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3\u6708\u6570\u636e\u6bd4\u9884\u671f\u591a\u51fa123.6\u4ebf\u7f8e\u5143\uff0c\u589e\u5e45\u7ea6\u6bd4\u9884\u6d4b\u9ad8\u51fa99%\u3002<\/p>\n

\u6d88\u8d39\u8005\u652f\u51fa\u4ecd\u7136\u5f3a\u52b2<\/h3>\n

3\u6708\u6d88\u8d39\u8005\u4fe1\u8d37\u51e0\u4e4e\u662f\u9884\u6d4b\u7684\u4e24\u500d\uff0c\u8bf4\u660e\u6d88\u8d39\u8005\u6ca1\u6709\u660e\u663e\u51cf\u5c11\u5f00\u9500\u3002\u8fd9\u79cd\u8d85\u9884\u671f\u7684\u5f3a\u52bf\uff0c\u663e\u793a\u7ecf\u6d4e\u4ecd\u6709\u97e7\u6027\uff0c\u4f46\u4e5f\u4f1a\u52a0\u6df1\u5e02\u573a\u5bf9\u901a\u80c0\u96be\u4ee5\u4e0b\u964d\u7684\u62c5\u5fe7\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\u7f8e\u8054\u50a8\uff08Federal Reserve\uff0c\u7f8e\u56fd\u4e2d\u592e\u94f6\u884c\uff09\u53ef\u80fd\u628a\u8fd9\u5f53\u4f5c\u7406\u7531\uff0c\u5728\u672a\u6765\u51e0\u4e2a\u6708\u7ee7\u7eed\u7ef4\u6301\u504f\u7d27\u7684\u8d27\u5e01\u653f\u7b56\u7acb\u573a\uff08restrictive stance\uff1a\u901a\u8fc7\u8f83\u9ad8\u5229\u7387\u4e0e\u6536\u7d27\u91d1\u878d\u6761\u4ef6\u6765\u538b\u4f4e\u901a\u80c0\uff09\u3002<\/p>\n

\u628a\u8fd9\u4efd\u4fe1\u8d37\u6570\u636e\u4e0e\u4e0a\u5468\u76844\u6708CPI\uff08Consumer Price Index\uff0c\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff0c\u7528\u6765\u8861\u91cf\u901a\u80c0\uff09\u62a5\u544a\u4e00\u8d77\u770b\uff0c\u4f1a\u66f4\u4ee4\u4eba\u62c5\u5fc3\u3002\u62a5\u544a\u663e\u793a\u6838\u5fc3\u901a\u80c0\uff08core inflation\uff1a\u5254\u9664\u6ce2\u52a8\u8f83\u5927\u7684\u98df\u54c1\u4e0e\u80fd\u6e90\u4ef7\u683c\uff0c\u66f4\u80fd\u53cd\u6620\u957f\u671f\u901a\u80c0\u8d8b\u52bf\uff09\u56de\u5347\u81f33.1%\uff0c\u8ba9\u5e74\u521d\u7684\u901a\u80c0\u56de\u843d\u8d8b\u52bf\u505c\u6ede\u3002\u6211\u4eec\u4ece\u7f8e\u8054\u50a8\u4e0a\u6b21\u4f1a\u8bae\u7eaa\u8981\uff08minutes\uff1a\u4f1a\u8bae\u8ba8\u8bba\u8981\u70b9\u7684\u8bb0\u5f55\uff09\u770b\u5230\uff0c\u5b98\u5458\u5df2\u62c5\u5fc3\u901a\u80c0\u201c\u6700\u540e\u4e00\u6bb5\u8def\u201d\uff08last mile\uff1a\u901a\u80c0\u63a5\u8fd1\u76ee\u6807\u540e\uff0c\u8fdb\u4e00\u6b65\u4e0b\u964d\u6700\u56f0\u96be\u7684\u9636\u6bb5\uff09\u4f1a\u5f88\u96be\u8d70\u5b8c\u3002\u65b0\u6570\u636e\u51e0\u4e4e\u80af\u5b9a\u4f1a\u8ba9\u59d4\u5458\u4f1a\u5185\u66f4\u504f\u201c\u9e70\u6d3e\u201d\uff08hawkish\uff1a\u66f4\u503e\u5411\u52a0\u606f\u6216\u66f4\u4e45\u7ef4\u6301\u9ad8\u5229\u7387\u4ee5\u538b\u901a\u80c0\uff09\u7684\u58f0\u97f3\u66f4\u6709\u5e95\u6c14\u3002<\/p>\n

\u4ea4\u6613\u5458\u5e94\u8003\u8651\u8c03\u6574\u5229\u7387\u884d\u751f\u54c1\uff08interest rate derivatives\uff1a\u4ef7\u683c\u7531\u5229\u7387\u51b3\u5b9a\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5982\u671f\u8d27\u3001\u671f\u6743\u3001\u5229\u7387\u4e92\u6362\uff09\u4ed3\u4f4d\uff0c\u56e0\u4e3a\u590f\u5b63\u964d\u606f\u7684\u6982\u7387\u6b63\u5728\u5feb\u901f\u4e0b\u964d\u3002\u89c2\u5bdfSOFR\u671f\u8d27\uff08SOFR futures\uff1a\u4ee5SOFR\u5229\u7387\u4e3a\u57fa\u51c6\u7684\u5229\u7387\u671f\u8d27\uff1bSOFR\u6307\u201c\u6709\u62c5\u4fdd\u9694\u591c\u878d\u8d44\u5229\u7387\u201d\uff0c\u662f\u7f8e\u56fd\u91cd\u8981\u7684\u77ed\u671f\u57fa\u51c6\u5229\u7387\uff09\u671f\u6743\uff08options\uff1a\u8d4b\u4e88\u4e70\u65b9\u5728\u5230\u671f\u524d\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u4e70\u5165\u6216\u5356\u51fa\u8d44\u4ea7\u7684\u6743\u5229\uff09\uff0c\u6211\u4eec\u770b\u5230\u4e70\u5165\u770b\u8dcc\u671f\u6743\uff08puts\uff1a\u62bc\u6ce8\u4ef7\u683c\u4e0b\u8dcc\uff1b\u5bf9\u5229\u7387\u671f\u8d27\u800c\u8a00\uff0c\u901a\u5e38\u5bf9\u5e94\u62bc\u6ce8\u5229\u7387\u7ef4\u6301\u9ad8\u4f4d\u6216\u4e0a\u884c\uff09\u7684\u9700\u6c42\u589e\u52a0\uff0c\u8fd9\u7c7b\u7b56\u7565\u53ef\u5728\u5229\u7387\u201c\u66f4\u9ad8\u3001\u66f4\u4e45\u201d\uff08higher for longer\uff1a\u9ad8\u5229\u7387\u7ef4\u6301\u66f4\u957f\u65f6\u95f4\uff09\u65f6\u83b7\u5229\u3002<\/p>\n

\u80a1\u7968\u4ed3\u4f4d\u5f71\u54cd<\/h3>\n

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