美联储的瓦勒:2025年将支持进一步降息,但节奏将取决于通胀进展

在2025年,联邦储备委员会官员瓦勒表示,虽然会支持进一步的降息,但降息的步伐将取决于通胀的改善情况。他指出,当前的通胀水平虽然有所缓解,但依然需要更多的努力以实现2%的目标。

瓦勒提到,2025年通胀的基础效应将改善,随着时间的推移,未来几个月的数据也显示出乐观的迹象。然而,近期通胀改善的速度相对缓慢,主要是由于住房及非市场服务的价格估算,这些数据并不总能可靠地反映基本的价格压力。

此外,地缘政治冲突和关税可能会再次带来价格压力,成为未来经济的不确定因素。然而,瓦勒仍然认为,整体经济仍然处于一个稳健的基础上,并没有迹象表明劳动力市场在未来几个月内会出现显著疲软。

中央银行面临的挑战广泛而复杂,从人口老龄化到地缘政治冲突,再到全球化带来的种种问题,都将影响货币政策的制定。尽管如此,瓦勒强调,不应预期关税会产生持久的通胀效应,因此也不太可能影响关于适当货币政策的看法。

在这种环境下,投资者需要保持警惕,关注未来的经济数据和政策动向,以便在不确定的市场中做出明智的决策。
As we look ahead to January 2025, discussions surrounding monetary policy and inflation continue to dominate economic discourse. Recent statements from central banking authorities highlight a pivotal juncture in managing inflationary pressures, with implications for future interest rate adjustments.

On January 8, 2025, it was conveyed that there will indeed be support for further cuts in interest rates throughout the year. However, the pace of these cuts will be intricately tied to the progress made towards achieving a 2% inflation target. Observations suggest that while inflation has shown signs of improvement, it remains a complex issue influenced by a myriad of factors.

Base effects, which take into account previous inflation rates, are projected to enhance inflation metrics in 2025. This improvement is not merely a matter of statistical correction; recent monthly and short-term data foretell a positive trend in economic conditions that may contribute to a more favorable inflation landscape.

It is crucial, however, to recognize that the strides made in curbing inflation have not been without their challenges. Significant contributors to the persistence of inflation include imputed prices for housing and non-market services, both of which often fail to provide an accurate depiction of underlying price pressures.

The specter of geopolitical conflicts and tariffs also looms large, potentially serving as catalysts for renewed inflationary pressures. Despite these challenges, current economic indicators suggest that the labor market remains robust, with little evidence pointing towards a dramatic weakening in the months to come.

In this landscape, central bankers are faced with a multitude of challenges, including the complexities introduced by aging populations, geopolitical uncertainty, and ongoing debates surrounding globalization. While tariffs have been a point of contention, the consensus appears to be that they are unlikely to produce sustained inflationary effects and, therefore, will not significantly dictate monetary policy decisions.

As we move further into 2025, the monetary policy framework will undoubtedly need to adapt to the evolving economic reality. Stakeholders must remain attentive to these developments as they could profoundly influence both domestic and global economic stability.

This article was inspired by insights shared by Giuseppe Dellamotta at www.forexlive.com.

For more in-depth analysis, please visit Fed’s Waller: Will support further cuts in 2025 but pace will depend on inflation progress, which appeared first on HUBFX | Global Accounts | FX Risk Management.

### 标题:2025年通胀展望与货币政策调整的潜在路径

一、引言

  • 简要概述当前经济背景
  • 介绍文章目的:分析2025年通胀进展对货币政策的影响

二、通胀进展与预测

  • 预计2025年通胀将向2%趋近
    • 基期效应对通胀改善的影响
    • 最近数据表明通胀改善趋势

三、影响通胀的因素

  • 住房和非市场服务价格的特殊因素
    • 这些因素如何影响通胀数据的可靠性
  • 地缘政治冲突与关税的潜在影响
    • 分析其对价格压力的可能作用

四、劳动力市场与经济稳定性

  • 对劳动力市场稳健性的评估
  • 经济整体状况良好的证据

五、中央银行未来的挑战

  • 人口老龄化的影响
  • 地缘政治冲突的风险
  • 全球化面临的挑战

六、对货币政策的展望

  • 预计关税不会导致持续性通胀
  • 货币政策的适当调控与调整

七、结论

  • 总结对未来通胀及货币政策的看法
  • 强调监测通胀数据的重要性与警惕

八、参考资料

  • 提及文章出处与相关链接
    美联储的沃勒:将在2025年支持进一步降息,但速度将取决于通胀进展

2025年1月8日下午1:04

将在2025年支持进一步降息,但速度将取决于通胀进展。

通胀将继续朝着2%的目标迈进。

基数效应将在2025年改善通胀。

最近的月度和短期数据表明,改善即将到来。

尽管近期通胀进展缓慢,但主要原因是住房和非市场服务的估算价格,这些价格对潜在价格压力的可靠性较低。

地缘政治冲突和关税可能成为重新加大价格压力的源头。

整体来看,经济基础稳固,没有迹象表明劳动市场在未来几个月会大幅减弱。

央行面临多种挑战,从人口老龄化到地缘政治冲突及全球化挑战。

不要期望关税会导致持续通胀,因此不太可能影响对适当货币政策的看法。


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