u5217\uff09\u8f83\u957f\u7aef\uff08long end\uff1a\u957f\u5e74\u671f\u5229\u7387\u90e8\u5206\uff09\u53d7\u5230\u8be5\u592e\u884c\u7acb\u573a\u3001\u589e\u957f\u9884\u6d4b\u8f83\u7a33\uff0c\u4ee5\u53ca\u671f\u9650\u6ea2\u4ef7\uff08term premium\uff1a\u6295\u8d44\u8005\u6301\u6709\u957f\u671f\u503a\u5238\u8981\u6c42\u7684\u989d\u5916\u56de\u62a5\uff0c\u56e0\u4e0d\u786e\u5b9a\u6027\u4e0e\u5229\u7387\u98ce\u9669\u66f4\u9ad8\uff09\u4e0a\u5347\u9884\u671f\u6240\u652f\u6491\u3002\u8fd9\u4e9b\u56e0\u7d20\u88ab\u8ba4\u4e3a\u4f1a\u63a8\u52a8\u957f\u671f\u6536\u76ca\u7387\u8fdb\u4e00\u6b65\u4e0a\u5347\u3002<\/p>\n<p>\u6211\u4eec\u6b63\u4e3a\u6b27\u6d32\u592e\u884c\u4ece\u4eca\u5e746\u6708\u5f00\u59cb\u8fde\u7eed\u56db\u6b21\u3001\u6bcf\u6b21\u4e0a\u8c0325\u4e2a\u57fa\u70b9\u7684\u52a0\u606f\u4f5c\u51c6\u5907\u3002\u6838\u5fc3\u901a\u80c0\u4ecd\u662f\u4e3b\u8981\u7126\u70b9\uff0c\u957f\u671f\u660e\u663e\u9ad8\u4e8e\u592e\u884c\u76ee\u6807\u3002\u7ecf\u6d4e\u8868\u73b0\u51fa\u4e4e\u610f\u6599\u5730\u7a33\u5065\uff0c\u8ba9\u6b27\u6d32\u592e\u884c\u66f4\u6709\u7406\u7531\u91c7\u53d6\u66f4\u679c\u65ad\u7684\u884c\u52a8\u3002<\/p>\n<h3>\u6cbf\u6536\u76ca\u7387\u66f2\u7ebf\u7684\u90e8\u7f72<\/h3>\n<p>\u6b27\u76df\u7edf\u8ba1\u5c40\uff08Eurostat\uff09\u7684\u6700\u65b0\u6570\u636e\u5f3a\u5316\u4e86\u8fd9\u4e00\u770b\u6cd5\uff1a2026\u5e743\u6708\u7684\u6838\u5fc3\u901a\u80c0\u4ecd\u987d\u56fa\u7ef4\u6301\u57282.7%\uff0c\u660e\u663e\u9ad8\u4e8e2%\u7684\u76ee\u6807\u3002\u6b64\u5916\uff0c\u6b27\u5143\u533a\u5931\u4e1a\u7387\u8fd1\u671f\u964d\u81f36.4%\uff0c\u4e3a\u591a\u5e74\u4f4e\u4f4d\uff0c\u663e\u793a\u52b3\u52a8\u529b\u5e02\u573a\u5403\u7d27\uff0c\u53ef\u80fd\u63a8\u9ad8\u5de5\u8d44\u589e\u5e45\u3002\u8fd9\u4e9b\u6570\u636e\u4ee4\u6b27\u6d32\u592e\u884c\u66f4\u96be\u4e3a\u7ee7\u7eed\u63a8\u8fdf\u52a0\u606f\u4f5c\u51fa\u5408\u7406\u89e3\u91ca\u3002<\/p>\n<p>\u4e2d\u4e1c\u505c\u706b\u6d88\u606f\u786e\u5b9e\u7f13\u89e3\u4e86\u90e8\u5206\u77ed\u671f\u62c5\u5fe7\uff0c\u4f46\u7126\u70b9\u4ecd\u5728\u5185\u90e8\u4ef7\u683c\u538b\u529b\u3002\u56fd\u5185\u901a\u80c0\u63a8\u52a8\u56e0\u7d20\uff08\u4f8b\u5982\u670d\u52a1\u4e1a\u4ef7\u683c\u4e0a\u6da8\uff09\u65e9\u5728\u8fd1\u671f\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u4e4b\u524d\u5c31\u5df2\u7d2f\u79ef\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\u6b27\u6d32\u592e\u884c\u7684\u52a0\u606f\u8def\u5f84\u4e0d\u53d6\u51b3\u4e8e\u5916\u90e8\u51b2\u7a81\uff0c\u4ecd\u53ef\u6301\u7eed\u3002<\/p>\n<p>\u5728\u66f2\u7ebf\u77ed\u7aef\uff08short end\uff1a\u77ed\u5e74\u671f\u5229\u7387\u90e8\u5206\uff09\uff0c\u8fd9\u610f\u5473\u7740\u901a\u8fc7\u6b27\u6d32\u94f6\u884c\u540c\u4e1a\u62c6\u501f\u5229\u7387\uff08Euribor\uff1a\u6b27\u5143\u533a\u94f6\u884c\u95f4\u501f\u8d37\u53c2\u8003\u5229\u7387\uff09\u671f\u8d27\u7b49\u5de5\u5177\u6765\u5e94\u5bf9\u5229\u7387\u4e0a\u884c\u3002\u6211\u4eec\u503e\u5411\u4e8e\u5356\u51fa\uff08\u5356\u7a7a\uff092026\u5e74\u4e0b\u534a\u5e74\u53ca2027\u5e74\u521d\u5230\u671f\u7684\u671f\u8d27\u5408\u7ea6\uff0c\u4ee5\u53cd\u6620\u9884\u671f\u52a0\u606f\u3002\u5229\u7387\u4e92\u6362\uff08interest rate swap\uff1a\u53cc\u65b9\u4ea4\u6362\u5229\u606f\u652f\u4ed8\u65b9\u5f0f\u7684\u5408\u7ea6\uff09\u4e2d\u201c\u652f\u4ed8\u56fa\u5b9a\u5229\u7387\u201d\uff08pay fixed\uff1a\u81ea\u5df1\u4ed8\u56fa\u5b9a\u3001\u6536\u6d6e\u52a8\uff0c\u901a\u5e38\u5728\u9884\u671f\u5229\u7387\u4e0a\u5347\u65f6\u4f7f\u7528\uff09\u4e5f\u662f\u8f83\u6709\u6548\u7684\u914d\u7f6e\u65b9\u5f0f\u3002<\/p>\n<p>\u957f\u671f\u6536\u76ca\u7387\u4e5f\u9884\u8ba1\u4e0a\u884c\uff0c\u56e0\u4e3a\u5e02\u573a\u5c06\u66f4\u504f\u201c\u9e70\u6d3e\u201d\uff08hawkish\uff1a\u66f4\u91cd\u89c6\u538b\u901a\u80c0\u3001\u503e\u5411\u52a0\u606f\u7684\u7acb\u573a\uff09\u7684\u592e\u884c\u7acb\u573a\u4e0e\u8f83\u7a33\u5065\u7684\u7ecf\u6d4e\u8868\u73b0\u8ba1\u5165\u4ef7\u683c\u3002\u8fd9\u610f\u5473\u7740\u4ea4\u6613\u8005\u53ef\u8003\u8651\u5bf9\u957f\u5e74\u671f\u56fd\u503a\u671f\u8d27\u91c7\u53d6\u504f\u7a7a\u7b56\u7565\uff0c\u4f8b\u5982\u5fb7\u56fd\u56fd\u503a\uff08Bund\uff1a\u5fb7\u56fd\u957f\u671f\u653f\u5e9c\u503a\u5238\uff0c\u88ab\u89c6\u4e3a\u6b27\u5143\u533a\u57fa\u51c6\uff09\u671f\u8d27\u3002\u968f\u7740\u6211\u4eec\u9884\u8ba1\u957f\u671f\u503a\u5238\u4ef7\u683c\u4e0b\u8dcc\uff0c\u4e70\u5165\u770b\u8dcc\u671f\u6743\uff08put\uff1a\u4e00\u79cd\u671f\u6743\uff0c\u8d4b\u4e88\u5728\u672a\u6765\u4ee5\u7279\u5b9a\u4ef7\u683c\u5356\u51fa\u7684\u6743\u5229\uff0c\u901a\u5e38\u7528\u4e8e\u62bc\u6ce8\u4ef7\u683c\u4e0b\u8dcc\u6216\u505a\u4fdd\u62a4\uff09\u7b49\u7b56\u7565\u4f1a\u66f4\u5177\u5438\u5f15\u529b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u505c\u706b\u96be\u6539\u6b27\u592e\u884c\u9e70\u6d3e\u8282\u594f\uff1fNordea\u65996\u6708\u8d77\u8fde\u56db\u6b21\u5404\u52a025bp\uff1b\u6838\u5fc3\u901a\u80c0\u987d\u56fa\u3001\u5931\u4e1a\u4f4e\u6491\u957f\u77ed\u7aef\u5229\u7387\u7eed\u5347\uff0c\u7b56\u7565\u504f\u7a7aEuribor\u4e0eBund\uff0c\u5e76\u5173\u6ce8\u770b\u8dcc\u671f\u6743\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-44971","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/44971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=44971"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/44971\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=44971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=44971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=44971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}