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核心要點:沃什在辛特拉央行論壇發言

美聯準會主席凱文·沃什在葡萄牙辛特拉舉行的歐洲央行年度政策論壇上發表了極其強硬的鷹派言論。這是他就職以來的第二次公開亮相,沃什明確表示將堅定致力於美聯準會 2% 的通膨目標,正面回擊了市場對過早降息的預期以及白宮方面的政治壓力。

沃什誓言將「令降息派失望」

沃什對央行的核心職能給出了毫無含糊的表態:「如果有人認為本屆央行會容忍 2% 以上的通膨目標,那他們將會感到失望。」 這一清晰的措辭徹底粉碎了此前因近期能源衝擊而引發的「美聯準會將提高通膨容忍度」的傳言。儘管他承認短期通膨風險已有所緩解,但他再次強調價格依然過高,美聯準會將堅定不移地執行 2% 的價格穩定目標。

針對總統川普多次要求降息的言論,沃什強調了美聯準會與日常政治的嚴格界限。他明確表示,美聯準會長期以來都是一個獨立的中央銀行,「此時此刻也將保持獨立,這一點不會有任何改變。」

拒絕前瞻性指引與轉向數據依賴

沃什完全拒絕了「前瞻性指引」政策——即提前向公眾預告未來利率走向的傳統做法。當在小組討論中被主持人追問未來的升息或降息路徑時,他表示一切策略都要等到 7 月 28 日政策會議上「關起門來」再做辯論,並笑稱主持人試圖讓他鬆口的努力「注定失敗」。
展望未來,沃什宣布美聯準會將於下週開始公布五個全新內部工作小組的成員名單。他的願景是在未來 9 到 12 個月內,利用新技術和新一代數據源讓美聯準會轉向使用即時(Real-time)經濟數據來輔助決策,減少對落後、滯後的官方政府調查報告的依賴,以便在經濟趨勢發展之初就能精準捕捉。

接下來的動向?

儘管整體基調偏鷹,但由於沃什提到隨著近期燃料價格回落,短期「通膨預期與風險在近幾週有所下降」,美債收益率與美元指數 (DXY) 隨後出現了局部小幅下滑。

在技術和總體經濟交易層面,市場的目光已完全轉向即將公布的經濟數據。由於沃什嚴格實行「不提前透底」的立場,令短期利率前景充滿懸念, 7 月 28 日的美聯準會會議將被市場視為存在高度變數的「實戰」會議。如果接下來的就業和經濟指標依然表現強勁,市場將積極定價鷹派維持高利率甚至防禦性升息的預期。

欲瞭解更多有關央行政策的深度分析與前景展望,請閱讀 Ultima Markets 的今日最新市場展望

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