<p>在過去的一年中，市場一直期待全球降息，這得益於強勁的增長和逐漸緩解的通脹。當時，降息一般沒有爭議。爭論的焦點轉而集中在降息的時機和幅度上。</p>
<p>中東衝突從根本上改變了這一敍述。能源價格飆升，其影響在全球通脹數據中已經顯現。</p>
<p>在三月份，許多主要經濟體的年度消費者價格指數通脹率上升，主要是因為能源對通脹的貢獻比二月份更大。</p>

<p>市場曾預計由於經濟增長強勁和通脹緩解，全球將會降息，但中東衝突改變了這一前景。能源價格的上漲現在顯著推動了通脹，正如在三月份主要經濟體的消費者物價指數同比增長中所體現的</p>

<p>FOR much of the past year, markets had been looking forward to global rate cuts, supported by resilient growth and gradually easing inflation. At that time, rate cuts were generally not in question. The debate instead centred on the timing and magnitude of rate cuts.</p>
<div class="lb-trans"><p>在過去的一年中，市場一直期待全球降息，這得益於強勁的增長和逐漸緩解的通脹。當時，降息一般沒有爭議。爭論的焦點轉而集中在降息的時機和幅度上。</p>
</div><p>The Middle East conflict has fundamentally altered this narrative. Energy prices have surged, and the impact is already evident in global inflation data.</p>
<div class="lb-trans"><p>中東衝突從根本上改變了這一敍述。能源價格飆升，其影響在全球通脹數據中已經顯現。</p>
</div><p>Year-on-year headline consumer price index inflation rose across many major economies in March, largely because energy contributed more to inflation than it did in February.</p>
<div class="lb-trans"><p>在三月份，許多主要經濟體的年度消費者價格指數通脹率上升，主要是因為能源對通脹的貢獻比二月份更大。</p>
</div>

準備迎接利率週期的變化