<p>特朗普在傑克遜霍爾研討會前批評鮑威爾</p>
<p>儘管特朗普呼籲降息，美聯儲仍維持利率不變</p>
<p>投資者將關注鮑威爾週五的演講，以獲取下一步行動的任何暗示</p>
<p>華盛頓，8 月 19 日（路透社）- 唐納德·特朗普總統週二表示，美聯儲主席傑羅姆·鮑威爾正在 “嚴重傷害” 住房行業，並重申他對美國利率大幅下調的呼籲。</p>
<p>“能不能請有人告訴傑羅姆 ‘太晚了’·鮑威爾，他正在嚴重傷害住房行業？人們因為他無法獲得抵押貸款。沒有通貨膨脹，所有跡象都指向大幅降息，” 特朗普在 Truth Social 上寫道。</p>
<p>通貨膨脹遠低於疫情期間的高點，但一些近期數據呈現出混合的局面，通貨膨脹仍持續高於美聯儲 2% 的目標區間。</p>
<p>特朗普對鮑威爾的最新攻擊恰逢美聯儲主席週五在年度傑克遜霍爾中央銀行研討會上的演講，投資者將緊緊關注他的話語，以獲取對經濟前景的暗示以及短期借貸成本可能降低的可能性。</p>
<p>美聯儲的下次政策會議將於 9 月 16 日至 17 日舉行。</p>
<p>投資者和經濟學家預計美聯儲下個月將降息 25 個基點，可能在今年晚些時候再降一次類似幅度的利率，遠低於特朗普所呼籲的幾個百分點。</p>
<p>特朗普的財政部長斯科特·貝森特提倡在 9 月份降息 50 個基點的想法。</p>
<p>美國中央銀行在去年的 9 月份將政策利率下調了 50 個基點，就在總統選舉之前，並在特朗普當選後的兩個月內再次下調了 50 個基點，但今年以來一直維持在 4.25%-4.50% 的區間。美聯儲政策制定者擔心特朗普的關税可能會重新點燃通貨膨脹，並認為勞動力市場足夠強勁，不需要通過降低借貸成本來提振。</p>
<h3>混合的通貨膨脹圖景</h3>
<p>消費者物價指數在 7 月份上漲了</p>
<p>0.2%，截至 7 月的 12 個月率為 2.7%，與 6 月持平。剔除波動較大的食品和能源成分的核心 CPI 在 7 月份同比增長了 3.1%。基於部分數據，經濟學家估計核心個人消費支出物價指數在 7 月份上漲了 0.3%。這將使 7 月份的同比增幅提高到 3%。PCE 是美聯儲跟蹤其自身 2% 通貨膨脹目標的關鍵指標。</p>
<p>儘管 7 月份整體消費者價格適度上漲，但生產者和進口價格大幅上漲，這表明隨着賣方將更高的成本轉嫁給家庭，消費者價格可能會進一步上漲。通貨膨脹的圖景出現在勞動力市場可能降温的背景下，儘管失業率為 4.2%，在歷史標準上仍然較低。</p>
<p>特朗普對美聯儲和鮑威爾的在線攻擊通常集中在高利率對美國政府借貸成本的影響上。高抵押貸款利率是潛在購房者面臨的一個主要痛點，他們還面臨由於住房供應不足而導致的高漲的房價。</p>
<p>抵押貸款利率可以大致與美聯儲的隔夜基準利率掛鈎，但更緊密地跟蹤 10 年期國債收益率，後者通常根據投資者對經濟增長和通貨膨脹的預期而波動。美聯儲降息並不總是意味着長期利率降低——實際上，在美聯儲去年 9 月降息後，抵押貸款利率（此前一直在下降）卻急劇上升。</p>
<p>最近幾周，最受歡迎的利率——30 年期固定抵押貸款利率——有所下降，但最近約為 6.7% 的水平仍遠高於疫情衝擊後通貨膨脹飆升之前的水平，以及美聯儲在 2022 年開始的加息週期。</p>

AOMR

<p>特朗普總統批評了美聯儲主席傑羅姆·鮑威爾，聲稱他通過維持高利率對住房行業產生了負面影響。特朗普重申了他對大幅降息的呼籲，認為當前的利率阻礙了抵押貸款的可獲得性。由於通脹仍高於美聯儲的目標，投資者正密切關注鮑威爾在傑克遜霍爾研討會上的即將演講，以獲取有關潛在利率變化的見解。經濟學家預測下個月將進行適度降息，這與特朗普要求的大幅降息形成對比。住房市場繼續面臨高抵押貸款利率和供應有限的挑戰</p>

<p>Trump criticizes Powell ahead of Jackson Hole symposium</p>
<div class="lb-trans"><p>特朗普在傑克遜霍爾研討會前批評鮑威爾</p>
</div><p>Fed has held rates steady despite Trump’s calls for cuts</p>
<div class="lb-trans"><p>儘管特朗普呼籲降息，美聯儲仍維持利率不變</p>
</div><p>Investors will watch Powell’s speech Friday for any hints on next moves</p>
<div class="lb-trans"><p>投資者將關注鮑威爾週五的演講，以獲取下一步行動的任何暗示</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>華盛頓，8 月 19 日（路透社）- 唐納德·特朗普總統週二表示，美聯儲主席傑羅姆·鮑威爾正在 “嚴重傷害” 住房行業，並重申他對美國利率大幅下調的呼籲。</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>“能不能請有人告訴傑羅姆 ‘太晚了’·鮑威爾，他正在嚴重傷害住房行業？人們因為他無法獲得抵押貸款。沒有通貨膨脹，所有跡象都指向大幅降息，” 特朗普在 Truth Social 上寫道。</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>通貨膨脹遠低於疫情期間的高點，但一些近期數據呈現出混合的局面，通貨膨脹仍持續高於美聯儲 2% 的目標區間。</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>特朗普對鮑威爾的最新攻擊恰逢美聯儲主席週五在年度傑克遜霍爾中央銀行研討會上的演講，投資者將緊緊關注他的話語，以獲取對經濟前景的暗示以及短期借貸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>美聯儲的下次政策會議將於 9 月 16 日至 17 日舉行。</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>投資者和經濟學家預計美聯儲下個月將降息 25 個基點，可能在今年晚些時候再降一次類似幅度的利率，遠低於特朗普所呼籲的幾個百分點。</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>特朗普的財政部長斯科特·貝森特提倡在 9 月份降息 50 個基點的想法。</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>美國中央銀行在去年的 9 月份將政策利率下調了 50 個基點，就在總統選舉之前，並在特朗普當選後的兩個月內再次下調了 50 個基點，但今年以來一直維持在 4.25%-4.50% 的區間。美聯儲政策制定者擔心特朗普的關税可能會重新點燃通貨膨脹，並認為勞動力市場足夠強勁，不需要通過降低借貸成本來提振。</p>
</div><h3>MIXED INFLATION PICTURE</h3>
<div class="lb-trans"><h3>混合的通貨膨脹圖景</h3>
</div><p>The</p>
<div class="lb-trans"><p>消費者物價指數在 7 月份上漲了</p>
</div><p>Consumer Price Index rose</p>
<div class="lb-trans"><p>0.2%，截至 7 月的 12 個月率為 2.7%，與 6 月持平。剔除波動較大的食品和能源成分的核心 CPI 在 7 月份同比增長了 3.1%。基於部分數據，經濟學家估計核心個人消費支出物價指數在 7 月份上漲了 0.3%。這將使 7 月份的同比增幅提高到 3%。PCE 是美聯儲跟蹤其自身 2% 通貨膨脹目標的關鍵指標。</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>儘管 7 月份整體消費者價格適度上漲，但生產者和進口價格大幅上漲，這表明隨着賣方將更高的成本轉嫁給家庭，消費者價格可能會進一步上漲。通貨膨脹的圖景出現在勞動力市場可能降温的背景下，儘管失業率為 4.2%，在歷史標準上仍然較低。</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>特朗普對美聯儲和鮑威爾的在線攻擊通常集中在高利率對美國政府借貸成本的影響上。高抵押貸款利率是潛在購房者面臨的一個主要痛點，他們還面臨由於住房供應不足而導致的高漲的房價。</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>抵押貸款利率可以大致與美聯儲的隔夜基準利率掛鈎，但更緊密地跟蹤 10 年期國債收益率，後者通常根據投資者對經濟增長和通貨膨脹的預期而波動。美聯儲降息並不總是意味着長期利率降低——實際上，在美聯儲去年 9 月降息後，抵押貸款利率（此前一直在下降）卻急劇上升。</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>最近幾周，最受歡迎的利率——30 年期固定抵押貸款利率——有所下降，但最近約為 6.7% 的水平仍遠高於疫情衝擊後通貨膨脹飆升之前的水平，以及美聯儲在 2022 年開始的加息週期。</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

- 特朗普批評美聯儲主席鮑威爾，稱其嚴重損害住房行業。  
- 投資者關注鮑威爾在傑克遜霍爾研討會上的講話，期待經濟前景提示。  
- 美聯儲預計下月將降息 25 個基點，特朗普呼籲更大幅度的降息。  

特朗普再次抨擊美聯儲主席，稱鮑威爾正在 ‘損害’ 住房行業