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升息辩论已转向明年1月!Fed官员密集放鹰 市场甚至押注一路连升至3月

2026-11-14 13:59:36 网络 阅读(1)

联准会(Fed)官员本周密集演说,都触及对通膨升温的担忧,由于内容偏向鹰派,不但巩固市场对12月升息的预期,也让外界开始关注明年1月是否可能连续升息。如果成真,这将是2023年以来首次连续升息。

升息辩论已转向明年1月!Fed官员密集放鹰 市场甚至押注一路连升至3月

本周二公布的10月消费者物价指数(CPI)报告显示,通膨不仅加速升温,涨价范围也扩大至日常商品与服务,让升息理由更为迫切。

纽约联准银行总裁威廉斯(John Williams)说,「通膨实在太高了」,芝加哥联准银行总裁古尔斯比(Austan Goolsbee)则形容这份数据「令人不安,几乎到了令人震惊的程度」。

无独有偶,达拉斯联准银行总裁萝根(Lorie Logan)表示,Fed可能需要比她原先预期「更快升息」,Fed理事华勒(Christopher Waller)更进一步警告,下个月可能需要升息2码(50个基点)。

Fitch Ratings美国经济研究主管Olu Sonola说:「12月升息1码(25个基点)显然已经箭在弦上。真正的问题是,下一次升息会多快到来,以及最终还需要升息几次。」

联邦公开市场委员会(FOMC)19名官员中,约有一半在本周发表谈话,其中也包括将在12月及明年1月会议投票的官员。不过,对于后续升息幅度与速度,官员释出的讯号并不一致。

例如,华勒提及可能采取幅度较大的升息,克里夫兰联准银行总裁哈玛克(Beth Hammack)重申偏好更频繁、幅度较小的升息,而费城联准银行总裁保尔森(Anna Paulson)主张循序渐进升息,官员看法呈现分歧。

本周五公布的生产者价格指数(PPI)再度凸显通膨压力。PPI呈现批发价格,这正是偏好的Fed通膨指标之一的重要组成部分,数据显示,10月年增幅创2022年以来最大。从运输与仓储成本大幅上升来看,进一步看出整体经济仍面临物价持续上涨的压力。

加拿大皇家银行(RBC)美国经济研究主管Michael Reid说:「现在听起来,Fed似乎担心通膨重新加速,因此希望提前采取行动,提高升息频率,甚至可能调高FOMC认定的终端利率,也就是利率最终应该升到多高。」

美银、Santander上修升息预测

本周经济数据与联准会官员密集发言后,华尔街经济学家调升对升息的预测看法:美国银行(BofA)目前预期,Fed接下来三次会议(12月、1月、3月)都将升息,Santander US Capital Markets则预测12月与明年3月各升息一次。

主张谨慎升息的理由,则在于经济部分领域对借贷成本上升相当敏感,例如房市。本周经济数据凸显房市低迷程度,成屋销售量上月下滑至16年来低点。

波士顿联准银行总裁柯林斯(Susan Collins)周五坦言,升息可能进一步降低民众的购屋负担能力,但她也强调,从长期来看,物价稳定对房市及整体经济更为重要。

她谈到有必要升息时表示:「在我看来,货币政策应该朝哪个方向调整,似乎已经很明确。」但她并未透露自己认为适当的升息速度。

她说:「我不想在利率应该升到多高,或升息速度应该多快这些问题上,过早表明立场。」

为何考虑渐进升息?房市冲击、AI热潮降温

另一项顾虑,是市场担忧人工智慧(AI)热潮可能降温,引发股市波动。Fed理事鲍曼(Michelle Bowman)本周警告,若AI投资报酬不如预期,可能引发股价大幅下跌等风险。

她表示:「股价下跌可能削弱消费支出的韧性,而利率上升也可能进一步加重对利率敏感的经济部门负担,例如房市与小型企业投资。」

另一项变数是未来几个月能源价格可能下跌,进而减轻燃料成本压力,让家庭与企业获得喘息空间。

里奇蒙联准银行总裁巴金(Tom Barkin)本周一表示,利率需要进一步调高,但应采取审慎步调。

Clocktower Group首席总体策略师、曾任Fed理事米兰(Stephen Miran)顾问的Eric Wallerstein说:「大多数Fed官员似乎都认同有必要升息,也倾向不要操之过急。」

市场已押注连三次升息 美债殖利率剧烈震荡

联准会官员9月升息1码,将联邦基金利率目标区间调高至3.75%至4%,但10月FOMC会议决定按兵不动。

Fed主席华许(Kevin Warsh)自10月记者会后便未再公开发言,尽管他预定周一在一场活动中主持他成立的AI与生产力工作小组,但外界普遍不预期他会偏离多次表明的立场,也就是不对近期货币政策走向提供任何前瞻指引。

投资人早就等不急Fed进一步表态,市场目前已反映12月、明年1月及3月各升息1码的预期。在Fed官员密集演说之前,投资人原本只预期12月与明年3月升息。

Fed官员本周谈话对市场造成的冲击,也反映在美债殖利率的剧烈波动。华勒与萝根分别在周二通膨数据公布前后发表谈话,随后美债殖利率大幅攀升,美国2年期公债殖利率当天上升19个基点至4.75%,创下2025年4月美国总统川普宣布关税措施、引发全球市场动荡以来最大单日涨幅。

Nationwide首席经济学家Kathy Bostjancic说:「Fed释出的政策指引有些令人困惑,引发美债殖利率大幅波动。再加上华许选择不发表评论,其他官员便填补了这个空缺。」

最终,经济成长加速可能为Fed升息提供支撑。上周公布的数据显示,10月就业成长大幅加快,失业率则小幅下降。Fed官员在12月再次开会前,还会看到一份就业报告、以及另一份10月通膨数据。

目前少有观察人士预期,这批数据会显示经济出现明显放缓。

PGIM美国首席经济学家Robert Sockin说:「在经济成长强劲、通膨偏高的环境下,循序渐进的政策是一项错误。历史经验显示,这种做法最终很可能迫使央行以更快速度升息,而且累计紧缩幅度也会比一开始就采取行动来得更大。」

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    "content": "<p>联准会(Fed)官员本周密集演说,都触及对通膨升温的担忧,由于内容偏向鹰派,不但巩固市场对12月升息的预期,也让外界开始关注明年1月是否可能连续升息。如果成真,这将是2023年以来首次连续升息。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6662371/l/4ad9337abd5bb65db357fd5107eebc29.jpg\" alt=\"升息辩论已转向明年1月!Fed官员密集放鹰 市场甚至押注一路连升至3月\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>本周二公布的10月消费者物价指数(CPI)报告显示,通膨不仅加速升温,涨价范围也扩大至日常商品与服务,让升息理由更为迫切。</p>\n\n<p>纽约联准银行总裁威廉斯(John Williams)说,「通膨实在太高了」,芝加哥联准银行总裁古尔斯比(Austan Goolsbee)则形容这份数据「令人不安,几乎到了令人震惊的程度」。</p>\n\n<p>无独有偶,达拉斯联准银行总裁萝根(Lorie Logan)表示,Fed可能需要比她原先预期「更快升息」,Fed理事华勒(Christopher Waller)更进一步警告,下个月可能需要升息2码(50个基点)。</p>\n\n<p>Fitch Ratings美国经济研究主管Olu Sonola说:「12月升息1码(25个基点)显然已经箭在弦上。真正的问题是,下一次升息会多快到来,以及最终还需要升息几次。」</p>\n\n<p>联邦公开市场委员会(FOMC)19名官员中,约有一半在本周发表谈话,其中也包括将在12月及明年1月会议投票的官员。不过,对于后续升息幅度与速度,官员释出的讯号并不一致。</p>\n\n<p>例如,华勒提及可能采取幅度较大的升息,克里夫兰联准银行总裁哈玛克(Beth Hammack)重申偏好更频繁、幅度较小的升息,而费城联准银行总裁保尔森(Anna Paulson)主张循序渐进升息,官员看法呈现分歧。</p>\n\n<p>本周五公布的生产者价格指数(PPI)再度凸显通膨压力。PPI呈现批发价格,这正是偏好的Fed通膨指标之一的重要组成部分,数据显示,10月年增幅创2022年以来最大。从运输与仓储成本大幅上升来看,进一步看出整体经济仍面临物价持续上涨的压力。</p>\n\n<p>加拿大皇家银行(RBC)美国经济研究主管Michael Reid说:「现在听起来,Fed似乎担心通膨重新加速,因此希望提前采取行动,提高升息频率,甚至可能调高FOMC认定的终端利率,也就是利率最终应该升到多高。」</p>\n\n<h6>美银、Santander上修升息预测</h6>\n\n<p>本周经济数据与联准会官员密集发言后,华尔街经济学家调升对升息的预测看法:美国银行(BofA)目前预期,Fed接下来三次会议(12月、1月、3月)都将升息,Santander US Capital Markets则预测12月与明年3月各升息一次。</p>\n\n<p>主张谨慎升息的理由,则在于经济部分领域对借贷成本上升相当敏感,例如房市。本周经济数据凸显房市低迷程度,成屋销售量上月下滑至16年来低点。</p>\n\n<p>波士顿联准银行总裁柯林斯(Susan Collins)周五坦言,升息可能进一步降低民众的购屋负担能力,但她也强调,从长期来看,物价稳定对房市及整体经济更为重要。</p>\n\n<p>她谈到有必要升息时表示:「在我看来,货币政策应该朝哪个方向调整,似乎已经很明确。」但她并未透露自己认为适当的升息速度。</p>\n\n<p>她说:「我不想在利率应该升到多高,或升息速度应该多快这些问题上,过早表明立场。」</p>\n\n<h6>为何考虑渐进升息?房市冲击、AI热潮降温</h6>\n\n<p>另一项顾虑,是市场担忧人工智慧(AI)热潮可能降温,引发股市波动。Fed理事鲍曼(Michelle Bowman)本周警告,若AI投资报酬不如预期,可能引发股价大幅下跌等风险。</p>\n\n<p>她表示:「股价下跌可能削弱消费支出的韧性,而利率上升也可能进一步加重对利率敏感的经济部门负担,例如房市与小型企业投资。」</p>\n\n<p>另一项变数是未来几个月能源价格可能下跌,进而减轻燃料成本压力,让家庭与企业获得喘息空间。</p>\n\n<p>里奇蒙联准银行总裁巴金(Tom Barkin)本周一表示,利率需要进一步调高,但应采取审慎步调。</p>\n\n<p>Clocktower Group首席总体策略师、曾任Fed理事米兰(Stephen Miran)顾问的Eric Wallerstein说:「大多数Fed官员似乎都认同有必要升息,也倾向不要操之过急。」</p>\n\n<h6>市场已押注连三次升息 美债殖利率剧烈震荡</h6>\n\n<p>联准会官员9月升息1码,将联邦基金利率目标区间调高至3.75%至4%,但10月FOMC会议决定按兵不动。</p>\n\n<p>Fed主席华许(Kevin Warsh)自10月记者会后便未再公开发言,尽管他预定周一在一场活动中主持他成立的AI与生产力工作小组,但外界普遍不预期他会偏离多次表明的立场,也就是不对近期货币政策走向提供任何前瞻指引。</p>\n\n<p>投资人早就等不急Fed进一步表态,市场目前已反映12月、明年1月及3月各升息1码的预期。在Fed官员密集演说之前,投资人原本只预期12月与明年3月升息。</p>\n\n<p>Fed官员本周谈话对市场造成的冲击,也反映在美债殖利率的剧烈波动。华勒与萝根分别在周二通膨数据公布前后发表谈话,随后美债殖利率大幅攀升,美国2年期公债殖利率当天上升19个基点至4.75%,创下2025年4月美国总统川普宣布关税措施、引发全球市场动荡以来最大单日涨幅。</p>\n\n<p>Nationwide首席经济学家Kathy Bostjancic说:「Fed释出的政策指引有些令人困惑,引发美债殖利率大幅波动。再加上华许选择不发表评论,其他官员便填补了这个空缺。」</p>\n\n<p>最终,经济成长加速可能为Fed升息提供支撑。上周公布的数据显示,10月就业成长大幅加快,失业率则小幅下降。Fed官员在12月再次开会前,还会看到一份就业报告、以及另一份10月通膨数据。</p>\n\n<p>目前少有观察人士预期,这批数据会显示经济出现明显放缓。</p>\n\n<p>PGIM美国首席经济学家Robert Sockin说:「在经济成长强劲、通膨偏高的环境下,循序渐进的政策是一项错误。历史经验显示,这种做法最终很可能迫使央行以更快速度升息,而且累计紧缩幅度也会比一开始就采取行动来得更大。」</p>\n<div class=\"related-articles seo-links\">\n  <h4>相关阅读</h4>\n  <ul>\n    <li><a href=\"/new/mg/article-23133.html\" title=\"〈美国期中选举〉民主党若拿下国会 哪些美股最敏感?华尔街点名四大类股\">〈美国期中选举〉民主党若拿下国会 哪些美股最敏感?华尔街点名四大类股</a></li>\n    <li><a href=\"/new/mg/article-17670.html\" title=\"从25亿冲1兆美元!苏姿丰率AMD缔造传奇 财经名嘴看好代理型AI爆发\">从25亿冲1兆美元!苏姿丰率AMD缔造传奇 财经名嘴看好代理型AI爆发</a></li>\n    <li><a href=\"/new/mg/article-5062.html\" title=\"AI赢家换人当!瑞银:这些「基础建设类股」将超越「美股七巨头」\">AI赢家换人当!瑞银:这些「基础建设类股」将超越「美股七巨头」</a></li>\n    <li><a href=\"/new/mg/article-6424.html\" title=\"AI晶片需求太旺!英特尔豪砸57亿美元扩建爱尔兰厂 强化欧洲制造版图\">AI晶片需求太旺!英特尔豪砸57亿美元扩建爱尔兰厂 强化欧洲制造版图</a></li>\n    <li><a href=\"/new/mg/article-12839.html\" title=\"AI电脑战升温!苹果首款2奈米M6登场 Mac mini与Mac Studio同步升级\">AI电脑战升温!苹果首款2奈米M6登场 Mac mini与Mac Studio同步升级</a></li>\n    <li><a href=\"/new/mg/article-11226.html\" title=\"AI热情没退,只是市场不再照单全收!从辉达到思科,资金开始挑AI赢家\">AI热情没退,只是市场不再照单全收!从辉达到思科,资金开始挑AI赢家</a></li>\n  </ul>\n</div>",
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    "createdAt": "2026-11-14T05:50:02.000Z",
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