{"id":45902,"date":"2026-04-24T18:30:09","date_gmt":"2026-04-24T18:30:09","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/45902\/"},"modified":"2026-04-24T18:30:09","modified_gmt":"2026-04-24T18:30:09","slug":"%e5%be%b7%e5%9c%8b%e5%95%86%e6%a5%ad%e9%8a%80%e8%a1%8c%e7%b6%93%e6%bf%9f%e5%ad%b8%e5%ae%b6%e6%96%99%e8%81%af%e5%84%b2%e5%b1%80%e5%b0%87%e7%b6%ad%e6%8c%81%e5%88%a9%e7%8e%87%e6%96%bc3-50%e8%87%b33-75","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/45902\/","title":{"rendered":"\u5fb7\u570b\u5546\u696d\u9280\u884c\u7d93\u6fdf\u5b78\u5bb6\u6599\u806f\u5132\u5c40\u5c07\u7dad\u6301\u5229\u7387\u65bc3.50%\u81f33.75%\uff0c\u5728\u901a\u8139\u6301\u7e8c\u53ca\u6cb9\u50f9\u885d\u64ca\u4e0b\u5ef6\u5f8c\u6e1b\u606f"},"content":{"rendered":"<p>\u5fb7\u570b\u5546\u696d\u9280\u884c\uff08Commerzbank\uff09\u5206\u6790\u54e1\u9810\u671f\uff0c\u7f8e\u570b\u806f\u5132\u5c40\uff08Federal Reserve\uff0c\u7c21\u7a31\u300c\u806f\u5132\u5c40\u300d\uff09\u4e0b\u6b21\u6703\u8b70\u5c07\u7dad\u6301\u806f\u90a6\u57fa\u91d1\u5229\u7387\u76ee\u6a19\u5340\u9593\uff08federal funds target range\uff0c\u5373\u7f8e\u570b\u9280\u884c\u540c\u696d\u9694\u591c\u62c6\u501f\u5229\u7387\u7684\u653f\u7b56\u76ee\u6a19\u7bc4\u570d\uff09\u4e0d\u8b8a\uff0c\u7dad\u6301\u57283.50%\u20133.75%\uff0c\u9023\u7e8c\u7b2c\u4e09\u6b21\u6309\u5175\u4e0d\u52d5\u3002\u8a72\u89c0\u9ede\u57fa\u65bc\u901a\u8139\u4ecd\u9ad8\u65bc\u76ee\u6a19\uff0c\u52a0\u4e0a\u4e2d\u6771\u885d\u7a81\u53ca\u6cb9\u50f9\u63a8\u5347\u7684\u7269\u50f9\u58d3\u529b\u3002<\/p>\n<p>\u5206\u6790\u54e1\u6307\u51fa\uff0c\u901a\u8139\u5df2\u9023\u7e8c\u4e94\u5e74\u9ad8\u65bc\u76ee\u6a19\u3002\u4ed6\u5011\u4ea6\u63d0\u5230\uff0c\u5e02\u5834\u5c0d\u672a\u4f86\u901a\u8139\u7684\u9810\u671f\uff08inflation expectations\uff0c\u5373\u4f01\u696d\u53ca\u5bb6\u5ead\u5c0d\u65e5\u5f8c\u7269\u50f9\u5347\u5e45\u7684\u4f30\u8a08\uff09\u53ef\u80fd\u4e0d\u5982\u4ee5\u5f80\u822c\u7a69\u56fa\u5730\u300c\u9328\u5b9a\u300d\uff08anchored\uff0c\u5373\u5927\u81f4\u76f8\u4fe1\u901a\u8139\u6703\u56de\u5230\u653f\u7b56\u76ee\u6a19\u9644\u8fd1\uff09\u3002<\/p>\n<h3>\u806f\u5132\u5c40\u6599\u7dad\u6301\u5229\u7387\u4e0d\u8b8a<\/h3>\n<p>\u4ed6\u5011\u9810\u671f\uff0c\u806f\u5132\u5c40\u5728\u73fe\u968e\u6bb5\u6703\u907f\u514d\u6e1b\u606f\uff0c\u4ee5\u514d\u9032\u4e00\u6b65\u63a8\u9ad8\u901a\u8139\u58d3\u529b\u3002\u96d6\u7136\u5e02\u5834\u7559\u610f\u5230\u653f\u6cbb\u5c64\u9762\u5b58\u5728\u8981\u6c42\u6e1b\u606f\u7684\u58d3\u529b\uff0c\u4f46\u57fa\u672c\u60c5\u666f\u4ecd\u662f\u4eca\u6b21\u6703\u8b70\u7dad\u6301\u4e0d\u8b8a\u3002<\/p>\n<p>\u4ed6\u5011\u88dc\u5145\uff0c\u6700\u591a\u53ea\u6709\u7406\u4e8b\u7c73\u862d\uff08Governor Miran\uff09\u53ef\u80fd\u6295\u7968\u652f\u6301\u6e1b\u606f\u3002\u5373\u4f7f\u5982\u6b64\uff0c\u9810\u671f\u7d50\u679c\u4ecd\u662f\u7dad\u63013.50%\u20133.75%\u7684\u76ee\u6a19\u5340\u9593\u3002<\/p>\n<p>\u5206\u6790\u54e1\u9810\u6e2c\uff0c\u82e5\u901a\u8139\u56de\u843d\uff0c\u6e1b\u606f\u53ef\u80fd\u5728\u5e74\u5e95\u524d\u5f8c\u91cd\u65b0\u555f\u52d5\u3002\u4ed6\u5011\u4ea6\u9810\u671f\u7f8e\u5143\u6703\u96a8\u6642\u9593\u8f49\u5f31\uff0c\u4e26\u628a\u539f\u56e0\u6b78\u56e0\u65bc\u7f8e\u570b\u5927\u5e45\u6e1b\u606f\uff0c\u4ee5\u53ca\u5e02\u5834\u6182\u616e\u806f\u5132\u5c40\u7684\u7368\u7acb\u6027\uff08independence\uff0c\u5373\u592e\u884c\u4e0d\u53d7\u653f\u6cbb\u5e72\u9810\u3001\u53ef\u6309\u7d93\u6fdf\u9700\u8981\u5236\u5b9a\u653f\u7b56\u7684\u80fd\u529b\uff09\u3002<\/p>\n<h3>\u5c0d\u4ea4\u6613\u54e1\u7684\u5e02\u5834\u555f\u793a<\/h3>\n<p>\u5728\u6b64\u74b0\u5883\u4e0b\uff0c\u5e02\u5834\u53ef\u80fd\u5c0d\u672a\u4f86\u6578\u6708\u7684\u6e1b\u606f\u5e45\u5ea6\u5b9a\u50f9\u904e\u65bc\u9032\u53d6\u3002\u4ea4\u6613\u54e1\u53ef\u8003\u616e\u5229\u7528\u6709\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387\uff08SOFR\uff0cSecured Overnight Financing Rate\uff0c\u5373\u4ee5\u7f8e\u570b\u570b\u50b5\u56de\u8cfc\u4ea4\u6613\u70ba\u57fa\u790e\u7684\u9694\u591c\u57fa\u6e96\u5229\u7387\uff09\u671f\u8ca8\u7684\u671f\u6b0a\uff08options\uff0c\u5373\u4ee5\u8f03\u5c0f\u6210\u672c\u8cb7\u5165\u300c\u5728\u67d0\u50f9\u4f4d\u8cb7\uff0f\u8ce3\u300d\u6b0a\u5229\u7684\u5408\u7d04\uff09\uff0c\u90e8\u7f72\u82e5\u806f\u5132\u5c40\u300c\u7dad\u6301\u5229\u7387\u4e0d\u8b8a\u7684\u6642\u9593\u8f03\u9810\u671f\u66f4\u9577\u300d\u4fbf\u53ef\u53d7\u60e0\u7684\u7b56\u7565\u3002\u901a\u8139\u56de\u843d\u4e4f\u529b\u8207\u653f\u7b56\u5e0c\u671b\u8f49\u5411\u5bec\u9b06\u4e4b\u9593\u7684\u62c9\u626f\uff0c\u610f\u5473\u77ed\u671f\u5229\u7387\u8d70\u52e2\u6216\u504f\u5411\u4e0a\u843d\u5340\u9593\u3002<\/p>\n<p>\u6211\u5011\u65e9\u524d\u4ea6\u9810\u671f\u6cb9\u50f9\u6703\u662f\u4e3b\u8981\u56e0\u7d20\uff1b2025\u5e74\u4e2d\u6771\u885d\u7a81\u4ee4\u539f\u6cb9\u5347\u7a7f\u6bcf\u6876110\u7f8e\u5143\u3002\u96d6\u7136\u8207\u4f0a\u6717\u6230\u4e8b\u7d50\u675f\u4ee4\u6cb9\u50f9\u56de\u843d\uff0c\u60df\u7d10\u7d04\u671f\u6cb9\uff08WTI\uff0c\u5373\u7f8e\u570b\u897f\u5fb7\u5dde\u4e2d\u8cea\u539f\u6cb9\u57fa\u6e96\uff09\u4ecd\u8655\u65bc\u504f\u9ad8\u6c34\u5e73\uff0c\u5f98\u5f8a\u7d0485\u7f8e\u5143\u3002\u6301\u7e8c\u7684\u6210\u672c\u58d3\u529b\u7e7c\u7e8c\u6ef2\u5165\u6838\u5fc3\u901a\u8139\uff08core inflation\uff0c\u5373\u6263\u9664\u98df\u54c1\u53ca\u80fd\u6e90\u7b49\u6ce2\u52d5\u8f03\u5927\u7684\u9805\u76ee\u5f8c\u7684\u901a\u8139\uff09\uff0c\u652f\u6301\u806f\u5132\u5c40\u7dad\u6301\u5be9\u614e\u7acb\u5834\u3002<\/p>\n<p>\u7f8e\u5143\u8f49\u5f31\u4ea6\u5df2\u51fa\u73fe\u3002\u7f8e\u5143\u6307\u6578\uff08DXY\uff0c\u5373\u4ee5\u4e00\u7c43\u5b50\u4e3b\u8981\u8ca8\u5e63\u8861\u91cf\u7f8e\u5143\u5f37\u5f31\u7684\u6307\u6a19\uff09\u57282025\u5e74\u90e8\u5206\u6642\u9593\u63a5\u8fd1105\uff0c\u5176\u5f8c\u8dcc\u81f3\u7d0498\u3002\u5e02\u5834\u5c0d\u806f\u5132\u5c40\u7368\u7acb\u6027\u4e0b\u964d\u53ca\u8ca1\u653f\u8d64\u5b57\u64f4\u5927\uff08national deficit\uff0c\u5373\u653f\u5e9c\u6536\u5165\u4e0d\u8db3\u4ee5\u652f\u4ed8\u958b\u652f\u800c\u5f62\u6210\u7684\u7f3a\u53e3\uff09\u611f\u5230\u6182\u616e\uff0c\u6216\u4ee4\u6295\u8cc7\u8005\u900f\u904e\u5916\u532f\u671f\u8ca8\u6216\u671f\u6b0a\u4f5c\u9032\u4e00\u6b65\u770b\u6de1\u7f8e\u5143\u7684\u90e8\u7f72\u3002<\/p>\n<p>\u806f\u5132\u5c40\u9700\u8981\u7a69\u5b9a\u901a\u8139\u9810\u671f\u8207\u653f\u6cbb\u4e0a\u8981\u6c42\u66f4\u5feb\u653e\u5bec\u653f\u7b56\u4e4b\u9593\u7684\u77db\u76fe\uff0c\u4ee4\u5e02\u5834\u80cc\u666f\u66f4\u4e0d\u7a69\uff0c\u77ed\u671f\u6ce2\u52d5\u6216\u4e0a\u5347\u3002\u884d\u751f\u5de5\u5177\uff08derivatives\uff0c\u5373\u50f9\u503c\u53d6\u6c7a\u65bc\u5229\u7387\u3001\u532f\u7387\u3001\u80a1\u7968\u6216\u5546\u54c1\u7b49\u8cc7\u7522\u50f9\u683c\u7684\u5408\u7d04\uff09\u4ea4\u6613\u54e1\u53ef\u8003\u616e\u8cb7\u5165\u5c0d\u6c96\uff08protection\uff0c\u5373\u7528\u671f\u6b0a\u7b49\u5de5\u5177\u5728\u5e02\u5834\u6025\u8b8a\u6642\u9650\u5236\u640d\u5931\uff09\uff0c\u6216\u62bc\u6ce8\u4e0d\u660e\u6717\u4e0a\u5347\uff0c\u4f8b\u5982\u900f\u904eVIX\u6307\u6578\uff08\u5373\u53cd\u6620\u6a19\u666e500\u671f\u6b0a\u96b1\u542b\u6ce2\u5e45\u3001\u5e38\u88ab\u8996\u70ba\u300c\u6050\u614c\u6307\u6a19\u300d\uff09\u7684\u8a8d\u8cfc\u671f\u6b0a\uff08call options\uff0c\u5373\u5728\u6307\u5b9a\u6642\u9593\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u5165\u7684\u6b0a\u5229\uff09\u6355\u6349\u6ce2\u52d5\u6025\u5347\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5fb7\u570b\u5546\u696d\u9280\u884c\u4f30\u8a08\u806f\u5132\u5c40\u5c07\u7dad\u6301\u5229\u73873.50%\u81f33.75%\uff0c\u901a\u8139\u50f5\u6301\u517c\u6cb9\u50f9\u518d\u885d\u64ca\uff0c\u6e1b\u606f\u6642\u9593\u6216\u518d\u62bc\u5f8c\uff0c\u5e02\u5834\u9700\u70ba\u300c\u9ad8\u606f\u66f4\u4e45\u300d\u91cd\u65b0\u5b9a\u50f9\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-45902","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/45902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=45902"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/45902\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=45902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=45902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=45902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}