{"id":19503,"date":"2024-04-12T11:36:44","date_gmt":"2024-04-12T10:36:44","guid":{"rendered":"https:\/\/finalto.com\/resources\/news-events\/news\/%e5%a4%a7%e5%88%86%e5%8c%96%e4%b8%8e%e8%b4%a2%e6%94%bf%e4%b8%bb%e5%af%bc\/"},"modified":"2026-06-16T14:30:04","modified_gmt":"2026-06-16T13:30:04","slug":"%e5%a4%a7%e5%88%86%e5%8c%96%e4%b8%8e%e8%b4%a2%e6%94%bf%e4%b8%bb%e5%af%bc","status":"publish","type":"post","link":"https:\/\/finalto.com\/zh-hans\/resources\/news-events\/news\/%e5%a4%a7%e5%88%86%e5%8c%96%e4%b8%8e%e8%b4%a2%e6%94%bf%e4%b8%bb%e5%af%bc\/","title":{"rendered":"\u201c\u5927\u5206\u5316\u201d\u4e0e\u201c\u8d22\u653f\u4e3b\u5bfc\u201d"},"content":{"rendered":"\n<h1 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rel=\"noopener\">\u4fdd\u7f57\u00b7\u90fd\u94ce\u00b7\u743c\u65af\uff0c2020\u5e745\u6708<\/a><\/li>\n<\/ul>\n\n<p>\u6211\u4eec\u662f\u5426\u6b63\u5904\u4e8e\u8d22\u653f\u4e3b\u5bfc\u7684\u65f6\u4ee3\uff1f\u8d22\u653f\u653f\u7b56\u662f\u5426\u4f1a\u7ee7\u7eed\u963b\u788d\u592e\u884c\u6291\u5236\u901a\u80c0\uff0c\u800c\u592e\u884c\u771f\u7684\u5728\u4e4e\u5417\uff1f <\/p>\n\n<p>\u6240\u8c13\u201c\u8d22\u653f\u4e3b\u5bfc\u201d\uff0c\u662f\u6307\u653f\u5e9c\u503a\u52a1\u7684\u7d2f\u79ef\u548c\u6301\u7eed\u7684\u8d22\u653f\u8d64\u5b57\u53ef\u80fd\u5bfc\u81f4\u901a\u80c0\u4e0a\u5347\uff0c\u4ece\u800c\u201c\u4e3b\u5bfc\u201d\u592e\u884c\u6291\u5236\u901a\u80c0\u7684\u610f\u56fe\u3002\u9274\u4e8e\u7f8e\u56fd\u6bcf100\u5929\u5c31\u65b0\u589e\u7ea61\u4e07\u4ebf\u7f8e\u5143\u503a\u52a1\uff0c\u5f88\u96be\u60f3\u8c61\u7f8e\u8054\u50a8\u5982\u4f55\u80fd\u575a\u6301\u65e2\u5b9a\u65b9\u9488\uff0c\u59a5\u5584\u63a7\u5236\u901a\u80c0\u3002 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<\/p>\n\n<p>\u672c\u5468\u5f53\u7136\u8fce\u6765\u4e86\u90a3\u4efd\u5907\u53d7\u77a9\u76ee\u7684\u7f8e\u56fdCPI\u6570\u636e\uff0c\u5e02\u573a\u4e5f\u968f\u4e4b\u8fdb\u884c\u4e86\u5927\u5e45\u91cd\u65b0\u5b9a\u4ef7\u2014\u2014\u8fd9\u4f3c\u4e4e\u662f\u57fa\u4e8e\u7f8e\u8054\u50a8\u5df2\u6539\u53d8\u7acb\u573a\u7684\u5047\u8bbe\u3002<\/p>\n\n<p>\u7f8e\u56fdCPI\u901a\u80c0\u6570\u636e\u8868\u73b0\u5f3a\u4e8e\u9884\u671f\uff0c\u73af\u6bd4\u4e0a\u6da80.4%\uff0c\u4fc3\u4f7f\u4ea4\u6613\u5458\u7eb7\u7eb7\u64a4\u56de\u5bf96\u6708\u964d\u606f\u7684\u62bc\u6ce8\u3002\u540c\u6bd4\u6da8\u5e45\u4ece3.2%\u5347\u81f33.5%\uff0c\u9ad8\u4e8e\u9884\u671f\u76843.4%\u3002 \u6838\u5fc3\u901a\u80c0\u73af\u6bd4\u4e0a\u6da80.4%\uff0c\u540c\u6bd4\u4e0a\u6da83.8%\u3002\u6574\u4f53\u901a\u80c0\u76843\u4e2a\u6708\u5e74\u5316\u7387\u8dc3\u5347\u81f34.6%\uff08\u524d\u503c4.0%\uff09\uff0c6\u4e2a\u6708\u5e74\u5316\u7387\u4e3a3.2%\u3002 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class=\"wp-block-heading\">\u524d\u8def\u574e\u5777<\/h2>\n\n<p><em>\u201c\u6211\u4eec\u8fd8\u4e0d\u786e\u5b9a\u8fd9\u7a76\u7adf\u662f\u6682\u65f6\u7684\u6ce2\u6298\uff0c\u8fd8\u662f\u66f4\u4e25\u91cd\u7684\u95ee\u9898\u3002\u6211\u4eec\u5f97\u5f04\u6e05\u695a\u3002<\/em>\u201d\u2014\u2014\u6770\u4f0a\u00b7\u9c8d\u5a01\u5c14\uff0c3\u670821\u65e5\u661f\u671f\u4e09\u3002<\/p>\n\n<p>\u96be\u9053\u8fd8\u6709\u66f4\u6df1\u5c42\u7684\u539f\u56e0\u5417\uff1f\u5f88\u6709\u53ef\u80fd\u3002\u6211\u957f\u671f\u4ee5\u6765\u4e00\u76f4\u8ba4\u4e3a\uff0c\u6211\u4eec\u6b63\u5904\u4e8e\u4e00\u4e2a\u65b0\u7684\u901a\u80c0\u8303\u5f0f\u4e4b\u4e2d\u2014\u20143%\u5c31\u662f\u65b0\u76842%\u3002 \u5728\u5145\u5206\u5c31\u4e1a\u7684\u80cc\u666f\u4e0b\uff0c\u5341\u5e74\u95f4\u7ef4\u63016%\u7684\u9884\u7b97\u8d64\u5b57\u5fc5\u7136\u4f1a\u5f15\u53d1\u901a\u80c0\u3002\u7f8e\u56fd\u7684\u8d22\u653f\u8d64\u5b57\u6b63\u5728\u63a8\u52a8\u80a1\u5e02\u4e0a\u6da8\u548c\u7ecf\u6d4e\u589e\u957f\u2014\u2014\u5373\u201c\u8d22\u653f\u4e3b\u5bfc\u201d\uff0c\u8fd9\u89e3\u91ca\u4e86\u4e3a\u4f55\u901a\u80c0\u6301\u7eed\u3001\u7ecf\u6d4e\u589e\u957f\u4e0d\u51cf\u3001\u957f\u671f\u5229\u7387\u8d70\u9ad8\uff0c\u800c\u80a1\u5e02\u5374\u6beb\u4e0d\u5728\u610f\u3002    <\/p>\n\n<p><em>\u201c\u6839\u636e\u73b0\u884c\u653f\u7b56\u53ca\u672c\u62a5\u544a\u7684\u5047\u8bbe\uff0c\u9884\u8ba1\u52302097\u5e74\uff0c[\u653f\u5e9c\u503a\u52a1\u5360\u56fd\u5185\u751f\u4ea7\u603b\u503c\u7684\u6bd4\u4f8b]\u5c06\u8fbe\u5230566%\u3002\u503a\u52a1\u5360\u56fd\u5185\u751f\u4ea7\u603b\u503c\u6bd4\u4f8b\u9884\u8ba1\u5c06\u6301\u7eed\u4e0a\u5347\uff0c\u8fd9\u8868\u660e\u73b0\u884c\u653f\u7b56\u4e0d\u53ef\u6301\u7eed<\/em>\u3002\u201d \u2014\u2014\u300a\u7f8e\u56fd\u653f\u5e9c\u8d22\u653f\u62a5\u544a\u300b\uff0c2023\u5e742\u670816\u65e5\u3002<\/p>\n\n<p>\u4f46\u7f8e\u8054\u50a8\u4f1a\u5728\u4e4e\u901a\u80c0\u7a0d\u5fae\u9ad8\u4e00\u70b9\u5417\uff1f\u901a\u80c0\u4e0a\u5347\u548c\u6536\u76ca\u7387\u53d7\u6291\u5bf9\u503a\u52a1\u8d1f\u62c5\u662f\u6709\u5229\u7684\u2026\u2026\u4e3a\u6218\u4e89\u3001\u79fb\u6c11\u548c\u201c\u56fd\u5185\u5b89\u5b81\u201d\uff08\u7528\u7f8e\u94f6\u7684\u8bdd\u8bf4\uff09\u63d0\u4f9b\u8d44\u91d1\uff0c\u8fd9\u624d\u662f\u5173\u952e\u6240\u5728\u3002 \u76ee\u524d\uff0c\u7f8e\u8054\u50a8\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\uff08FOMC\uff09\u8ba4\u4e3a\u4e2d\u6027\u5229\u7387\u7ea6\u4e3a2.5%\uff0c\u8fd9\u610f\u5473\u7740\u4ec5\u8981\u8fbe\u5230\u4e2d\u6027\u5229\u7387\u6c34\u5e73\uff0c\u5c31\u9700\u8981\u964d\u606f300\u4e2a\u57fa\u70b9\u3002\u8bf7\u8bb0\u4f4f\uff0cFOMC\u5728\u4e0a\u4e00\u4efd\u9884\u6d4b\u4e2d\u4e0a\u8c03\u4e862024\u5e74\u7684\u6838\u5fc3\u4e2a\u4eba\u6d88\u8d39\u652f\u51fa\uff08PCE\uff09\u901a\u80c0\u7387\uff0c\u4f46\u7ef4\u6301\u4e86\u76f8\u540c\u7684\u964d\u606f\u6b21\u6570\uff083\u6b21\uff09\u3002   <\/p>\n\n<p>\u6211\u8ba4\u4e3a\uff0c\u5982\u679c\u7f8e\u8054\u50a8\u57286\u6708\u964d\u606f\uff0c\u6211\u4eec\u5c31\u77e5\u9053\u4ed6\u4eec\u5230\u5e95\u5728\u6253\u4ec0\u4e48\u7b97\u76d8\u4e86\u3002\u6b64\u5916\uff0c\u4eca\u5e74\u8fd8\u662f\u5927\u9009\u5e74\uff0c\u60c5\u51b5\u66f4\u52a0\u590d\u6742\u3002 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<\/p>\n\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u5e02\u573a\u8d70\u52bf\u5448\u73b0\u5206\u5316\u3002<\/p>\n\n<p>\u5e02\u573a\u5df2\u5c06\u7f8e\u8054\u50a86\u6708\u964d\u606f\u7684\u9884\u671f\u4ece\u5b9a\u4ef7\u4e2d\u5254\u9664\uff0c\u4f46\u4ecd\u7ef4\u6301\u6b27\u6d32\u592e\u884c\u5c4a\u65f6\u5c06\u964d\u606f\u7684\u89c2\u70b9\u3002 \u6b27\u6d32\u592e\u884c\u6628\u65e5\u7684\u58f0\u660e\u63aa\u8f9e\u76f8\u5f53\u5fae\u5999\uff0c\u4f46\u65e0\u7591\u9884\u793a\u4e866\u6708\u5c06\u964d\u606f\u3002\u603b\u4f53\u800c\u8a00\uff0c\u5982\u679c\u5168\u7403\u5404\u56fd\u592e\u884c\u5f00\u59cb\u4e0e\u7f8e\u8054\u50a8\u653f\u7b56\u8d70\u5411\u5206\u5316\uff0c\u8fd9\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u652f\u6491\u7f8e\u5143\u2014\u2014\u4e0d\u8fc7\uff0c\u5728\u5b9e\u9645\u51fa\u73b0\u964d\u606f\u4e4b\u524d\uff0c\u8fd9\u4e00\u652f\u6491\u4f5c\u7528\u53ef\u80fd\u65e0\u6cd5\u5b8c\u5168\u663e\u73b0\u3002  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<\/p>\n\n<p><em>\u201c\u4e00\u4e2a\u57fa\u4e8e\u5730\u8868\u9ec4\u91d1\u4ef7\u503c\u4e0e\u5168\u7403M1\u8d27\u5e01\u4f9b\u5e94\u91cf\u4e4b\u6bd4\u7684\u7b80\u5355\u6307\u6807\u663e\u793a\uff0c\u9ec4\u91d1\u4ef7\u683c\u53ef\u80fd\u5148\u6da8\u81f32,400\u7f8e\u5143\uff0c\u624d\u4f1a\u8fbe\u5230\u4e0e\u8be5\u4f30\u503c\u6307\u6807\u8fc7\u53bb\u4e09\u4e2a\u5cf0\u503c\u4e2d\u6700\u4f4e\u70b9\u76f8\u7b26\u7684\u4f30\u503c\u6c34\u5e73\uff1b\u82e5\u8ffd\u6eaf\u81f31980\u5e74\u7684\u6781\u7aef\u6c34\u5e73\uff0c\u5219\u53ef\u80fd\u6da8\u81f36,700\u7f8e\u5143<\/em>\u3002\u201d<\/p>\n\n<p>\u4eca\u65e5\u73b0\u8d27\u4ef7\u683c\u5df2\u5347\u81f32,400\u7f8e\u5143\u3002<\/p>\n\n<p>\u9ec4\u91d1\u5bf9\u901a\u80c0\u7684\u53cd\u5e94\u867d\u663e\u8fdf\u7f13\uff0c\u4f46\u6700\u7ec8\u8fd8\u662f\u8ddf\u4e0a\u4e86\u6b65\u4f10\u3002\u652f\u51fa\u589e\u52a0\uff0c\u503a\u52a1\u6500\u5347\uff0c\u4e14\u9700\u5bc6\u5207\u5173\u6ce8\u5730\u7f18\u653f\u6cbb\u5c40\u52bf\u3002 \u81ea10\u67087\u65e5\u4ee5\u6765\uff0c\u968f\u7740\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u4e0a\u5347\uff0c\u9ec4\u91d1\u4e0e\u5b9e\u9645\u6536\u76ca\u7387\u51fa\u73b0\u4e86\u8131\u94a9\u300210\u5e74\u671f\u901a\u80c0\u4fdd\u503c\u503a\u5238\uff08TIPS\uff09\u6536\u76ca\u7387\u5df2\u8dc3\u5347\u81f31.250%\uff0c\u7f8e\u5143\u6307\u6570\uff08DXY\uff09\u5347\u81f3105\uff0c\u521b\u4e0b11\u6708\u4e2d\u65ec\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u5e73\u2026\u2026\u6240\u6709\u5e38\u89c4\u5f71\u54cd\u56e0\u7d20\u4f3c\u4e4e\u90fd\u5df2\u4e0d\u518d\u91cd\u8981\u2026\u2026\u2014\u2014\u662f\u62c5\u5fe7\u4f0a\u6717\u5bf9\u4ee5\u8272\u5217\u53d1\u52a8\u88ad\u51fb\uff0c\u8fd8\u662f\u7f8e\u56fd\u8ba1\u5212\u4e3a\u4e4c\u514b\u5170\u589e\u53d1\u66f4\u591a\u503a\u52a1\uff1f   <\/p>\n\n<p>\u503a\u52a1\u53e0\u52a0\u503a\u52a1\uff0c\u503a\u52a1\u518d\u53e0\u52a0\u503a\u52a1\u3002\u96be\u602a\u9ec4\u91d1\u4ef7\u683c\u98d9\u5347\u3002 <\/p>\n\n<h2 class=\"wp-block-heading\">\u53c2\u8003\uff1a<\/h2>\n\n<p><a href=\"https:\/\/www.bls.gov\/cpi\/\" target=\"_blank\" rel=\"noopener\">CPI \u4e3b\u9875\uff1a\u7f8e\u56fd\u52b3\u5de5\u7edf\u8ba1\u5c40 (bls.gov)<\/a><\/p>\n\n<p><a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" target=\"_blank\" rel=\"noopener\">CME FedWatch \u5de5\u5177 &#8211; CME\u96c6\u56e2<\/a><\/p>\n\n<p><a href=\"https:\/\/www.morningstar.com\/news\/marketwatch\/20240411324\/treasury-yields-turn-mixed-after-modest-march-producer-prices-data\" target=\"_blank\" rel=\"noopener\">3\u6708\u751f\u4ea7\u8005\u4ef7\u683c\u6307\u6570\u6570\u636e\u8868\u73b0\u5e73\u5e73\uff0c\u56fd\u503a\u6536\u76ca\u7387\u6da8\u8dcc\u4e92\u73b0 | Morningstar<\/a><\/p>\n\n<p><a href=\"https:\/\/www.bankrate.com\/banking\/federal-reserve\/fomc-meeting-recap-march-2024\/\" target=\"_blank\" rel=\"noopener\">\u7f8e\u8054\u50a8\u7ef4\u6301\u5229\u7387\u4e0d\u53d8\uff0c\u7ef4\u63012024\u5e74\u964d\u606f\u4e09\u6b21\u7684\u9884\u6d4b | Bankrate<\/a><\/p>\n\n<p><a href=\"https:\/\/research.stlouisfed.org\/publications\/review\/2023\/06\/02\/fiscal-dominance-and-the-return-of-zero-interest-bank-reserve-requirements#:~:text=%22Under%20current%20policy%20and%20based,that%20current%20policy%20is%20unsustainable.%22\" target=\"_blank\" rel=\"noopener\">\u8d22\u653f\u4e3b\u5bfc\u4e0e\u96f6\u5229\u7387\u94f6\u884c\u51c6\u5907\u91d1\u8981\u6c42\u7684\u56de\u5f52 | \u5723\u8def\u6613\u65af\u8054\u90a6\u50a8\u5907\u94f6\u884c (stlouisfed.org)<\/a><\/p>\n\n<p><b>\u5c3c\u5c14 <\/b><b>\u5a01\u5c14\u900a<\/b><\/p>\n\n<p><strong>Finalto\u9996\u5e2d\u5e02\u573a\u5206\u6790\u5e08<\/strong><\/p>\n\n<p><em>\u6240\u6709\u89c2\u70b9\u3001\u65b0\u95fb\u3001\u7814\u7a76\u3001\u5206\u6790\u3001\u4ef7\u683c\u6216\u5176\u4ed6\u4fe1\u606f\u5747\u4f5c\u4e3a\u4e00\u822c\u6027\u5e02\u573a\u8bc4\u8bba\u63d0\u4f9b\uff0c\u800c\u975e\u6295\u8d44\u5efa\u8bae\uff0c\u4e14\u6240\u8ba8\u8bba\u7684\u6240\u6709\u6f5c\u5728\u7ed3\u679c\u5747\u4e0d\u4fdd\u8bc1\u80fd\u591f\u5b9e\u73b0\u3002\u8be5\u4fe1\u606f\u53ef\u80fd\u6765\u6e90\u4e8e\u516c\u5f00\u6e20\u9053\u3001\u516c\u53f8\u62a5\u544a\u3001\u4e2a\u4eba\u7814\u7a76\u6216\u8c03\u67e5\u3002 \u8fc7\u5f80\u8868\u73b0\u5e76\u4e0d\u9884\u793a\u672a\u6765\u8868\u73b0\u3002\u4ea4\u6613\u5b58\u5728\u672c\u91d1\u4e8f\u635f\u7684\u98ce\u9669\u3002\u672c\u670d\u52a1\u4ec5\u9762\u5411\u4e13\u4e1a\u5ba2\u6237\u3002    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