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美联储在风险权衡下采取“拖延战术” 9月会议或成政策转向分水岭
Xin Hua Cai Jing· 2025-06-19 00:57
Core Viewpoint - The Federal Reserve has decided to maintain the federal funds rate target range at 4.25%-4.5%, marking the fourth consecutive meeting without a change, reflecting a cautious approach amid economic uncertainties [1][2]. Economic Outlook - The Fed's economic projections indicate a slowdown in growth, with GDP growth forecasted to be 1.4% in 2025 and 1.6% in 2026, while the unemployment rate is expected to rise to 4.5% in both years [1][6]. - Core PCE inflation is projected to be 3.1% in 2025 and 2.4% in 2026, highlighting persistent inflationary pressures despite a cooling labor market [1][6]. Policy Adjustments - The Fed has removed previous language indicating rising risks of unemployment and inflation, suggesting a more stable outlook but still high uncertainty [2][5]. - The dot plot indicates that 8 out of 19 committee members support two rate cuts this year, while 7 favor maintaining the current rate, reflecting internal debates on the necessity of rate cuts [5][8]. Market Reactions - Despite the Fed's hawkish signals, market expectations for a rate cut in September are high, with a 66% probability, driven by recent weak economic data [8][9]. - The Fed's decision to keep rates unchanged is viewed as a prudent choice given the complex economic landscape, with potential policy shifts expected by late summer or early fall [8][9].
美国通胀还会继续不及预期吗?
2025-06-15 16:03
Summary of Key Points from the Conference Call Industry Overview - The discussion primarily revolves around the **U.S. economy**, focusing on inflation trends, consumer confidence, and the impact of tariffs on economic activity. Core Insights and Arguments - **Inflation Data**: In May, the Consumer Price Index (CPI) increased by 0.13% month-over-month, which was below the expected 0.2%. The core CPI rose by 0.3%, also falling short of expectations. This indicates a weak inflation environment despite some positive sentiment in soft data like consumer confidence indices [1][6][15]. - **Impact of Tariffs**: High tariffs have negatively impacted the U.S. economy, acting like a tax increase on residents. This has led to a decline in labor income and reduced transfer payments, which in turn has constrained consumer spending and increased living costs [5][9]. - **Consumer Confidence vs. Hard Data**: There is a divergence between soft data (like small business and consumer confidence indices) showing recovery and hard data (like unemployment claims and inflation metrics) indicating weakness. This discrepancy is largely attributed to the adverse effects of tariff conflicts [2][7][8]. - **Service Sector Trends**: The service sector has seen a decline in inflation, with rental prices unexpectedly dropping, reflecting a trend of consumers opting for cheaper options due to budget constraints [4][12]. - **Future CPI Predictions**: It is anticipated that the CPI will begin to rise from May onwards, potentially reaching a year-end level of around 3%. However, the month-over-month growth is expected to remain lower than market predictions [15]. Additional Important Insights - **Automobile Market Dynamics**: The U.S. automobile market is experiencing mixed signals, with new car prices negatively contributing to inflation due to weak demand and high interest rates, while parts prices have surged due to tariffs [11]. - **Import Price Changes**: Since April 2, prices of imported goods, particularly from China, have risen, with a monthly increase of 0.7%. In contrast, imports from Canada and Mexico have shown deflationary trends [10]. - **Federal Reserve Interest Rate Outlook**: Given the economic data indicating a marginal recession, there is a strong expectation for the Federal Reserve to implement two interest rate cuts in September and December [16]. - **Geopolitical Factors**: Geopolitical events are highlighted as significant sources of market uncertainty, potentially overshadowing economic data like CPI [20]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current state of the U.S. economy and the factors influencing it.