{"id":52870,"date":"2026-09-17T10:41:56","date_gmt":"2026-09-17T10:41:56","guid":{"rendered":"https:\/\/www.vtmarkets.com\/pl-eu\/uncategorized\/the-fed-hiked-what-warshs-next-move-means-for-gold\/"},"modified":"2026-09-17T10:41:56","modified_gmt":"2026-09-17T10:41:56","slug":"the-fed-hiked-what-warshs-next-move-means-for-gold","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/pl-eu\/featured\/the-fed-hiked-what-warshs-next-move-means-for-gold\/","title":{"rendered":"Fed podni\u00f3s\u0142 stopy: co kolejny ruch Warsha oznacza dla z\u0142ota"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/09\/codeNTQ2YzNkYzFmNGUzYTEzZmU1YzczMDAwN2U5OWRlZDJfTWtvekVuNFNQM3NoaFZlVHpHQmNrdk5zYlZGN3lya2ZfVG9rZW46S3k2SGJBeTJRb0p1UVp4eWJCUGxYTE15Z1NmXzE3ODk2MjkyMzc6MTc4OTYzMjgzN19WNAampadd_watermarktrueampscene_typeCCM.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Rezerwa Federalna (Fed, bank centralny USA) podnios\u0142a na posiedzeniu FOMC (komitet Fed ustalaj\u0105cy polityk\u0119 pieni\u0119\u017cn\u0105) w dniach 15\u201316 wrze\u015bnia docelowy przedzia\u0142 dla stopy funduszy federalnych (g\u0142\u00f3wna stopa procentowa wp\u0142ywaj\u0105ca na koszt pieni\u0105dza w USA) o 25 punkt\u00f3w bazowych (pb, czyli 0,25 pkt proc.) do <strong>3,75%\u20134,00%<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decyzja zapad\u0142a jednog\u0142o\u015bnie: za podwy\u017ck\u0105 g\u0142osowa\u0142o wszystkich 12 cz\u0142onk\u00f3w z prawem g\u0142osu. By\u0142a to pierwsza podwy\u017cka st\u00f3p pod przewodnictwem Kevina Warsha i pierwsza od ponad trzech lat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sam ruch by\u0142 w du\u017cej mierze zdyskontowany przez rynek, wi\u0119c nie stanowi\u0142 najwi\u0119kszego zaskoczenia. Wa\u017cniejsze by\u0142y zaktualizowane prognozy gospodarcze Fed oraz komentarze Warsha dotycz\u0105ce inflacji i przysz\u0142ej polityki pieni\u0119\u017cnej (czyli decyzji o stopach i warunkach finansowania w gospodarce).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Przekaz by\u0142 prosty: Fed nie traktuje wrze\u015bniowej podwy\u017cki jako jednorazowej korekty. Decydenci nadal obawiaj\u0105 si\u0119 inflacji i zostawiaj\u0105 otwart\u0105 mo\u017cliwo\u015b\u0107 dalszego zacie\u015bniania (czyli podnoszenia st\u00f3p).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To wa\u017cne dla rynku w ko\u0144c\u00f3wce 2026 r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Dlaczego Fed podni\u00f3s\u0142 stopy?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Inflacja pozostaje powy\u017cej celu Fed wynosz\u0105cego 2%. Ostatnie dane sugeruj\u0105, \u017ce tempo wzrostu cen nie spada tak szybko, jak oczekiwali decydenci. W sierpniu inflacja CPI (wska\u017anik cen konsumpcyjnych) wynios\u0142a <strong>3,4% rok do roku<\/strong>, a inflacja bazowa CPI (CPI po wy\u0142\u0105czeniu cen \u017cywno\u015bci i energii, bardziej \u201eoczyszczona\u201d miara trendu) wzros\u0142a o <strong>0,3% miesi\u0105c do miesi\u0105ca<\/strong>. Do niepewno\u015bci dok\u0142adaj\u0105 si\u0119 te\u017c ceny energii: ropa utrzymuje si\u0119 powy\u017cej 100 USD za bary\u0142k\u0119 w warunkach napi\u0119\u0107 geopolitycznych i zak\u0142\u00f3ce\u0144 w globalnych dostawach.<\/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\">President Trump leveled his most pointed \u2014 though still indirect \u2014 criticism yet at his hand-picked Federal Reserve chief, fuming on social media over the central bank&#39;s move to raise interest rates in a bid to calm persistent inflation <a href=\"https:\/\/t.co\/rIkkYYg2fL\">https:\/\/t.co\/rIkkYYg2fL<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2100405645602099521?ref_src=twsrc%5Etfw\">September 17, 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\">W\u0142asne prognozy Fed odzwierciedlaj\u0105 te obawy: mediana prognoz inflacji PCE (wska\u017anik cen wydatk\u00f3w konsumpcyjnych, ulubiona miara inflacji Fed) dla <strong>2026 r. wzros\u0142a do 3,7% z 3,6% w czerwcu<\/strong>, a inflacj\u0119 bazow\u0105 PCE (PCE po wy\u0142\u0105czeniu \u017cywno\u015bci i energii) oszacowano na 3,4%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jednocze\u015bnie perspektywy gospodarcze pozostaj\u0105 do\u015b\u0107 dobre. Fed podni\u00f3s\u0142 median\u0119 prognozy wzrostu PKB (warto\u015b\u0107 produkcji gospodarki) na 2026 r. do <strong>2,3% z 2,2%<\/strong>, a prognoz\u0119 bezrobocia obni\u017cy\u0142 do <strong>4,1% z 4,3%<\/strong>. To daje decydentom wi\u0119cej przestrzeni, by koncentrowa\u0107 si\u0119 na inflacji bez konieczno\u015bci reagowania na gwa\u0142towne pogorszenie sytuacji na rynku pracy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh w trakcie konferencji prasowej podkre\u015bli\u0142, \u017ce inflacja nadal jest zbyt wysoka, a jej trend bazowy nie poprawi\u0142 si\u0119 w spos\u00f3b wyra\u017any.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kluczowy sygna\u0142: kolejna podwy\u017cka nadal jest mo\u017cliwa<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Najwa\u017cniejsze z wrze\u015bniowego posiedzenia mo\u017ce by\u0107 nie samo podniesienie st\u00f3p o 25 pb, lecz to, jak Fed widzi dalsz\u0105 \u015bcie\u017ck\u0119 st\u00f3p.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wrze\u015bniowe Summary of Economic Projections (SEP, zestaw prognoz Fed) pokazuje median\u0119 stopy funduszy federalnych na koniec 2026 r. na poziomie <strong>4,1%<\/strong> wobec 3,8% w czerwcu. Przy obecnym przedziale <strong>3,75%\u20134,00%<\/strong> oznacza to scenariusz zgodny z jeszcze jedn\u0105 podwy\u017ck\u0105 o 25 pb przed ko\u0144cem roku.<\/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\">The Federal Reserve raised interest rates for the first time in more than three years. Fed Chairman Kevin Warsh said in a press conference on Wednesday the decision to raise rates was to return inflation to the reserve&#39;s 2% target in a \u201ctimelier\u201d way <a href=\"https:\/\/t.co\/S2JJhGIOSM\">https:\/\/t.co\/S2JJhGIOSM<\/a>\u2026 <a href=\"https:\/\/t.co\/rWJv2ASrHA\">pic.twitter.com\/rWJv2ASrHA<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2100314766044434633?ref_src=twsrc%5Etfw\">September 16, 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\">Rozk\u0142ad indywidualnych prognoz pokazuje jednak, \u017ce decydenci nie s\u0105 w pe\u0142ni zgodni. Dwunastu uczestnik\u00f3w wskaza\u0142o stop\u0119 na koniec roku w okolicach <strong>4,125%<\/strong>, czterech widzia\u0142o <strong>4,375%<\/strong>, a dw\u00f3ch <strong>3,875%<\/strong>. To sprawia, \u017ce grudniowe posiedzenie b\u0119dzie wa\u017cne dla rynku.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kluczowe pytanie brzmi: czy inflacja pozostanie na tyle wysoka, by uzasadnia\u0107 kolejny ruch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nadchodz\u0105ce dane o <strong>CPI, PCE, rynku pracy oraz cenach energii<\/strong> mog\u0105 mocno wp\u0142ywa\u0107 na rynkowe oczekiwania dotycz\u0105ce st\u00f3p. (Rynek pracy to m.in. zatrudnienie i bezrobocie; w USA cz\u0119sto \u015bledzi si\u0119 raport NFP \u2013 miesi\u0119czn\u0105 zmian\u0119 zatrudnienia poza rolnictwem).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co m\u00f3wi\u0105 wskaz\u00f3wki Warsha?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Komentarze Warsha po posiedzeniu potwierdzi\u0142y, \u017ce Fed koncentruje si\u0119 na stabilno\u015bci cen, a inflacja pozostaje kluczowa przy ocenie, jak restrykcyjna (czyli \u201etwarda\u201d) musi by\u0107 polityka pieni\u0119\u017cna.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">W komunikacie FOMC podkre\u015blono, \u017ce inflacja pozostaje podwy\u017cszona, a ostatnia decyzja ma pom\u00f3c w szybszym powrocie do celu 2%. W praktyce oznacza to, \u017ce Fed uwa\u017ca inflacj\u0119 za na tyle uporczyw\u0105, \u017ce chce nadal hamowa\u0107 popyt poprzez wy\u017csze stopy procentowe (dro\u017cszy kredyt ogranicza wydatki i inwestycje).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh odrzuci\u0142 te\u017c narracj\u0119, \u017ce decyzja by\u0142a prost\u0105 reakcj\u0105 na presj\u0119 rynk\u00f3w finansowych. Zwraca\u0142 uwag\u0119 na fundamenty gospodarki i powt\u00f3rzy\u0142, \u017ce bank centralny chce przywr\u00f3ci\u0107 stabilno\u015b\u0107 cen.<\/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\">Federal Reserve Chair Kevin Warsh says the central bank raised interest rates by a quarter of a percentage point to address inflation, which remains above its 2% target, and flagged further increases in borrowing costs in the coming months <a href=\"https:\/\/t.co\/fSMuV7MWSI\">https:\/\/t.co\/fSMuV7MWSI<\/a> <a href=\"https:\/\/t.co\/HI42nDCDg2\">pic.twitter.com\/HI42nDCDg2<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2100332647813722296?ref_src=twsrc%5Etfw\">September 16, 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\">Dla rynku oznacza to prosty schemat. Je\u015bli inflacja b\u0119dzie \u201elepka\u201d (czyli spadnie wolno i b\u0119dzie d\u0142ugo utrzymywa\u0107 si\u0119 podwy\u017cszona), kolejna podwy\u017cka jest mo\u017cliwa, zw\u0142aszcza gdy wzrost gospodarczy i zatrudnienie pozostan\u0105 solidne. Je\u015bli jednak inflacja zacznie wyra\u017anie hamowa\u0107, Fed mo\u017ce zrobi\u0107 przerw\u0119 i oceni\u0107 skutki wcze\u015bniejszych podwy\u017cek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">W efekcie uwaga przesuwa si\u0119 na dane od teraz do grudnia, a nie na \u201ekoniec\u201d cyklu zacie\u015bniania. Rynek b\u0119dzie por\u00f3wnywa\u0142 kolejne publikacje inflacji i zatrudnienia z nowymi prognozami Fed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co to oznacza dla dolara?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Natychmiastowa reakcja rynk\u00f3w odzwierciedli\u0142a bardziej \u201ejastrz\u0119bie\u201d nastawienie (czyli sk\u0142onno\u015b\u0107 do wy\u017cszych st\u00f3p): po\u0142\u0105czenie podwy\u017cki o 25 pb, wy\u017cszych prognoz inflacji i mo\u017cliwo\u015bci kolejnego ruchu wspar\u0142o dolara oraz podnios\u0142o rentowno\u015bci obligacji skarbowych USA (Treasuries, czyli papiery d\u0142u\u017cne rz\u0105du USA). Po decyzji spad\u0142y akcje, a rentowno\u015b\u0107 dwuletnich obligacji wzros\u0142a, gdy rynek przeliczy\u0142 \u015bcie\u017ck\u0119 st\u00f3p.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dla dolara kluczowe b\u0119dzie teraz to, czy dane gospodarcze nadal b\u0119d\u0105 wspiera\u0142y scenariusz Fed. Wy\u017csza inflacja lub silniejsza aktywno\u015b\u0107 gospodarcza mog\u0105 wzmacnia\u0107 oczekiwania kolejnej podwy\u017cki, a s\u0142absze dane \u2013 zmniejsza\u0107 potrzeb\u0119 dalszego zacie\u015bniania.<\/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\">US stocks whipsawed lower after the Federal Reserve raised its key interest rate for the first time in over three years to fight stubbornly high inflation stemming from soaring crude oil prices during the US-Israeli war on Iran. Alex Cohen has more <a href=\"https:\/\/t.co\/Ese9l5sSMc\">https:\/\/t.co\/Ese9l5sSMc<\/a> <a href=\"https:\/\/t.co\/xFcJJfWyh7\">pic.twitter.com\/xFcJJfWyh7<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2100381721112027371?ref_src=twsrc%5Etfw\">September 17, 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\">Utrzymuj\u0105cy si\u0119 wzrost inflacji albo lepsze od oczekiwa\u0144 dane mog\u0105 podtrzymywa\u0107 scenariusz kolejnej podwy\u017cki i dalej wspiera\u0107 dolara. Z kolei s\u0142absza inflacja lub gorsza koniunktura mog\u0105 obni\u017ca\u0107 oczekiwania na dalsze podwy\u017cki, zw\u0142aszcza je\u015bli Fed zacznie mocniej akcentowa\u0107 op\u00f3\u017anione skutki wcze\u015bniejszych decyzji.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Indeks dolara <strong>DXY<\/strong> (miara si\u0142y USD wobec koszyka g\u0142\u00f3wnych walut) oraz rentowno\u015bci obligacji USA, zw\u0142aszcza na kr\u00f3tkim ko\u0144cu krzywej (czyli papier\u00f3w o kr\u00f3tszym terminie zapadalno\u015bci, bardziej wra\u017cliwych na polityk\u0119 Fed), pozostaj\u0105 u\u017cytecznymi \u201epotwierdzeniami\u201d tej zmiany oczekiwa\u0144.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co to oznacza dla z\u0142ota?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u0142oto znalaz\u0142o si\u0119 pod presj\u0105 po decyzji FOMC, gdy rynek na nowo oceni\u0142 perspektywy st\u00f3p, dolara i rentowno\u015bci obligacji USA. Z\u0142oto spot (cena natychmiastowa, \u201ena rynku bie\u017c\u0105cym\u201d) spad\u0142o o ponad <strong>1%<\/strong> po podwy\u017cce, schodz\u0105c chwilowo w okolice <strong>4240 USD za \u0443\u043d\u0441j\u0119<\/strong> po wcze\u015bniejszym handlu powy\u017cej 4365 USD w trakcie sesji. Ruch zbieg\u0142 si\u0119 z umocnieniem dolara i oczekiwaniami, \u017ce Fed mo\u017ce podnie\u015b\u0107 stopy jeszcze raz w tym roku.<\/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 held a decline after the Federal Reserve raised interest rates for the first time in three years and signaled another hike was likely before year-end <a href=\"https:\/\/t.co\/EayWJo2lS7\">https:\/\/t.co\/EayWJo2lS7<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2100415734874599676?ref_src=twsrc%5Etfw\">September 17, 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\">To pokazuje, jak wa\u017cna jest relacja mi\u0119dzy polityk\u0105 pieni\u0119\u017cn\u0105, rentowno\u015bciami i z\u0142otem. Wy\u017csze stopy podnosz\u0105 \u201ekoszt utraconych korzy\u015bci\u201d (alternatywny koszt) trzymania aktywa, kt\u00f3re nie daje odsetek, jak z\u0142oto. Silniejszy dolar sprawia te\u017c, \u017ce z\u0142oto jest dro\u017csze dla kupuj\u0105cych spoza USA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ta zale\u017cno\u015b\u0107 nie dzia\u0142a jednak tylko w jedn\u0105 stron\u0119. Z\u0142oto mo\u017ce by\u0107 wspierane przez popyt na \u201ebezpieczn\u0105 przysta\u0144\u201d (zakupy w okresach niepewno\u015bci), ryzyka geopolityczne i obawy o inflacj\u0119. Dlatego \u015brodowisko wy\u017cszych st\u00f3p nie zawsze oznacza trwa\u0142e spadki cen z\u0142ota.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dla inwestor\u00f3w przydatny jest schemat:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Polityka Fed \u2192 rentowno\u015bci obligacji USA \u2192 USD \u2192 z\u0142oto<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Je\u015bli Fed b\u0119dzie sygnalizowa\u0142 wy\u017csze stopy, a rentowno\u015bci i dolar b\u0119d\u0105 ros\u0142y, mo\u017ce to dalej ci\u0105\u017cy\u0107 z\u0142otu. Je\u015bli jednak dane gospodarcze os\u0142abn\u0105 i oczekiwania na stopy zaczn\u0105 spada\u0107, presja mo\u017ce si\u0119 odwr\u00f3ci\u0107.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Wnioski<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Wrze\u015bniowe posiedzenie FOMC zmniejszy\u0142o niepewno\u015b\u0107 co do pierwszej decyzji o stopach pod przewodnictwem Kevina Warsha. Fed podni\u00f3s\u0142 stopy o <strong>25 pb do 3,75%\u20134,00%<\/strong>, a nowe prognozy wskaza\u0142y median\u0119 stopy na koniec roku na poziomie <strong>4,1%<\/strong> oraz wy\u017csze oczekiwania inflacyjne na 2026 r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To nie oznacza, \u017ce kolejna podwy\u017cka jest pewna. Fed utrzymuje j\u0105 w\u015br\u00f3d mo\u017cliwych scenariuszy, je\u015bli inflacja pozostanie wysoka, a aktywno\u015b\u0107 gospodarcza nie os\u0142abnie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dla rynk\u00f3w ci\u0119\u017car przenosi si\u0119 z samej decyzji wrze\u015bniowej na dane, kt\u00f3re poka\u017c\u0105, czy kolejny ruch ma uzasadnienie. Dla rynku z\u0142ota kluczowe sygna\u0142y to <strong>inflacja w USA, rentowno\u015bci obligacji USA i dolar<\/strong>, bo zmiany tych wska\u017anik\u00f3w wp\u0142ywaj\u0105 na oczekiwania wobec Fed i kierunek notowa\u0144 kruszcu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Po\u0142\u0105czenie uporczywej inflacji, wy\u017cszych rentowno\u015bci i mocniejszego dolara mo\u017ce nadal ci\u0105\u017cy\u0107 z\u0142otu, a s\u0142absze dane i spadek oczekiwa\u0144 na stopy mog\u0105 stworzy\u0107 przestrze\u0144 do odbicia.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>Najcz\u0119\u015bciej zadawane pytania (FAQ)<\/strong><\/summary>\n<p class=\"wp-block-paragraph\"><strong>Dlaczego Fed zdecydowa\u0142 si\u0119 podnie\u015b\u0107 stopy procentowe?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed podni\u00f3s\u0142 stopy, aby sch\u0142odzi\u0107 podwy\u017cszon\u0105 inflacj\u0119, kt\u00f3ra nadal jest powy\u017cej celu 2%. Dodatkowo wysokie ceny energii utrzymuj\u0105 oczekiwania inflacyjne na podwy\u017cszonym poziomie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jak podwy\u017cka st\u00f3p Fed wp\u0142ywa na cen\u0119 z\u0142ota?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podwy\u017cki st\u00f3p zwykle podnosz\u0105 rentowno\u015bci obligacji USA i wzmacniaj\u0105 dolara. Zwi\u0119ksza to koszt trzymania aktyw\u00f3w bez odsetek, takich jak z\u0142oto, i najcz\u0119\u015bciej wywiera presj\u0119 spadkow\u0105 na cen\u0119 z\u0142ota.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Czy Rezerwa Federalna podniesie stopy jeszcze raz w tym roku?<\/strong> Wrze\u015bniowe prognozy Fed wskazuj\u0105 median\u0119 stopy na koniec roku na poziomie 4,1%, co zostawia miejsce na jeszcze jedn\u0105 podwy\u017ck\u0119 o 25 pb przed ko\u0144cem roku, zale\u017cnie od danych.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jakie wska\u017aniki powinni obserwowa\u0107 inwestorzy na rynku z\u0142ota po podwy\u017cce st\u00f3p?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warto \u015bledzi\u0107 dane o inflacji CPI i PCE, raporty z rynku pracy (w tym NFP \u2013 miesi\u0119czna zmiana zatrudnienia poza rolnictwem), zmiany rentowno\u015bci 10-letnich obligacji USA oraz wahania indeksu dolara (US Dollar Index, DXY).<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Zacznij handlowa\u0107 teraz \u2014 kliknij <a href=\"https:\/\/www.vtmarkets.com\/pl-eu\/trade-now\/\">tutaj<\/a>, aby za\u0142o\u017cy\u0107 swoje prawdziwe konto VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Fed zn\u00f3w podnosi stopy: 3,75\u20134,00% po pierwszym ruchu Warsha od lat. Inflacja wci\u0105\u017c \u201elepka\u201d, prognozy PCE w g\u00f3r\u0119, a SEP sugeruje mo\u017cliw\u0105 kolejn\u0105 podwy\u017ck\u0119; zyskuje dolar, traci z\u0142oto.<\/p>\n","protected":false},"author":87,"featured_media":52869,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,15],"tags":[],"class_list":["post-52870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Fed zn\u00f3w podnosi stopy: 3,75\u20134,00% po pierwszym ruchu Warsha od lat. 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