"我并没有说应该加息，"施纳贝尔强调，"而是说不应该再次降息。这是一个非常重要的区别。" （文章来源：新华财经） 此前，全球市场出现了向着更紧缩货币政策的重新定价，这源于施纳贝尔对媒体称，她对市场押注欧洲 央行下一步行动是加息（尽管不会很快发生）感到安心。 新华财经北京12月23日电欧洲央行执委施纳贝尔表示，她预计利率在一段时间内不会被上调。在最近言 论促使投资者加大押注明年借贷成本将上升之后，施纳贝尔表示自己并未说过应该加息。 "目前，在可预见的未来预计不会加息，"她在周一发布的《法兰克福汇报》播客中表示。"如果没有发 生意外事件，利率可能会在相当长一段时间内保持稳定。" ...

克利夫兰联储主席贝丝·哈玛克"未来数月无需调整利率"的表态，是对当前通胀形势、经济基本面及政策适配性的综合判断。 在她看来，要到明年春季，美联储才能更清楚地判断近期商品价格通胀是否真的退去。企业端的反馈进一步加重了她对通胀的担忧：企业负责人透 露，关税等因素推高投入成本后，企业可能会在明年第一季度加大提价力度。过去约18个月里，通胀多数时候维持在3%左右的水平，要是这种提 价预期落地，会进一步阻碍通胀向目标水平回落，这也是她主张短期内维持利率稳定的重要补充依据。 哈玛克的利率立场并非单纯的"鹰派表态"，而是基于通胀数据解读、中性利率判断及企业经营反馈等多方面信息的理性推导。其核心结论可总结为 以下两点： 美联储此前三次会议连续降息累计0.75个百分点，决策逻辑与哈玛克的核心关切存在差异——后者对高通胀的担忧，显著高于对劳动力市场潜在脆 弱性的顾虑。 哈玛克今年并非联邦公开市场委员会（FOMC）投票成员，明年将获得投票权，其当前观点或将对后续政策讨论形成一定影响。 哈玛克的利率维稳立场，支撑点之一是对通胀数据的审慎解读。 她明确指出，上周发布的11月通胀数据存在失真可能，无法作为判断通胀走势的可靠依据。10月及 ...

Report Summary 1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core View of the Report - Monetary policy is likely to be in a "waiting period" at the beginning of the third quarter to re - observe the effects of policy implementation. It has returned to a stable and loose stage, and after the "double cuts" in May, it has re - entered the observation and waiting period for policy effect release. - The judgment on the economic situation has not changed much. External uncertainties have increased, while the confidence in domestic economic operations has been boosted. It is still difficult to change the low - level operation of prices. - The pressure on exchange - rate regulation has significantly decreased, while the attitude of maintaining stable interest rates remains unchanged [2][8][9]. 3. Summary by Relevant Catalogs 1. Monetary Policy Meeting: Re - entering the Waiting Period - **Economic Situation**: Externally, uncertainties have increased. The description of the world economic growth momentum has changed from "not strong" to "weakening", and "more trade barriers" is added. Domestically, the economy shows resilience and an improving trend, with the financial market described as stable and the real - estate market consolidating its "stable situation". The low - level operation of prices is a major challenge, and it is difficult to improve the price situation [8]. - **Monetary Policy Operation**: After the "double cuts" in May, the central bank now focuses on the "continuous release of policy effectiveness", promotes the reduction of institutional liability - side interest rates, and supports financing in areas such as science and technology innovation, consumption, and "two new and two important" fields. It has re - entered the "waiting period" for policy operation, flexibly grasping the intensity and rhythm of policy implementation [9]. - **Exchange - rate and Interest - rate Attitudes**: The "three resolutes" in exchange - rate regulation are no longer mentioned, indicating that the pressure on RMB depreciation has significantly eased, and the exchange - rate regulation pressure has decreased. The central bank's attitude towards maintaining stable domestic asset - side yields is clear, and it no longer demands a significant decline in bond and credit interest rates [9]. Comparison between 2025Q2 and 2025Q1 Monetary Policy Meetings - **Economic and Financial Situation**: In Q2, the description of the external environment is more complex and severe, with the addition of "more trade barriers". The judgment on domestic economic operation is more positive, and the description of low - level price operation is added. - **Monetary Policy Measures**: In Q2, "selective reserve requirement ratio cuts and interest rate cuts" are not mentioned, replaced by flexible control of policy intensity and rhythm. The "three resolutes" in exchange - rate regulation are not mentioned, and the description of the real - estate market is more positive. The "platform economy" is not mentioned. - **Monetary Policy Goals**: Q2 emphasizes the domestic large - scale cycle more [14].