<p>[紐約] 美國聯邦儲備委員會官員維持利率不變，但在中東衝突帶來的不確定性加劇的背景下，透露出對政策前景的分歧加深。</p>
<p>四位官員投票反對這一決定，其中三位反對會議後聲明中暗示中央銀行最終將恢復降息的措辭。</p>
<p>在他作為美聯儲主席的最後一次新聞發佈會上，傑羅姆·鮑威爾表示，他打算繼續留在中央銀行，成為其理事會成員。他説，司法部官員在週末向他保證，除非美聯儲的內部監察機構建議，否則不會重新啓動對中央銀行的有爭議的刑事調查。</p>
<p>不過，他指出，華盛頓特區的美國檢察官表示，如果有必要，她可能會重新啓動調查。</p>
<p>“我曾説過，在這項調查完全透明和結束之前，我不會離開理事會，我對此堅持不變，” 鮑威爾説。“我會在我認為合適的時候離開。”</p>
<p>美聯儲週三的聲明中提到，克利夫蘭聯邦儲備銀行行長貝絲·哈馬克、明尼阿波利斯聯邦儲備銀行行長尼爾·卡什卡里和達拉斯聯邦儲備銀行行長洛裏·洛根 “支持維持聯邦基金利率的目標區間，但不支持在此時聲明中包含寬鬆傾向”。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，直接發送到您的郵箱。</p>
<p>州長斯蒂芬·米蘭對降息四分之一點表示異議。</p>
<p>8-4 的投票標誌着自 1992 年 10 月以來，首次有四位官員對聯邦公開市場委員會的決定表示異議。委員會將基準聯邦基金利率維持在 3.5% 至 3.75% 的區間內。</p>
<p>在被問及異議時，鮑威爾表示，這反映出委員會的中心 “正朝着更中立的方向移動”。但他補充道，“我們中的大多數人並不覺得現在需要發出信號。”</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da100cae531f601ec5f91dfecfb61a74b27f3b9d61b419aa23d73e88f675e04c/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da100cae531f601ec5f91dfecfb61a74b27f3b9d61b419aa23d73e88f675e04c/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>美聯儲主席提名人凱文·沃什贏得關鍵參議院委員會投票</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8d4c4f16cb022f837dbb019f2d54d052e3da99316fbf659364eae5485477f2f7/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8d4c4f16cb022f837dbb019f2d54d052e3da99316fbf659364eae5485477f2f7/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>時代的結束 – 美聯儲的鮑威爾將通過維持利率穩定來監督最後一次政策會議</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dc3810b4a962a84f8a4d454cde7f78a3eb97a0ac56538a19a3ce2cd4f03b726d/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dc3810b4a962a84f8a4d454cde7f78a3eb97a0ac56538a19a3ce2cd4f03b726d/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>美國參議員蒂利斯表示他準備推進沃什作為美聯儲主席的確認</h3>
<p>短期國債收益率緊密跟蹤美聯儲貨幣政策的近期前景，在決定後上漲，因為投資者關注鷹派的異議者。週三，兩年期國債的利率上漲了多達 11 個基點，達到 3.95%，而交易員們增加了對美聯儲將在 2027 年加息的押注。美元對大多數同行上漲。</p>
<p>“異議顯然讓我們和市場感到意外，可能為即將召開的會議上放棄寬鬆傾向鋪平了道路，” 法國興業銀行美國研究負責人蘇巴德拉·拉賈帕説。</p>
<p>委員會的分歧集中在聲明中提到的 “額外調整的程度和時機” 這一措辭上。隨着 2025 年底的降息，措辭暗示美聯儲最終將進行進一步降息。自 1 月以來，越來越多的官員一直在推動改變，以更清晰地表明美聯儲的下一步可能是加息，但週三措辭未作更改。</p>
<p>官員們確實同意對聲明進行單獨修改，強調了一句描述來自中東戰爭的不確定性的措辭。新措辭提到了這種不確定性的 “高水平”。</p>
<h2>鮑威爾的未來</h2>
<p>鮑威爾決定留下將使美國總統唐納德·特朗普失去填補美聯儲新空缺的機會，並可能使凱文·沃什的工作變得複雜，後者正在等待參議院確認以接替鮑威爾的職位。</p>
<p>美聯儲主席通常在其任期結束時完全辭去中央銀行職務。但鮑威爾的主席任期將於 5 月 15 日結束，他可以在 2028 年 1 月之前繼續留在理事會。</p>
<p>在留任期間，鮑威爾承諾不會試圖掩蓋沃什或對貨幣政策保持過大的影響力。</p>
<p>“我計劃作為一名理事保持低調，” 他説。“美聯儲理事會只有一位主席。當凱文·沃什被確認並宣誓就職時，他將是那位主席。”</p>
<p>參議院銀行委員會週三投票推進沃什的提名至全體參議院。一旦確認，沃什將接替米蘭的職位。</p>
<p>沃什將在美國與伊朗的戰爭繼續加劇商業領袖和經濟學家的不確定性之際接任。隨之而來的能源價格飆升威脅着已經頑固的通貨膨脹，消費者的額外負擔可能導致增長放緩和裁員。</p>
<h2>中央銀行的噩夢</h2>
<p>這為中央銀行家設定了一個噩夢：更高的通貨膨脹和上升的失業率同時拉扯貨幣政策。</p>
<p>目前，失業率似乎已經穩定。但根據多位政策制定者的説法，過去一年淨招聘已降至接近零，使勞動市場容易受到衝擊。</p>
<p>與此同時，通貨膨脹已經超過美聯儲 2% 的目標五年。週三，當官員們開會時，布倫特原油價格達到了自 2022 年 6 月以來的最高水平。雖然沒有美聯儲官員表示他們預計下一步政策舉措將是加息，但幾位官員渴望發出信號，表明這可能是。</p>
<p>本月早些時候的一份報告顯示，3 月份消費者價格通脹以近四年來最大幅度飆升，這主要是由於汽油價格創下歷史新高。雖然這一上漲目前主要集中在能源價格上，但公司和經濟學家警告稱，戰爭持續的時間越長，通脹蔓延到非能源商品和服務的可能性就越大。彭博社</p>
<p>解碼亞洲通訊：您在新全球秩序中導航亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，直接發送到您的郵箱。免費。</p>

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<p>美國聯邦儲備委員會官員決定維持利率不變，顯示出在中東衝突背景下對未來政策的分歧。在他作為美聯儲主席的最後一次新聞發佈會上，傑羅姆·鮑威爾確認他將繼續擔任理事會成員，直到刑事調查結束。美聯儲的決定以 8-4 的投票結果通過，標誌着顯著的異議。鮑威爾強調對未來利率調整採取謹慎的態度，而市場對此異議的反應是國債收益率上升和美元走強。凱文·沃什作為新任美聯儲主席的提名在持續的經濟不確定性中正在推進</p>

<p>[NEW YORK] US Federal Reserve officials left interest rates unchanged, but revealed a deepening division over the outlook for policy amid increased uncertainty caused by the conflict in the Middle East.</p>
<div class="lb-trans"><p>[紐約] 美國聯邦儲備委員會官員維持利率不變，但在中東衝突帶來的不確定性加劇的背景下，透露出對政策前景的分歧加深。</p>
</div><p>Four officials voted against the decision, including three who objected to language in their post-meeting statement that suggested the central bank would eventually resume cutting rates.</p>
<div class="lb-trans"><p>四位官員投票反對這一決定，其中三位反對會議後聲明中暗示中央銀行最終將恢復降息的措辭。</p>
</div><p>In what will be his last press conference as Fed chair, Jerome Powell said that he intends to remain at the central bank as a member of its Board of Governors. He said that Justice Department officials had assured him over the weekend they would not restart a controversial criminal investigation into the central bank unless the Fed’s internal watchdog recommended that.</p>
<div class="lb-trans"><p>在他作為美聯儲主席的最後一次新聞發佈會上，傑羅姆·鮑威爾表示，他打算繼續留在中央銀行，成為其理事會成員。他説，司法部官員在週末向他保證，除非美聯儲的內部監察機構建議，否則不會重新啓動對中央銀行的有爭議的刑事調查。</p>
</div><p>Still, he noted, the US Attorney for the District of Columbia has said she might reopen the probe if warranted.</p>
<div class="lb-trans"><p>不過，他指出，華盛頓特區的美國檢察官表示，如果有必要，她可能會重新啓動調查。</p>
</div><p>“I have said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” Powell said. “I will leave when I think it’s appropriate to do so.”</p>
<div class="lb-trans"><p>“我曾説過，在這項調查完全透明和結束之前，我不會離開理事會，我對此堅持不變，” 鮑威爾説。“我會在我認為合適的時候離開。”</p>
</div><p>The Fed’s statement on Wednesday said Cleveland Fed president Beth Hammack, Minneapolis Fed president Neel Kashkari and Dallas Fed president Lorie Logan “supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time”.</p>
<div class="lb-trans"><p>美聯儲週三的聲明中提到，克利夫蘭聯邦儲備銀行行長貝絲·哈馬克、明尼阿波利斯聯邦儲備銀行行長尼爾·卡什卡里和達拉斯聯邦儲備銀行行長洛裏·洛根 “支持維持聯邦基金利率的目標區間，但不支持在此時聲明中包含寬鬆傾向”。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，直接發送到您的郵箱。</p>
</div><p>Governor Stephen Miran dissented in favour of a quarter-point reduction in rates.</p>
<div class="lb-trans"><p>州長斯蒂芬·米蘭對降息四分之一點表示異議。</p>
</div><p>The 8-4 vote marked the first time since October 1992 that four officials dissented against a Federal Open Market Committee decision. The committee left their benchmark federal funds rate in a range of 3.5 to 3.75 per cent.</p>
<div class="lb-trans"><p>8-4 的投票標誌着自 1992 年 10 月以來，首次有四位官員對聯邦公開市場委員會的決定表示異議。委員會將基準聯邦基金利率維持在 3.5% 至 3.75% 的區間內。</p>
</div><p>Asked about the dissents, Powell said that they reflected the fact that the centre of the committee “is moving towards a more neutral place.” But, he added, “a majority of us did not feel like we needed to send a signal on that right now”.</p>
<div class="lb-trans"><p>在被問及異議時，鮑威爾表示，這反映出委員會的中心 “正朝着更中立的方向移動”。但他補充道，“我們中的大多數人並不覺得現在需要發出信號。”</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da100cae531f601ec5f91dfecfb61a74b27f3b9d61b419aa23d73e88f675e04c/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/da100cae531f601ec5f91dfecfb61a74b27f3b9d61b419aa23d73e88f675e04c?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Fed chair nominee Kevin Warsh wins key Senate Committee vote</h3>
<div class="lb-trans"><h3>美聯儲主席提名人凱文·沃什贏得關鍵參議院委員會投票</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8d4c4f16cb022f837dbb019f2d54d052e3da99316fbf659364eae5485477f2f7/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/8d4c4f16cb022f837dbb019f2d54d052e3da99316fbf659364eae5485477f2f7?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>End of an era – Fed’s Powell set to oversee final policy meeting by keeping rates steady</h3>
<div class="lb-trans"><h3>時代的結束 – 美聯儲的鮑威爾將通過維持利率穩定來監督最後一次政策會議</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dc3810b4a962a84f8a4d454cde7f78a3eb97a0ac56538a19a3ce2cd4f03b726d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/dc3810b4a962a84f8a4d454cde7f78a3eb97a0ac56538a19a3ce2cd4f03b726d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>US Senator Tillis says he’s ready to advance confirmation of Warsh as Fed chair</h3>
<div class="lb-trans"><h3>美國參議員蒂利斯表示他準備推進沃什作為美聯儲主席的確認</h3>
</div><p>Short-maturity Treasury yields, which track the near-term outlook for Fed monetary policy closely, rose after the decision as investors focused on the hawkish dissenters. The rate on the two-year note climbed as much as 11 basis points to 3.95 per cent on Wednesday, while traders added to bets the Fed will increase rates in 2027. The US dollar rose against most of its peers.</p>
<div class="lb-trans"><p>短期國債收益率緊密跟蹤美聯儲貨幣政策的近期前景，在決定後上漲，因為投資者關注鷹派的異議者。週三，兩年期國債的利率上漲了多達 11 個基點，達到 3.95%，而交易員們增加了對美聯儲將在 2027 年加息的押注。美元對大多數同行上漲。</p>
</div><p>“The dissents clearly caught us and the markets by surprise and could potentially set the stage for a shift away from an easing bias at upcoming meetings,” said Subadra Rajappa, head of US research at Societe Generale.</p>
<div class="lb-trans"><p>“異議顯然讓我們和市場感到意外，可能為即將召開的會議上放棄寬鬆傾向鋪平了道路，” 法國興業銀行美國研究負責人蘇巴德拉·拉賈帕説。</p>
</div><p>The split on the committee focused on a phrase in the statement referring to “the extent and timing of additional adjustments” to rates. Following reductions in late 2025, the language suggested the Fed would eventually make further cuts. Since January, a growing number of officials have been pushing for a change that would signal more clearly the possibility that the Fed’s next move could be a rate hike, but the language was left unchanged on Wednesday.</p>
<div class="lb-trans"><p>委員會的分歧集中在聲明中提到的 “額外調整的程度和時機” 這一措辭上。隨着 2025 年底的降息，措辭暗示美聯儲最終將進行進一步降息。自 1 月以來，越來越多的官員一直在推動改變，以更清晰地表明美聯儲的下一步可能是加息，但週三措辭未作更改。</p>
</div><p>Officials did agree to make a separate change to their statement, adding some emphasis to a line describing uncertainty emanating from the war in the Middle East. The new wording referenced the “high level” of that uncertainty.</p>
<div class="lb-trans"><p>官員們確實同意對聲明進行單獨修改，強調了一句描述來自中東戰爭的不確定性的措辭。新措辭提到了這種不確定性的 “高水平”。</p>
</div><h2>Powell’s future</h2>
<div class="lb-trans"><h2>鮑威爾的未來</h2>
</div><p>Powell’s decision to stay will deny US President Donald Trump the opportunity to fill a new vacancy at the Fed and could complicate the job of Kevin Warsh, who is on track to succeed Powell as chair pending his confirmation by the Senate.</p>
<div class="lb-trans"><p>鮑威爾決定留下將使美國總統唐納德·特朗普失去填補美聯儲新空缺的機會，並可能使凱文·沃什的工作變得複雜，後者正在等待參議院確認以接替鮑威爾的職位。</p>
</div><p>Fed chairs traditionally resign from the central bank altogether when their chair terms expire. But Powell, whose term as chair ends May 15, can remain in his board seat until January 2028.</p>
<div class="lb-trans"><p>美聯儲主席通常在其任期結束時完全辭去中央銀行職務。但鮑威爾的主席任期將於 5 月 15 日結束，他可以在 2028 年 1 月之前繼續留在理事會。</p>
</div><p>In staying, Powell vowed he wouldn’t seek to overshadow Warsh or retain outsize influence over monetary policy.</p>
<div class="lb-trans"><p>在留任期間，鮑威爾承諾不會試圖掩蓋沃什或對貨幣政策保持過大的影響力。</p>
</div><p>“I plan to keep a low profile as a governor,” he said. “There is only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair.”</p>
<div class="lb-trans"><p>“我計劃作為一名理事保持低調，” 他説。“美聯儲理事會只有一位主席。當凱文·沃什被確認並宣誓就職時，他將是那位主席。”</p>
</div><p>The Senate Banking Committee voted on Wednesday to advance Warsh’s nomination to the full Senate. Once confirmed, Warsh would take Miran’s seat.</p>
<div class="lb-trans"><p>參議院銀行委員會週三投票推進沃什的提名至全體參議院。一旦確認，沃什將接替米蘭的職位。</p>
</div><p>Warsh will take the helm as the US-Israeli war with Iran continues to fan uncertainty among business leaders and economists. The resultant surge in energy prices has threatened to fuel already-stubborn inflation, and the extra burden on consumers could lead to slower growth and job cuts.</p>
<div class="lb-trans"><p>沃什將在美國與伊朗的戰爭繼續加劇商業領袖和經濟學家的不確定性之際接任。隨之而來的能源價格飆升威脅着已經頑固的通貨膨脹，消費者的額外負擔可能導致增長放緩和裁員。</p>
</div><h2>Central bank nightmare</h2>
<div class="lb-trans"><h2>中央銀行的噩夢</h2>
</div><p>That sets up a central banker’s nightmare: higher inflation and climbing unemployment that tug monetary policy in two directions at once.</p>
<div class="lb-trans"><p>這為中央銀行家設定了一個噩夢：更高的通貨膨脹和上升的失業率同時拉扯貨幣政策。</p>
</div><p>For now, the unemployment rate appears to have stabilised. But net hiring has fallen to near zero over the past year, making the labour market vulnerable to shocks, according to multiple policymakers.</p>
<div class="lb-trans"><p>目前，失業率似乎已經穩定。但根據多位政策制定者的説法，過去一年淨招聘已降至接近零，使勞動市場容易受到衝擊。</p>
</div><p>At the same time, inflation has been above the Fed’s 2 per cent target for five years. As officials met on Wednesday, Brent crude prices hit their highest since June 2022. While no Fed official has said they expect the next policy move to be a hike, several are keen to signal that it could be.</p>
<div class="lb-trans"><p>與此同時，通貨膨脹已經超過美聯儲 2% 的目標五年。週三，當官員們開會時，布倫特原油價格達到了自 2022 年 6 月以來的最高水平。雖然沒有美聯儲官員表示他們預計下一步政策舉措將是加息，但幾位官員渴望發出信號，表明這可能是。</p>
</div><p>A report earlier this month showed consumer price inflation surged in March by the most in nearly four years on the back of a record increase in petrol prices. That spike is largely contained to energy prices for now, but companies and economists have warned the longer the war goes on, the more likely inflation is to bleed into non-energy goods and services. BLOOMBERG</p>
<div class="lb-trans"><p>本月早些時候的一份報告顯示，3 月份消費者價格通脹以近四年來最大幅度飆升，這主要是由於汽油價格創下歷史新高。雖然這一上漲目前主要集中在能源價格上，但公司和經濟學家警告稱，戰爭持續的時間越長，通脹蔓延到非能源商品和服務的可能性就越大。彭博社</p>
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Divided Fed officials hold rates; Powell to stay as governor

- 美聯儲維持利率不變，四位官員投票反對決定，顯示政策分歧加深。  
- 鮑威爾在最後一次發佈會上表態繼續留任，強調透明度的重要性。  
- 市場對未來加息的預期升温，通貨膨脹壓力持續影響政策制定。

美聯儲官員意見分歧，維持利率不變；鮑威爾將繼續擔任理事