ATFX汇评:美联储褐皮书发布 8个储备区温和增长

Core Viewpoint - The Federal Reserve's Beige Book for 2026 presents a neutral to optimistic outlook, indicating signs of economic recovery in the U.S. since the previous report in November 2025, with 8 out of 12 Federal Reserve districts showing slight or moderate growth [1][6]. Economic Activity - In the latest Beige Book, 8 districts reported economic activity growing slightly or moderately, while 3 reported little change and 1 reported a slight decline [1][6]. - Compared to the previous Beige Book, which noted little change in economic activity, the current report suggests a clear recovery from the government shutdown's impact in late 2025 [1][6]. Labor Market - The labor market remains stable, with 8 out of 12 districts reporting no changes in hiring [3][8]. - The non-farm payroll data for December shows an increase of 50,000 jobs, down from 56,000 in the previous month and below the average of 100,000 jobs prior to May 2025 [3][8]. - Factors such as aggressive immigration policies and the rise of artificial intelligence have significantly impacted the labor market, leading to a sharp decline in job numbers since May 2025 [3][8]. Inflation - Businesses expect a slowdown in price increases, but prices are anticipated to remain high, which is a critical factor for the Fed's interest rate decisions [4][11]. - Historical data indicates that the probability of sustained inflation decline is higher than that of sustained increases, with core CPI remaining at 2.6% in November and December 2025 [4][11]. - Following the Beige Book's release, the dollar index closed with a bearish candlestick, indicating a short-term consolidation phase, but the neutral optimism suggests potential for a continued upward trend in the dollar index [4][5][11].