通胀目标

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日本经济再生大臣赤泽亮正:希望日本央行与政府密切沟通协调,引导货币政策可持续、稳定地实现2%的通胀目标。
news flash· 2025-08-01 01:01
Core Viewpoint - The Japanese Minister of Economic Revitalization, Akizawa Ryozo, emphasizes the importance of close communication and coordination between the Bank of Japan and the government to sustainably and stably achieve the 2% inflation target [1] Group 1 - The Japanese government aims to guide monetary policy towards a sustainable and stable realization of the inflation target [1] - The Minister highlights the necessity for collaboration between the central bank and the government to ensure effective policy implementation [1]
美联储继续“按兵不动”,但态度出现变化
Sou Hu Cai Jing· 2025-07-31 06:32
Group 1 - The Federal Reserve announced on July 30 that it will maintain the federal funds rate target range at 4.25% to 4.5%, marking the fifth consecutive time this year it has opted to hold steady [1][3] - Compared to the optimistic assessment in June regarding "sustained economic expansion," the Fed's recent statement reflects a more cautious tone, indicating that uncertainty remains high [3] - The Fed noted that net export fluctuations continue to impact data, and recent indicators suggest a slowdown in U.S. economic activity during the first half of the year, while the unemployment rate remains low and inflation is still slightly above target [3] Group 2 - Market expectations had pointed to a potential rate cut in September, contingent on data performance, but Fed Chair Powell stated that no decision has been made regarding a rate cut [4] - Notably, two members of the Federal Reserve Board voted against the decision, marking the first occurrence of multiple dissenting votes since 1993 [5][6] - Powell emphasized that many uncertainties remain, and an early rate cut could fail to fully address inflation issues, with the majority of committee members believing current inflation levels are slightly above target [6] Group 3 - Following the Fed's decision to keep rates unchanged, the stock market reacted with the Dow Jones Industrial Average falling by 171.71 points to 44,461.28, a decline of 0.38%, while the Nasdaq Composite rose by 31.38 points to 21,129.67, an increase of 0.15% [8][9] - The gold market saw a significant drop, with COMEX gold futures falling by 1.72% to $3,266.90 per ounce, influenced by the Fed's rate decision and Powell's comments [8][9] - In the commodities market, WTI September crude oil futures closed at $70.00 per barrel, while Brent September crude oil futures settled at $73.24 per barrel [10]
欧洲央行管委卡扎克斯:进一步降息必要性不大 利率将进入“稳健时代”
智通财经网· 2025-07-25 07:35
Core Viewpoint - The European Central Bank (ECB) has no compelling reason to lower interest rates further unless the economy faces significant setbacks, as stated by Martins Kazaks, a member of the ECB Governing Council [1][2]. Interest Rate Policy - Kazaks emphasized that maintaining the current interest rate is sensible, indicating that the era of impulsive rate changes is over [1]. - The current deposit rate is at 2%, which is seen as neutral, neither suppressing nor stimulating economic activity [3]. Economic Outlook - Kazaks noted that there is still substantial monetary easing yet to impact the economy, following a year of significant rate cuts [2]. - The ECB's recent decision to keep borrowing costs unchanged reflects a cautious approach while awaiting clarity on U.S. trade negotiations [1]. Trade and Currency Considerations - Kazaks plans to monitor trade negotiations, service sector inflation, manufacturing recovery, and exchange rate issues closely [4]. - The euro has appreciated by 13% against the dollar this year, raising concerns about export prices and import costs [4]. - Kazaks warned that if the euro rises above 1.20 against the dollar, it could complicate the economic situation, potentially prompting the ECB to consider rate cuts again [4]. Future Actions - Kazaks advised patience in assessing the outcomes of trade agreements before making policy decisions, highlighting the need to avoid actions based on speculation [4]. - He mentioned that resolving trade disputes could enhance confidence, supporting investment and consumption, thereby mitigating negative impacts from tariffs [4].
欧央行声明全文:按兵不动 未来政策悬而未决
Jin Shi Shu Ju· 2025-07-24 13:09
Core Points - The European Central Bank (ECB) decided to maintain the deposit facility rate at 2%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.40%, aligning with market expectations [1][2] - Following the decision, traders maintained their bets on ECB rates, anticipating a further rate cut of 22 basis points by 2025 [1] - The ECB is committed to ensuring inflation stabilizes at the medium-term target of 2%, with monetary policy decisions to be made based on data assessments [1] Interest Rate Policy - The deposit facility rate, main refinancing rate, and marginal lending rate remain unchanged at 2.00%, 2.15%, and 2.40% respectively [2] Asset Purchase Programs - The Asset Purchase Program (APP) and Pandemic Emergency Purchase Program (PEPP) portfolios are being reduced at a steady and predictable pace, with no reinvestment of principal from maturing securities [3] - The ECB is prepared to adjust all policy tools to ensure inflation stability at the 2% target and maintain the smooth functioning of monetary policy transmission [3] - The Transmission Protection Instrument is available to address unreasonable and chaotic market dynamics that threaten effective monetary policy transmission across Eurozone countries [3]
欧洲央行表示,理事会决心确保通胀在中期内稳定在2%的目标。
news flash· 2025-07-24 12:21
Core Viewpoint - The European Central Bank (ECB) is committed to ensuring that inflation stabilizes at the medium-term target of 2% [1] Group 1 - The ECB's Governing Council emphasizes its determination to maintain price stability [1]
欧洲央行:管委会准备好在其授权范围内调整所有工具,以确保通胀在中期内稳定在2%的目标水平,并确保货币政策传导机制平稳运行。
news flash· 2025-07-24 12:20
Core Viewpoint - The European Central Bank (ECB) is prepared to adjust all tools within its mandate to ensure that inflation stabilizes at the medium-term target of 2% and to maintain smooth functioning of the monetary policy transmission mechanism [1] Group 1 - The ECB's governing council is ready to take necessary actions to achieve its inflation target [1] - The focus is on ensuring that the monetary policy transmission mechanism operates effectively [1]
日本央行副行长内田真一:日本央行将引导货币政策,稳定实现2%的通胀目标,并将按照法律规定与政府密切沟通。
news flash· 2025-07-23 05:29
Core Viewpoint - The Bank of Japan, led by Deputy Governor Shinichi Uchida, aims to guide monetary policy to achieve a stable 2% inflation target while maintaining close communication with the government as mandated by law [1] Group 1 - The Bank of Japan is committed to stabilizing the economy through effective monetary policy [1] - The focus on achieving a 2% inflation target indicates a proactive approach to economic management [1] - The legal requirement for communication with the government highlights the collaborative nature of monetary policy in Japan [1]
dbg markets:欧洲央行或推迟至12月完成降息,政策路径分歧加剧
Sou Hu Cai Jing· 2025-07-21 04:48
Group 1 - The European Central Bank (ECB) is likely to delay its final interest rate cut until December, with no immediate concerns about the market prematurely concluding the end of the easing cycle [1] - Most economists surveyed expect the deposit rate to be reduced by 25 basis points to 1.75% in September, but half believe that traders will not immediately conclude that rates have bottomed out even if the ECB maintains rates in the following meetings [3] - The uncertainty in trade policies is contributing to a longer "policy observation period," allowing the ECB more time to assess economic and inflation dynamics before making decisions [3] Group 2 - ECB President Christine Lagarde has indicated a preference for maintaining current policy stability in July to further observe economic and inflation trends [3] - There is a lack of consensus among ECB decision-makers regarding future policy directions, with some officials expressing caution about further rate cuts [3][4] - Concerns about inflation remaining below the 2% target, particularly with a strengthening euro, are prompting some officials to consider more accommodative policies to boost inflation [4] Group 3 - The internal divisions within the ECB reflect the complexities of formulating future policies, balancing economic growth resilience against the need to ensure inflation progresses towards targets [4] - Market participants are closely monitoring ECB actions, as predictions and statements from economists and officials will influence expectations for future interest rate movements and asset price fluctuations [4]
欧洲央行或推迟至12月完成最后降息,政策路径分歧加剧
Jin Shi Shu Ju· 2025-07-18 07:24
Core Viewpoint - The European Central Bank (ECB) can delay its final interest rate cut until December without worrying about premature market assumptions regarding the end of the easing cycle [2][3] Group 1: Interest Rate Outlook - Most respondents expect the deposit rate to be reduced by 25 basis points to 1.75% in September, while half of the economists believe that even if the ECB maintains rates in the following three meetings, traders will not immediately conclude that rates have bottomed out [2] - Approximately one-quarter of respondents believe the ECB has ended its rate-cutting cycle, while nearly half predict the last cut will occur in September, and 21% expect it to wait until December [3] - The ECB is currently in a wait-and-see mode, with expectations for further easing in September and December [3] Group 2: Trade Policy and Economic Conditions - The progress of EU-US trade negotiations is a critical observation point that could disrupt the balance between domestic and external demand [4] - The ECB will be unable to signal whether further rate cuts are necessary or if the terminal rate has been reached before the upcoming meetings due to the lack of a trade agreement [4] - The ECB's June forecast indicated inflation stabilizing at 2% by 2027, with an average of only 1.6% expected for the following year [4] Group 3: Currency and Inflation Concerns - The euro has appreciated nearly 12% against the dollar this year, with ECB Vice President Luis de Guindos warning that if the exchange rate exceeds 1.20, the economy may face challenges [5] - Economists show a higher tolerance for exchange rate pain points, with only about one-quarter agreeing with de Guindos' view, while others believe the warning threshold could be as high as 1.35 [6] - There are concerns that increased public spending may keep core inflation above target levels, and the ECB should not assume that core inflation will easily return to the target range [6]
美国纽约联储主席威廉姆斯:并未看到人们脱离美元资产。支撑美元走强的因素依然存在。有更多投资者对冲美元风险敞口。距离2%的通胀目标还有很长的路要走。
news flash· 2025-07-17 00:33
Core Viewpoint - The New York Federal Reserve President Williams stated that there is no evidence of a significant shift away from dollar assets by investors, indicating continued strength in the dollar [1] Group 1 - Factors supporting the strength of the dollar remain intact, suggesting a stable outlook for dollar-denominated investments [1] - An increasing number of investors are hedging against dollar risk exposure, reflecting a cautious approach in the current economic environment [1] - There is still a considerable distance to reach the 2% inflation target, indicating ongoing economic challenges that may affect investment strategies [1]