<p>特朗普在杰克逊霍尔研讨会前批评鲍威尔</p>
<p>尽管特朗普呼吁降息，美联储仍维持利率不变</p>
<p>投资者将关注鲍威尔周五的演讲，以获取下一步行动的任何暗示</p>
<p>华盛顿，8 月 19 日（路透社）- 唐纳德·特朗普总统周二表示，美联储主席杰罗姆·鲍威尔正在 “严重伤害” 住房行业，并重申他对美国利率大幅下调的呼吁。</p>
<p>“能不能请有人告诉杰罗姆 ‘太晚了’·鲍威尔，他正在严重伤害住房行业？人们因为他无法获得抵押贷款。没有通货膨胀，所有迹象都指向大幅降息，” 特朗普在 Truth Social 上写道。</p>
<p>通货膨胀远低于疫情期间的高点，但一些近期数据呈现出混合的局面，通货膨胀仍持续高于美联储 2% 的目标区间。</p>
<p>特朗普对鲍威尔的最新攻击恰逢美联储主席周五在年度杰克逊霍尔中央银行研讨会上的演讲，投资者将紧紧关注他的话语，以获取对经济前景的暗示以及短期借贷成本可能降低的可能性。</p>
<p>美联储的下次政策会议将于 9 月 16 日至 17 日举行。</p>
<p>投资者和经济学家预计美联储下个月将降息 25 个基点，可能在今年晚些时候再降一次类似幅度的利率，远低于特朗普所呼吁的几个百分点。</p>
<p>特朗普的财政部长斯科特·贝森特提倡在 9 月份降息 50 个基点的想法。</p>
<p>美国中央银行在去年的 9 月份将政策利率下调了 50 个基点，就在总统选举之前，并在特朗普当选后的两个月内再次下调了 50 个基点，但今年以来一直维持在 4.25%-4.50% 的区间。美联储政策制定者担心特朗普的关税可能会重新点燃通货膨胀，并认为劳动力市场足够强劲，不需要通过降低借贷成本来提振。</p>
<h3>混合的通货膨胀图景</h3>
<p>消费者物价指数在 7 月份上涨了</p>
<p>0.2%，截至 7 月的 12 个月率为 2.7%，与 6 月持平。剔除波动较大的食品和能源成分的核心 CPI 在 7 月份同比增长了 3.1%。基于部分数据，经济学家估计核心个人消费支出物价指数在 7 月份上涨了 0.3%。这将使 7 月份的同比增幅提高到 3%。PCE 是美联储跟踪其自身 2% 通货膨胀目标的关键指标。</p>
<p>尽管 7 月份整体消费者价格适度上涨，但生产者和进口价格大幅上涨，这表明随着卖方将更高的成本转嫁给家庭，消费者价格可能会进一步上涨。通货膨胀的图景出现在劳动力市场可能降温的背景下，尽管失业率为 4.2%，在历史标准上仍然较低。</p>
<p>特朗普对美联储和鲍威尔的在线攻击通常集中在高利率对美国政府借贷成本的影响上。高抵押贷款利率是潜在购房者面临的一个主要痛点，他们还面临由于住房供应不足而导致的高涨的房价。</p>
<p>抵押贷款利率可以大致与美联储的隔夜基准利率挂钩，但更紧密地跟踪 10 年期国债收益率，后者通常根据投资者对经济增长和通货膨胀的预期而波动。美联储降息并不总是意味着长期利率降低——实际上，在美联储去年 9 月降息后，抵押贷款利率（此前一直在下降）却急剧上升。</p>
<p>最近几周，最受欢迎的利率——30 年期固定抵押贷款利率——有所下降，但最近约为 6.7% 的水平仍远高于疫情冲击后通货膨胀飙升之前的水平，以及美联储在 2022 年开始的加息周期。</p>

AOMR

<p>特朗普总统批评了美联储主席杰罗姆·鲍威尔，声称他通过维持高利率对住房行业产生了负面影响。特朗普重申了他对大幅降息的呼吁，认为当前的利率阻碍了抵押贷款的可获得性。由于通胀仍高于美联储的目标，投资者正密切关注鲍威尔在杰克逊霍尔研讨会上的即将演讲，以获取有关潜在利率变化的见解。经济学家预测下个月将进行适度降息，这与特朗普要求的大幅降息形成对比。住房市场继续面临高抵押贷款利率和供应有限的挑战</p>

<p>Trump criticizes Powell ahead of Jackson Hole symposium</p>
<div class="lb-trans"><p>特朗普在杰克逊霍尔研讨会前批评鲍威尔</p>
</div><p>Fed has held rates steady despite Trump’s calls for cuts</p>
<div class="lb-trans"><p>尽管特朗普呼吁降息，美联储仍维持利率不变</p>
</div><p>Investors will watch Powell’s speech Friday for any hints on next moves</p>
<div class="lb-trans"><p>投资者将关注鲍威尔周五的演讲，以获取下一步行动的任何暗示</p>
</div><p>WASHINGTON, Aug 19 (Reuters) - President Donald Trump said on Tuesday that Federal Reserve Chair Jerome Powell is “hurting” the housing industry “very badly” and repeated his call for a big cut to U.S. interest rates.</p>
<div class="lb-trans"><p>华盛顿，8 月 19 日（路透社）- 唐纳德·特朗普总统周二表示，美联储主席杰罗姆·鲍威尔正在 “严重伤害” 住房行业，并重申他对美国利率大幅下调的呼吁。</p>
</div><p>“Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,” Trump wrote on Truth Social.</p>
<div class="lb-trans"><p>“能不能请有人告诉杰罗姆 ‘太晚了’·鲍威尔，他正在严重伤害住房行业？人们因为他无法获得抵押贷款。没有通货膨胀，所有迹象都指向大幅降息，” 特朗普在 Truth Social 上写道。</p>
</div><p>Inflation is well off the highs seen during the pandemic, but some recent data has given a mixed picture and inflation continues to track above the Fed’s 2% target range.</p>
<div class="lb-trans"><p>通货膨胀远低于疫情期间的高点，但一些近期数据呈现出混合的局面，通货膨胀仍持续高于美联储 2% 的目标区间。</p>
</div><p>Trump’s latest salvo against Powell comes ahead of the Fed chair’s Friday speech at the annual Jackson Hole central banking symposium, where investors will cleave to his every word for hints on his economic outlook and the likelihood of a coming reduction to short-term borrowing costs.</p>
<div class="lb-trans"><p>特朗普对鲍威尔的最新攻击恰逢美联储主席周五在年度杰克逊霍尔中央银行研讨会上的演讲，投资者将紧紧关注他的话语，以获取对经济前景的暗示以及短期借贷成本可能降低的可能性。</p>
</div><p>The Fed’s next policy meeting will be held on September 16-17.</p>
<div class="lb-trans"><p>美联储的下次政策会议将于 9 月 16 日至 17 日举行。</p>
</div><p>Investors and economists are betting the Fed will cut rates by a quarter of a percentage point next month with perhaps another reduction of similar size to come later in the year, far less than the several percentage points that Trump has called for.</p>
<div class="lb-trans"><p>投资者和经济学家预计美联储下个月将降息 25 个基点，可能在今年晚些时候再降一次类似幅度的利率，远低于特朗普所呼吁的几个百分点。</p>
</div><p>Trump’s Treasury secretary, Scott Bessent, has promoted the idea of a half-point rate cut in September.</p>
<div class="lb-trans"><p>特朗普的财政部长斯科特·贝森特提倡在 9 月份降息 50 个基点的想法。</p>
</div><p>The U.S. central bank cut its policy rate half a percentage point last September, just before the presidential election, and trimmed it another half of a percentage point in the two months immediately following Trump’s electoral victory, but has held it steady in the 4.25%-4.50% range for all of this year. Fed policymakers have worried that Trump’s tariffs could reignite inflation and also felt the labor market was strong enough not to require a boost from lower borrowing costs.</p>
<div class="lb-trans"><p>美国中央银行在去年的 9 月份将政策利率下调了 50 个基点，就在总统选举之前，并在特朗普当选后的两个月内再次下调了 50 个基点，但今年以来一直维持在 4.25%-4.50% 的区间。美联储政策制定者担心特朗普的关税可能会重新点燃通货膨胀，并认为劳动力市场足够强劲，不需要通过降低借贷成本来提振。</p>
</div><h3>MIXED INFLATION PICTURE</h3>
<div class="lb-trans"><h3>混合的通货膨胀图景</h3>
</div><p>The</p>
<div class="lb-trans"><p>消费者物价指数在 7 月份上涨了</p>
</div><p>Consumer Price Index rose</p>
<div class="lb-trans"><p>0.2%，截至 7 月的 12 个月率为 2.7%，与 6 月持平。剔除波动较大的食品和能源成分的核心 CPI 在 7 月份同比增长了 3.1%。基于部分数据，经济学家估计核心个人消费支出物价指数在 7 月份上涨了 0.3%。这将使 7 月份的同比增幅提高到 3%。PCE 是美联储跟踪其自身 2% 通货膨胀目标的关键指标。</p>
</div><p>0.2% in July, with the 12-month rate through July at 2.7%, unchanged from June. Core CPI, which strips out the volatile food and energy components, increased 3.1% year-over-year in July. Based in part on that data, economists estimated the core Personal Consumption Expenditures Price Index rose 0.3% in July. That would raise the year-on-year increase to 3% in July. The PCE is a key measure tracked by the Fed against its own 2% inflation target.</p>
<div class="lb-trans"><p>尽管 7 月份整体消费者价格适度上涨，但生产者和进口价格大幅上涨，这表明随着卖方将更高的成本转嫁给家庭，消费者价格可能会进一步上涨。通货膨胀的图景出现在劳动力市场可能降温的背景下，尽管失业率为 4.2%，在历史标准上仍然较低。</p>
</div><p>And despite a moderate rise in overall consumer prices in July, producer and import prices jumped, a suggestion that higher consumer prices could be coming as sellers pass higher costs onto households. The inflation picture comes amid a picture of a possible cooling in the labor market, with declines in monthly job gains, although the unemployment rate, at 4.2%, remains low by historical standards.</p>
<div class="lb-trans"><p>特朗普对美联储和鲍威尔的在线攻击通常集中在高利率对美国政府借贷成本的影响上。高抵押贷款利率是潜在购房者面临的一个主要痛点，他们还面临由于住房供应不足而导致的高涨的房价。</p>
</div><p>Trump’s online attacks on the Fed and Powell more typically focus on the cost that higher interest rates mean for U.S. government borrowing. High mortgage rates are a key pain point for potential homebuyers who are also facing high and rising home prices due to a dearth of housing supply.</p>
<div class="lb-trans"><p>抵押贷款利率可以大致与美联储的隔夜基准利率挂钩，但更紧密地跟踪 10 年期国债收益率，后者通常根据投资者对经济增长和通货膨胀的预期而波动。美联储降息并不总是意味着长期利率降低——实际上，在美联储去年 9 月降息后，抵押贷款利率（此前一直在下降）却急剧上升。</p>
</div><p>Mortgage rates can be loosely tied to the Fed’s overnight benchmark rate but more closely track the yield on the 10-year Treasury note, which typically rises and falls based on investors’ expectations for economic growth and inflation. A Fed rate cut does not always mean lower long-term rates – indeed after the Fed cut rates last September, mortgage rates – which had been on the decline – rose sharply.</p>
<div class="lb-trans"><p>最近几周，最受欢迎的利率——30 年期固定抵押贷款利率——有所下降，但最近约为 6.7% 的水平仍远高于疫情冲击后通货膨胀飙升之前的水平，以及美联储在 2022 年开始的加息周期。</p>
</div><p>In recent weeks the most popular rate - the 30-year fixed mortgage rate – has drifted downward but – at around 6.7% most recently – is still much higher than it had been before inflation took off after the pandemic shock and the Fed began its rate-hike campaign in 2022.</p>

Trump again attacks Fed chair, says Powell 'hurting' the housing industry

- 特朗普批评美联储主席鲍威尔，称其严重损害住房行业。  
- 投资者关注鲍威尔在杰克逊霍尔研讨会上的讲话，期待经济前景提示。  
- 美联储预计下月将降息 25 个基点，特朗普呼吁更大幅度的降息。  

特朗普再次抨击美联储主席，称鲍威尔正在 ‘损害’ 住房行业