<p>華盛頓，5 月 18 日（路透社）- 白宮官員週一表示，凱文·沃什將於週五由總統唐納德·特朗普宣誓就任美國聯邦儲備委員會主席，標誌着這位 56 歲律師和金融家在中央銀行掌舵的過程結束，此時美聯儲正面臨日益加劇的通貨膨脹，這可能使特朗普迫切希望的降息變得困難。</p>
<p>沃什接替傑羅姆·鮑威爾，後者的美聯儲主席任期於週五正式結束，儘管他計劃繼續擔任理事會成員，直到他對特朗普政府對他的刑事調查完全結束感到滿意。鮑威爾於週五宣誓就任臨時主席，以填補沃什正式就任前的領導空缺。</p>
<p>針對鮑威爾的調查，主要集中在美聯儲華盛頓總部大樓裝修的成本超支問題，這一問題曾一度成為沃什在參議院確認過程中的障礙。然而，該調查已得到一位反對的共和黨參議員的滿意解決，整個參議院於 5 月 13 日以幾乎黨派一致的投票確認了沃什。</p>
<p>沃什曾在全球金融危機時期擔任美聯儲理事，此時他重返美聯儲正值美國貨幣政策制定的困難時刻。年化通貨膨脹率遠高於美聯儲 2% 的目標，並且可能繼續上升，這在很大程度上是由於賦予他這一職位的總統的政策選擇。</p>
<p>特朗普在其執政的第一年內實施的關税推高了廣泛進口商品的價格，而今年特朗普決定與伊朗開戰引發了全球能源價格衝擊，最近的數據表明，這正在推動越來越多商品和服務的價格上漲。</p>
<p>關税的影響本身曾是許多美聯儲政策制定者，包括鮑威爾，願意視為一次性價格上漲而非持續性通貨膨脹的因素，這可能使中央銀行能夠恢復早些時候暫停的降息。</p>
<p>但伊朗戰爭引發的能源價格衝擊的連鎖反應加深了越來越多美聯儲政策制定者的通貨膨脹擔憂，沃什現在必須領導這些政策制定者，並與他們努力形成對利率政策方向的共識。</p>
<p>上週末，通貨膨脹的意外高讀數導致債券市場動盪。週五，美國國債收益率大幅上升，因為投資者重新調整了對他們現在認為的持續通貨膨脹和可能的美聯儲加息的預期，可能最早在 12 月開始。</p>
<p>沃什的第一次利率決策會議將在 6 月中旬舉行，他可能會面臨越來越多的鷹派政策制定者的壓力，他們主張美聯儲明確轉變立場，以防範通貨膨脹。利率期貨市場幾乎將 6 月會議上美聯儲當前政策利率（3.50% 至 3.75%）不變的概率視為零。</p>
<p>（華盛頓報道：丹·伯恩斯，史蒂夫·霍蘭，賈斯珀·沃德和達芙妮·普薩萊達基斯；編輯：米歇爾·尼科爾斯和羅莎爾巴·奧布萊恩）</p>

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<p>凱文·沃什將於週五由特朗普總統宣誓就任美國聯邦儲備委員會主席，接替傑羅姆·鮑威爾。沃什的確認因涉及鮑威爾的刑事調查而面臨延遲。他在通貨膨脹上升的背景下接任，受到特朗普關税和地緣政治緊張局勢的影響。沃什的第一次利率決策會議將在 6 月中旬舉行，屆時他可能會面臨對貨幣政策採取更鷹派立場的壓力，因為通貨膨脹的擔憂加劇</p>

<p>WASHINGTON, May 18 (Reuters) - Kevin Warsh will be sworn in as U.S. Federal Reserve chief on Friday by President Donald Trump, a White House official said on Monday, capping off the process of installing the 56-year-old lawyer and financier at the helm of the central bank as it grapples with intensifying inflation that may make it hard to push through the interest-rate cuts Trump so deeply desires.</p>
<div class="lb-trans"><p>華盛頓，5 月 18 日（路透社）- 白宮官員週一表示，凱文·沃什將於週五由總統唐納德·特朗普宣誓就任美國聯邦儲備委員會主席，標誌着這位 56 歲律師和金融家在中央銀行掌舵的過程結束，此時美聯儲正面臨日益加劇的通貨膨脹，這可能使特朗普迫切希望的降息變得困難。</p>
</div><p>Warsh is succeeding Jerome Powell, whose eight-year run as Fed leader formally expired on Friday, although he plans to remain as a Board of Governors member until he is satisfied that a Trump administration criminal probe of him is fully wound down. Powell was sworn in as chair pro tempore on Friday to bridge the leadership gap until Warsh is formally installed.</p>
<div class="lb-trans"><p>沃什接替傑羅姆·鮑威爾，後者的美聯儲主席任期於週五正式結束，儘管他計劃繼續擔任理事會成員，直到他對特朗普政府對他的刑事調查完全結束感到滿意。鮑威爾於週五宣誓就任臨時主席，以填補沃什正式就任前的領導空缺。</p>
</div><p>The investigation into Powell centering on cost overruns for building renovations at the Fed's Washington headquarters complex became an obstacle for a time to Warsh's confirmation by the Senate. The probe was settled to the satisfaction of an objecting Republican senator, however, and the full Senate confirmed Warsh on an almost-party-line vote on May 13.</p>
<div class="lb-trans"><p>針對鮑威爾的調查，主要集中在美聯儲華盛頓總部大樓裝修的成本超支問題，這一問題曾一度成為沃什在參議院確認過程中的障礙。然而，該調查已得到一位反對的共和黨參議員的滿意解決，整個參議院於 5 月 13 日以幾乎黨派一致的投票確認了沃什。</p>
</div><p>Warsh, who served as a Fed governor through the global financial crisis era, returns at a difficult moment for U.S. monetary policymaking. Annualized inflation is running well above the Fed's 2% target and likely to keep rising, largely because of policy choices by the president who gave him the job.</p>
<div class="lb-trans"><p>沃什曾在全球金融危機時期擔任美聯儲理事，此時他重返美聯儲正值美國貨幣政策制定的困難時刻。年化通貨膨脹率遠高於美聯儲 2% 的目標，並且可能繼續上升，這在很大程度上是由於賦予他這一職位的總統的政策選擇。</p>
</div><p>The tariffs Trump imposed through his first year in office pushed up prices for a broad range of imported goods, and then this year Trump's decision to go to war with Iran has triggered a global energy price shock that recent data show is driving up prices across a widening array of goods and services.</p>
<div class="lb-trans"><p>特朗普在其執政的第一年內實施的關税推高了廣泛進口商品的價格，而今年特朗普決定與伊朗開戰引發了全球能源價格衝擊，最近的數據表明，這正在推動越來越多商品和服務的價格上漲。</p>
</div><p>The tariffs' impact on its own had been a factor that a number of Fed policymakers, including Powell, had been willing to look past as a one-time price increase, not persistent inflation, and that could have allowed the central bank to resume interest-rate cuts that were put on hold early this year.</p>
<div class="lb-trans"><p>關税的影響本身曾是許多美聯儲政策制定者，包括鮑威爾，願意視為一次性價格上漲而非持續性通貨膨脹的因素，這可能使中央銀行能夠恢復早些時候暫停的降息。</p>
</div><p>But the now-cascading effects of the Iran-war-induced energy price shock have deepened the inflation concerns of a growing number of the Fed policymakers Warsh must now lead and with whom he must now try to form a consensus over the direction of rate policy.</p>
<div class="lb-trans"><p>但伊朗戰爭引發的能源價格衝擊的連鎖反應加深了越來越多美聯儲政策制定者的通貨膨脹擔憂，沃什現在必須領導這些政策制定者，並與他們努力形成對利率政策方向的共識。</p>
</div><p>A run of hotter-than-expected readings of inflation caused upheaval in the bond market as last week ended. Yields on U.S. government bonds shot higher on Friday as investors repositioned for what they now see as sticky inflation and likely Fed rate hikes in response, starting perhaps as early as December.</p>
<div class="lb-trans"><p>上週末，通貨膨脹的意外高讀數導致債券市場動盪。週五，美國國債收益率大幅上升，因為投資者重新調整了對他們現在認為的持續通貨膨脹和可能的美聯儲加息的預期，可能最早在 12 月開始。</p>
</div><p>Warsh's first rate-setting meeting is just weeks away in mid-June and he is likely to find himself confronted with a growing hawkish bloc of policymakers arguing for the Fed to shift its posture explicitly to guard against inflation. Interest-rate futures markets assign effectively zero probability to a change in the Fed's current policy rate, 3.50% to 3.75%, at the June meeting.</p>
<div class="lb-trans"><p>沃什的第一次利率決策會議將在 6 月中旬舉行，他可能會面臨越來越多的鷹派政策制定者的壓力，他們主張美聯儲明確轉變立場，以防範通貨膨脹。利率期貨市場幾乎將 6 月會議上美聯儲當前政策利率（3.50% 至 3.75%）不變的概率視為零。</p>
</div><p>(Reporting by Dan Burns, Steve Holland, Jasper Ward and Daphne Psaledakis in Washington; editing by Michelle Nichols and Rosalba O'Brien)</p>
<div class="lb-trans"><p>（華盛頓報道：丹·伯恩斯，史蒂夫·霍蘭，賈斯珀·沃德和達芙妮·普薩萊達基斯；編輯：米歇爾·尼科爾斯和羅莎爾巴·奧布萊恩）</p>
</div>

Warsh to be sworn in as Fed chair at White House on Friday

Fidelity

Warsh 將於週五在白宮宣誓就任美聯儲主席