{"id":46606,"date":"2026-05-04T16:29:19","date_gmt":"2026-05-04T16:29:19","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46606\/"},"modified":"2026-05-04T16:29:19","modified_gmt":"2026-05-04T16:29:19","slug":"%e6%b3%95%e5%9c%8b%e8%88%88%e6%a5%ad%e9%8a%80%e8%a1%8c%e7%b6%93%e6%bf%9f%e5%ad%b8%e5%ae%b6%e6%8c%87%e6%ad%90%e5%85%83%e5%8d%80%e5%a2%9e%e9%95%b7%e5%b9%be%e4%b9%8e%e7%84%a1%e9%80%b2%e5%b1%95%ef%bc%8c","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/46606\/","title":{"rendered":"\u6cd5\u570b\u8208\u696d\u9280\u884c\u7d93\u6fdf\u5b78\u5bb6\u6307\u6b50\u5143\u5340\u589e\u9577\u5e7e\u4e4e\u7121\u9032\u5c55\uff0c\u901a\u8139\u4e0a\u5347\u3001\u4fe1\u5fc3\u8f49\u5f31\u4e0b\u98a8\u96aa\u52a0\u5287"},"content":{"rendered":"

\u5e02\u5834\u76ee\u524d\u5df2\u53cd\u6620\u6b50\u6d32\u592e\u884c\uff08ECB\uff09\u4eca\u5e74\u52a0\u606f\u4e09\u6b21\uff0c\u4f46\u9019\u500b\u770b\u6cd5\u6108\u4f86\u6108\u9032\u53d6\uff08\u5373\u904e\u65bc\u504f\u5411\u52a0\u606f\uff09\u3002\u6700\u65b0\u6b50\u76df\u7d71\u8a08\u5c40\uff08Eurostat\uff0c\u6b50\u76df\u5b98\u65b9\u7d71\u8a08\u6a5f\u69cb\uff09\u300c\u5feb\u901f\u4f30\u7b97\u300d\uff08flash estimate\uff0c\u521d\u6b65\/\u901f\u5831\u6578\u64da\uff09\u78ba\u8a8d\uff0c\u6b50\u5143\u5340\u7d93\u6fdf\u5e7e\u4e4e\u7121\u589e\u9577\uff1a2026\u5e74\u9996\u5b63\u53ea\u589e\u95770.1%\u3002\u589e\u9577\u4e4f\u529b\uff0c\u4ee4\u5e02\u5834\u5c0dECB\u57289\u6708\u4e4b\u5f8c\u4ecd\u53ef\u7e7c\u7e8c\u300c\u6536\u7dca\u653f\u7b56\u300d\uff08tightening\uff0c\u5373\u52a0\u606f\u6216\u6e1b\u5c11\u8cc7\u91d1\u4f9b\u61c9\u4ee5\u58d3\u6291\u901a\u8139\uff09\u7684\u80fd\u529b\u7522\u751f\u91cd\u5927\u7591\u554f\u3002<\/p>\n

\u96d6\u71364\u6708\u300c\u6574\u9ad4\u901a\u8139\u300d\uff08headline inflation\uff0c\u5305\u542b\u80fd\u6e90\u53ca\u98df\u7269\u7b49\u6ce2\u52d5\u9805\u76ee\uff09\u56e0\u80fd\u6e90\u6210\u672c\u4e0a\u5347\u800c\u5347\u81f33%\uff0c\u4f46\u8981\u7559\u610f\u300c\u6838\u5fc3\u901a\u8139\u300d\uff08core inflation\uff0c\u6263\u9664\u80fd\u6e90\u53ca\u98df\u7269\u7b49\u6ce2\u52d5\u9805\u76ee\uff0c\u66f4\u80fd\u53cd\u6620\u4e2d\u9577\u671f\u7269\u50f9\u8da8\u52e2\uff09\u5176\u5be6\u56de\u843d\u81f32.2%\u3002\u9019\u7a2e\u80cc\u96e2\u5f88\u95dc\u9375\uff0c\u53cd\u6620\u300c\u57fa\u790e\u7269\u50f9\u58d3\u529b\u300d\uff08underlying price pressures\uff0c\u5373\u4e0d\u53d7\u77ed\u671f\u80fd\u6e90\u56e0\u7d20\u5f71\u97ff\u7684\u901a\u8139\u52d5\u529b\uff09\u672a\u6709\u5931\u63a7\u52a0\u901f\u3002\u56de\u9867\u75ab\u60c5\u5f8c2021\u81f32022\u5e74\u7684\u901a\u8139\u671f\uff0c\u5e02\u5834\u5df2\u898b\u5230\uff1a\u4e00\u65e6\u7d93\u6fdf\u589e\u9577\u8f49\u5f31\uff0c\u5373\u4f7f\u6574\u9ad4\u901a\u8139\u4ecd\u9ad8\uff0c\u592e\u884c\u4e5f\u53ef\u80fd\u8b8a\u5f97\u66f4\u5be9\u614e\uff0c\u751a\u81f3\u653e\u6162\u52a0\u606f\u3002<\/p>\n

\u589e\u9577\u98a8\u96aa\u5c0d\u6bd4\u901a\u8139\u8a0a\u865f<\/h3>\n

\u8fd1\u671f\u6709\u95dc\u300c\u9280\u884c\u653e\u8cb8\u300d\uff08bank lending\uff0c\u9280\u884c\u5411\u4f01\u696d\u53ca\u5bb6\u5ead\u6279\u51fa\u8cb8\u6b3e\uff09\u53ca\u300c\u6d88\u8cbb\u8005\u4fe1\u5fc3\u300d\uff08consumer confidence\uff0c\u53cd\u6620\u5bb6\u5ead\u5c0d\u7d93\u6fdf\u524d\u666f\u8207\u6d88\u8cbb\u610f\u9858\u7684\u8abf\u67e5\u6307\u6a19\uff09\u7684\u8abf\u67e5\u7d50\u679c\uff0c\u5747\u660e\u986f\u6307\u5411\u7d93\u6fdf\u4e0b\u884c\u98a8\u96aa\u4e0a\u5347\u3002\u6700\u65b0S&P Global\u6b50\u5143\u5340\u300c\u7d9c\u5408\u63a1\u8cfc\u7d93\u7406\u6307\u6578\u300d\uff08Composite PMI\uff0c\u7d9c\u5408\u88fd\u9020\u696d\u53ca\u670d\u52d9\u696d\u666f\u6c23\u7684\u8abf\u67e5\u6307\u6a19\uff094\u6708\u4ea6\u8dcc\u81f350.8\uff0c\u50c5\u7565\u9ad8\u65bc50\u9019\u500b\u300c\u64f4\u5f35\/\u6536\u7e2e\u5206\u754c\u7dda\u300d\uff08\u9ad8\u65bc50\u4ee3\u8868\u6d3b\u52d5\u64f4\u5f35\u3001\u4f4e\u65bc50\u4ee3\u8868\u6536\u7e2e\uff09\uff0c\u4ee4\u5be9\u614e\u89c0\u9ede\u66f4\u6709\u7406\u64da\u3002\u9019\u610f\u5473\u5728\u300c\u884d\u751f\u5de5\u5177\u300d\uff08derivatives\uff0c\u4ee5\u5229\u7387\u3001\u532f\u50f9\u7b49\u4f5c\u70ba\u6a19\u7684\u7684\u91d1\u878d\u5408\u7d04\uff09\u4e0a\uff0c\u53ef\u8003\u616e\u62bc\u6ce8\u5e02\u5834\u904e\u5ea6\u504f\u9df9\uff08hawkishness\uff0c\u5373\u9810\u671f\u592e\u884c\u66f4\u7a4d\u6975\u52a0\u606f\uff09\u7684\u4ea4\u6613\u6a5f\u6703\uff0c\u4f8b\u5982\u5728\u7b2c\u56db\u5b63\u5230\u671f\u7684\u300c\u5229\u7387\u6389\u671f\u300d\uff08interest rate swaps\uff0c\u4ee5\u56fa\u5b9a\u5229\u7387\u8207\u6d6e\u52d5\u5229\u7387\u4e92\u63db\u7684\u5408\u7d04\uff09\u4e2d\u300c\u6536\u56fa\u5b9a\u300d\uff08receiving fixed\uff0c\u5373\u6536\u53d6\u56fa\u5b9a\u5229\u7387\u3001\u652f\u4ed8\u6d6e\u52d5\u5229\u7387\uff0c\u901a\u5e38\u5728\u9810\u671f\u5229\u7387\u6703\u4e0b\u8dcc\u6216\u52a0\u606f\u5c11\u65bc\u9810\u671f\u6642\u8f03\u6709\u5229\uff09\u3002<\/p>\n

\u6211\u5011\u7684\u57fa\u672c\u60c5\u666f\u4ecd\u7dad\u6301\uff1a6\u6708\u53ca9\u6708\u5404\u52a0\u606f\u4e00\u6b21\uff0c\u4e3b\u8981\u56e0\u70ba\u592e\u884c\u9700\u8981\u300c\u7a69\u5b9a\u901a\u8139\u9810\u671f\u300d\uff08anchor inflation expectations\uff0c\u5373\u907f\u514d\u5e02\u5834\u8207\u6c11\u773e\u76f8\u4fe1\u901a\u8139\u6703\u9577\u671f\u504f\u9ad8\uff09\u3002\u4f46\u5728\u589e\u9577\u524d\u666f\u75b2\u5f31\u4e0b\uff0c\u7b2c\u4e09\u6b21\u52a0\u606f\u7684\u6a5f\u6703\u5f88\u4f4e\u3002\u73fe\u6642\u300cEuribor\u671f\u8ca8\u300d\uff08Euribor futures\uff0c\u4ee5\u6b50\u5143\u9280\u884c\u540c\u696d\u62c6\u606f\u4f5c\u70ba\u57fa\u6e96\u7684\u5229\u7387\u671f\u8ca8\uff0c\u7528\u4f86\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u653f\u7b56\u5229\u7387\u7684\u9810\u671f\uff09\u5c0d2026\u5e7412\u6708\u7684\u5b9a\u50f9\uff0c\u96b1\u542b\u7684\u653f\u7b56\u5229\u7387\u6211\u5011\u8a8d\u70ba\u81f3\u5c11\u9ad8\u4f30\u4e8625\u500b\u300c\u57fa\u9ede\u300d\uff08basis points\uff0cbp\uff1b1\u57fa\u9ede=0.01\u500b\u767e\u5206\u9ede\uff09\uff0c\u70ba\u4ea4\u6613\u54e1\u5728\u672a\u4f86\u6578\u5468\u63d0\u4f9b\u8f03\u6e05\u6670\u7684\u90e8\u7f72\u7a7a\u9593\u3002<\/p>\n

\u5c0dECB\u5b9a\u50f9\u7684\u5f71\u97ff<\/h3>\n","protected":false},"excerpt":{"rendered":"

\u6cd5\u8208\uff1a\u6b50\u5143\u5340\u589e\u9577\u5e7e\u8fd1\u505c\u6eef\uff1b\u901a\u8139\u518d\u5347\u3001\u4fe1\u5fc3\u8f49\u5f31\uff0c\u4ee4\u7d93\u6fdf\u4e0b\u884c\u98a8\u96aa\u52a0\u5287\u3002\u6295\u8cc7\u8005\u9808\u95dc\u6ce8\u653f\u7b56\u53d6\u5411\u8207\u5e02\u5834\u6ce2\u52d5\u5347\u6eab\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-46606","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\/46606","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=46606"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/46606\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=46606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=46606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=46606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}