{"id":52269,"date":"2026-08-03T10:37:32","date_gmt":"2026-08-03T10:37:32","guid":{"rendered":"https:\/\/www.vtmarkets.com\/ms-asia\/uncategorized\/fed-holds-rates-what-happens-next-for-markets\/"},"modified":"2026-08-03T10:37:32","modified_gmt":"2026-08-03T10:37:32","slug":"fed-holds-rates-what-happens-next-for-markets","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/ms-asia\/learn\/fed-holds-rates-what-happens-next-for-markets\/","title":{"rendered":"Fed Kekalkan Kadar Faedah: Apa Seterusnya untuk Pasaran?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/codeYzM3ODllNDM5MmNkMGM4ZWIxMTRhYzE5NTBiMTZiYWZfWGtEVU5qWmc1RjZEVDdibmpvR013ZnJXVXZsRUMzOFRfVG9rZW46WDlxd2JoVGR0b3AyOWJ4VXpFQ2xDandIZ0xiXzE3ODU3NDg4NjE6MTc4NTc1MjQ2MV9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Gambaran Keseluruhan<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rizab Persekutuan (Federal Reserve\/Fed) mengekalkan kadar faedah pada mesyuarat FOMC Julai 2026, namun mesejnya lebih \u201chawkish\u201d (cenderung menaikkan kadar untuk mengekang inflasi) daripada jangkaan.<\/li>\n\n\n\n<li>Tiga pegawai Fed menyokong satu lagi kenaikan 25 mata asas (basis point\/bps; 1 bps = 0.01%), menunjukkan kebimbangan inflasi masih degil.<\/li>\n\n\n\n<li>Pengerusi Kevin Warsh menegaskan komitmen Fed untuk mengembalikan inflasi kepada sasaran 2% dan mengekalkan dasar yang ketat sehingga harga stabil.<\/li>\n\n\n\n<li>Fed tidak memberi \u201cpanduan awal\u201d (forward guidance; petunjuk tentang langkah seterusnya) untuk September, menandakan tumpuan lebih besar kepada data ekonomi terkini.<\/li>\n\n\n\n<li>Hasil bon Perbendaharaan (Treasury yields; pulangan bon kerajaan AS) naik ketara, dengan hasil bon 30 tahun mencecah paras tertinggi sejak 2007 apabila pasaran melaras jangkaan kadar.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Mesyuarat Fed Julai 2026 berakhir dengan kadar faedah dikekalkan, seperti dijangka pasaran. Namun, tumpuan pelabur terarah kepada jurang pandangan dalam Jawatankuasa Pasaran Terbuka Persekutuan (FOMC; badan yang menentukan dasar kadar faedah), nada lebih hawkish Pengerusi Kevin Warsh, serta keputusan Fed untuk tidak memberi panduan awal tentang langkah seterusnya.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed menegaskan ia masih bertekad membawa inflasi kembali ke sasaran 2%. Gabungan mesej hawkish, kenaikan hasil bon Perbendaharaan dan turun naik pasaran (volatility; perubahan harga yang cepat dan besar) menunjukkan dasar monetari ketat (restrictive monetary policy; kadar tinggi untuk memperlahankan ekonomi) berkemungkinan kekal lebih lama.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Berhenti Seketika, Bukan Berpatah Balik<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Walaupun kadar dana persekutuan (federal funds rate; kadar rujukan utama pinjaman antara bank di AS yang mempengaruhi kadar lain) tidak berubah, pecahan undian menunjukkan perbezaan pandangan semakin ketara. Tiga pegawai Fed, Lorie Logan, Neel Kashkari dan Beth Hammack, mengundi untuk kenaikan 25 mata asas, menekankan kebimbangan inflasi masih berlarutan.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Three Fed dissenters say rate hike is needed to curb inflation <a href=\"https:\/\/t.co\/6lYSvFvoVd\">https:\/\/t.co\/6lYSvFvoVd<\/a> <a href=\"https:\/\/t.co\/6lYSvFvoVd\">https:\/\/t.co\/6lYSvFvoVd<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2083218707954700584?ref_src=twsrc%5Etfw\">July 31, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh menyifatkan perbezaan itu sebagai perkara biasa, dan perbahasan yang kuat membantu dasar lebih baik. Namun, undi bantahan juga memberi isyarat kenaikan kadar masih boleh berlaku jika inflasi tidak reda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perubahan lain ialah cara Fed berkomunikasi. Kenyataan Julai lebih pendek dan jelas, tanpa panduan awal untuk mesyuarat September. Sebaliknya, jawatankuasa menegaskan keputusan selepas ini bergantung sepenuhnya pada data ekonomi yang akan diterbitkan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Inflasi Kekal Keutamaan Utama<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Dalam sidang media, Warsh menegaskan Fed tidak menganggap inflasi sudah selesai. Beliau mengulangi komitmen bank pusat untuk mengembalikan inflasi kepada sasaran jangka panjang 2% dan memberi amaran tekanan harga yang terkumpul bertahun-tahun tidak boleh dipulihkan dengan cepat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Menurut Warsh, inflasi terbentuk selama beberapa tahun akibat permintaan kukuh, gangguan rantaian bekalan (supply chain; aliran pengeluaran dan penghantaran barang), ketidakseimbangan pasaran buruh (labour market; keadaan pekerjaan dan pekerja), serta risiko geopolitik (ketegangan politik antarabangsa yang menjejaskan ekonomi). Jadi, kestabilan harga memerlukan kesabaran, disiplin dan dasar berpandukan data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kenyataannya juga menunjukkan fokus Fed berubah. Daripada berbincang bila kadar boleh dipotong, Fed menumpu kepada mengekalkan keadaan kewangan yang ketat sehingga inflasi benar-benar terkawal. Perubahan makro (macro; gambaran besar ekonomi seperti inflasi, pertumbuhan dan kadar) penting untuk pedagang menilai harga aset; rujuk panduan kami tentang <a href=\"https:\/\/www.vtmarkets.com\/discover\/complete-consumer-price-index-guide-2025-smarter-investing\/\">Indeks Harga Pengguna (CPI)<\/a> (penunjuk inflasi yang mengukur perubahan harga barangan dan perkhidmatan), dan strategi dalam <a href=\"https:\/\/www.vtmarkets.com\/discover\/5-steps-to-trade-forex-on-news-releases\/\">gambaran analisis asas (fundamental analysis)<\/a> (menilai pasaran berdasarkan data ekonomi dan kewangan).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fed Lebih Bergantung pada Data<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Antara perkara utama ialah tiada panduan awal untuk September. Berbeza daripada mesyuarat sebelum ini, Fed sengaja tidak memberi petunjuk tentang keputusan seterusnya.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A relentless run of uncertainty, from war to tariff fights to inflation that refuses to die, has challenged investors this year. Now they have to balance another risk: A Federal Reserve that won\u2019t tell them what it\u2019s thinking. <a href=\"https:\/\/t.co\/4SfIykyXSg\">https:\/\/t.co\/4SfIykyXSg<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2083544541227827443?ref_src=twsrc%5Etfw\">August 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ini meningkatkan kepentingan data ekonomi akan datang, khususnya laporan inflasi, data pasaran buruh dan penunjuk pertumbuhan. Setiap data utama sebelum mesyuarat seterusnya boleh mengubah jangkaan kadar faedah.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed juga membuat perubahan kecil pada kenyataan dasarnya, menukar frasa \u201cmengulangi komitmen\u201d kepada \u201cmeneruskan komitmen\u201d. Perubahan ini menunjukkan Fed mahu mengelak daripada memberi gambaran hala tuju dasar sudah ditetapkan. Pedagang yang berdepan turun naik berpandukan data sering menggunakan penunjuk turun naik (volatility indicators; alat untuk mengukur laju dan besar perubahan harga); rujuk panduan <a href=\"https:\/\/www.vtmarkets.com\/discover\/vix-index-mastery\/\">Indeks VIX<\/a> (ukuran \u201cketakutan\u201d pasaran berdasarkan jangkaan turun naik), dan cara mengurus pendedahan risiko menggunakan <a href=\"https:\/\/www.vtmarkets.com\/discover\/average-true-range-atr-indicator-guide-master-volatility-trading\/\">penunjuk Average True Range (ATR)<\/a> (ukuran julat pergerakan harga harian).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Reaksi Pasaran<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pasaran mentafsir mesyuarat ini lebih hawkish daripada jangkaan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hasil bon Perbendaharaan melonjak, dengan hasil bon kerajaan AS 30 tahun naik ke sekitar 5.21%, paras tertinggi sejak 2007. Hasil jangka panjang yang lebih tinggi menunjukkan pelabur menjangka kadar faedah kekal tinggi lebih lama, dan mereka menuntut pulangan lebih besar sebagai pampasan risiko inflasi.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Treasury selloff signals need to bolster Fed&#39;s inflation credibility, Musalem tells FT <a href=\"https:\/\/t.co\/02svi8WeZr\">https:\/\/t.co\/02svi8WeZr<\/a> <a href=\"https:\/\/t.co\/02svi8WeZr\">https:\/\/t.co\/02svi8WeZr<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2083487920632033399?ref_src=twsrc%5Etfw\">August 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Pasaran saham turut tertekan. Hasil yang lebih tinggi menaikkan kos pinjaman dan mengurangkan tarikan saham pertumbuhan tinggi, terutama sektor teknologi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolar AS turut disokong apabila pelabur mengambil kira kemungkinan dasar monetari ketat berlarutan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keseluruhannya, reaksi pasaran menunjukkan komunikasi Fed sama penting dengan keputusan kadar. Walaupun kadar tidak berubah, Fed mengukuhkan jangkaan bahawa pelonggaran dasar (policy easing; pemotongan kadar atau langkah memudahkan kewangan) tidak berlaku dalam masa terdekat.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Emas Beri Reaksi Bercampur<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Harga emas bergerak bercampur selepas pengumuman.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Emas spot (spot gold; harga semasa untuk urus niaga segera) pada awalnya susut sekitar 0.5% ke kira-kira AS$4,042 seauns apabila pedagang memberi reaksi kepada nada hawkish Fed. Pada masa sama, niaga hadapan emas (gold futures; kontrak beli\/jual pada harga ditetapkan untuk tarikh depan) meningkat sedikit, mencerminkan ketidaktentuan hala tuju jangka panjang.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kenaikan hasil bon Perbendaharaan turut menekan emas. Memandangkan emas tidak memberi faedah, hasil bon yang lebih tinggi meningkatkan kos peluang (opportunity cost; keuntungan yang dilepaskan) memegang logam berharga itu.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold advanced after Donald Trump said fresh negotiations with Iran would begin later Monday, raising hopes for a breakthrough in the months-long conflict that would ease energy-driven inflation <a href=\"https:\/\/t.co\/CBsxTrGvpa\">https:\/\/t.co\/CBsxTrGvpa<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2084069251971707330?ref_src=twsrc%5Etfw\">August 3, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Walaupun tertekan dalam jangka pendek, prospek emas masih disokong ketidaktentuan makro. Pasaran emas tradisional ditutup pada hujung minggu, menyebabkan pedagang terdedah kepada kejutan geopolitik atau komen dasar sehingga pasaran dibuka Isnin\u2014sering mencetuskan jurang harga (price gap; harga dibuka jauh berbeza daripada penutup). Untuk mengurangkan risiko ini, pedagang boleh mengakses kecairan 24\/7 (liquidity; mudah jual beli tanpa menjejaskan harga) dan mengurangkan pendedahan jurang hujung minggu melalui <a href=\"https:\/\/www.vtmarkets.com\/learn\/trade-gold-every-day-with-xauusd247\/\">dagangan emas XAUUSD247<\/a>, dengan saiz posisi fleksibel bermula 1 auns berbanding kontrak tradisional 100 auns.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/codeMzMxMThhMThjODVlNDU0OTk5YTM2MzQ0NDVmZjk0ODNfZ0pObjJaaFpOcG9yRWp1cmhIYzBDSTlZRnpzOWJFckhfVG9rZW46UllxM2JjREplb3RmbWt4bEdDd2xaUTlGZ2VmXzE3ODU3NDg4NzQ6MTc4NTc1MjQ3NF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utmsource=learn?utm_source=offevent&amp;utm_medium=sem&amp;utm_campaign=learn_article&amp;utm_content=openai_anthropic&amp;utm_term=NA&amp;rt=Organic_content_offevent&amp;ls=NA\">Dagangkan XAUUSD247<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Apa Perlu Diperhatikan Sebelum September<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tanpa panduan awal daripada Fed, pasaran kini hampir sepenuhnya tertumpu pada data ekonomi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data utama termasuk Indeks Harga Pengguna (CPI), Indeks Harga Perbelanjaan Penggunaan Peribadi (PCE Price Index; ukuran inflasi pilihan Fed berdasarkan perbelanjaan pengguna), Nonfarm Payrolls (NFP; pertambahan pekerjaan bulanan di luar sektor ladang), kadar pengangguran, pertumbuhan gaji dan jualan runcit. Laporan ini menentukan sama ada inflasi cukup reda atau Fed perlu mengetatkan lagi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perbezaan undian yang lebih besar turut meningkatkan ketidaktentuan. Walaupun majoriti menyokong kadar kekal pada Julai, tiga pegawai sudah mahukan kenaikan. Jika inflasi terus degil, lebih ramai pembuat dasar boleh beralih kepada pendirian hawkish menjelang September.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pelabur juga perlu memantau ucapan pegawai Fed kerana kenyataan awam boleh memberi petunjuk tambahan tentang penilaian mereka terhadap inflasi dan keadaan ekonomi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Intipati Utama<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Walaupun Fed mengekalkan kadar, mesyuarat Julai membawa mesej hawkish yang jelas. Perpecahan pandangan, ketiadaan panduan awal dan ketegasan Warsh memerangi inflasi menunjukkan Fed belum bersedia beralih kepada dasar lebih longgar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bagi pasaran, maksudnya mudah: jangkaan pemotongan kadar pantas semakin tipis, manakala data inflasi dan pekerjaan akan lebih menentukan keputusan dasar.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Soalan Lazim (FAQ)<\/summary>\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Mengapa Fed mengekalkan kadar faedah?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Fed mengekalkan kadar kerana pembuat dasar berpendapat dasar semasa sudah cukup ketat sementara mereka menilai data ekonomi tambahan. Namun, ini bukan tanda perjuangan menentang inflasi sudah tamat.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Mengapa ada tiga undi bantahan dalam mesyuarat FOMC Julai?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Lorie Logan, Neel Kashkari dan Beth Hammack mengundi untuk kenaikan 25 mata asas kerana mereka melihat inflasi masih degil dan pengetatan tambahan (tightening; menaikkan kadar\/mengetatkan syarat kewangan) mungkin diperlukan untuk menstabilkan harga.<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Apa maksud Warsh apabila berkata Fed tiada \u201ctongkat sakti\u201d?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh menjelaskan inflasi terbina selama beberapa tahun dan tidak boleh dihapuskan dalam beberapa minggu atau bulan. Kestabilan harga memerlukan masa, dasar monetari yang berdisiplin dan komitmen berterusan kepada sasaran inflasi 2%.<\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Mengapa hasil bon Perbendaharaan naik walaupun kadar tidak berubah?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Hasil bon naik kerana pelabur melihat mesej Fed lebih hawkish daripada jangkaan. Pasaran kini menganggap kadar faedah boleh kekal tinggi lebih lama, lalu pelabur menuntut pulangan lebih tinggi untuk memegang bon kerajaan jangka panjang.<\/p>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Apa perlu diperhatikan sebelum mesyuarat FOMC September?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Pelabur perlu memantau laporan inflasi, Indeks Harga PCE, Nonfarm Payrolls, data pengangguran, jualan runcit, pertumbuhan KDNK (GDP; jumlah nilai pengeluaran ekonomi) serta komen pegawai Fed. Penunjuk ini penting untuk menentukan sama ada Fed mengekalkan pendirian semasa atau mengetatkan lagi.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Mula berdagang sekarang \u2014 klik <a href=\"https:\/\/www.vtmarkets.com\/ms-asia\/trade-now\/\">di sini<\/a> untuk membuat akaun sebenar VT Markets anda.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Fed kekal kadar Julai 2026, namun nada Warsh lebih hawkish dan tiada panduan September. Tiga undi mahu naik 25bp. Hasil bon 30 tahun tertinggi sejak 2007; saham, emas tertekan. Data jadi penentu.<\/p>\n","protected":false},"author":87,"featured_media":52268,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-52269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Fed kekal kadar Julai 2026, namun nada Warsh lebih hawkish dan tiada panduan September. Tiga undi mahu naik 25bp. Hasil bon 30 tahun tertinggi sejak 2007; saham, emas tertekan. 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