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  来源:财联社

  当地时间周三(4月16日),美联储主席鲍威尔警告称,美国总统特朗普的关税政策可能使美联储在“控制通胀”与“支持经济增长”之间陷入两难境地。

  暗示优先考虑控制通胀

  鲍威尔周三在芝加哥经济俱乐部发表了演讲,他在讲话中指出,特朗普关税政策潜在影响的不确定行正在升高,虽然可以预见到通胀将上升且经济增长将放缓,但目前还不清楚美联储需要在哪些方面投入更多精力。

  “我们可能会面临一种具有挑战性的局面,即双重使命目标之间出现冲突,”鲍威尔表示。“如果发生这种情况,我们将考虑经济距离每个目标还有多远,以及这些差距预计在多长时间内才能缩小。”

  美联储的双层使命目标是维持物价稳定和实现充分就业。而包括美联储内部在内的许多经济学家都认为,关税对这两个目标都构成威胁。关税本质上是一种进口税,虽然从历史上看它与通胀之间的直接联系并不明显,但目前的关税规模可能会带来新的变化。

  鲍威尔暗示,如果通胀与就业目标出现矛盾,美联储可能会优先考虑控制通胀。“没有价格稳定,我们无法实现长期且广泛惠及美国人的强劲劳动力市场,”他说。

  美联储将继续观望

  在演讲结束后的问答环节中,鲍威尔表示:“关税很可能会在今年余下时间让我们离目标更远。”

  鲍威尔并未透露美联储下一步利率政策方向,但他强调:“目前我们处于一个可以‘等待更多清晰信号’的有利位置,无需立即调整政策立场。”

  受鲍威尔这番表态影响,美股市场周三应声下挫,美债收益率也同步走低。

  在鲍威尔讲话前,美股本已下跌,讲话后跌幅进一步扩大。分析人士评论称:“人们原以为鲍威尔会保持中立,但他表现出了鹰派倾向。”

  据芝商所利率观察工具显示,市场普遍预计美联储将从6月开始降息,并在2025年底前累计降息3至4次(每次25个基点)。

  尽管美联储官员通常认为关税仅会对物价产生“一次性冲击”,但特朗普政府本轮关税措施的广泛性可能改变这一规律。

  鲍威尔表示,短期通胀的市场与调查指标都在上升,尽管长期通胀预期仍接近2%的目标。他表示,预计3月美国核心PCE将为2.6%。核心PCE是美联储最看重的通胀指标。

  “关税几乎肯定会导致通胀暂时上升,”鲍威尔表示。“通胀效应也可能更为持久。能否避免这种结果,取决于关税影响的规模、其传导至价格所需的时间,以及是否能维持长期通胀预期的稳定。”

  预计美国经济增速将放缓

  鲍威尔指出,除了通胀压力,经济增长也面临下行风险。

  “目前掌握的数据表明,与去年强劲增长相比,今年第一季度经济增长有所放缓。尽管汽车销量强劲,但整体消费者支出似乎仅小幅增长。此外,一季度进口强劲,反映出企业试图抢在关税生效之前行动,预计将拖累GDP增长,”他说。

  但鲍威尔同时表示,尽管预计经济增长将放缓,但美国经济仍处于“稳健位置”。

  否认存在“美联储看跌期权”

  当被问及是否存在“美联储看跌期权”(即市场大跌时美联储会出手干预)时,鲍威尔否认了这一说法。

  他解释道:“市场正面临高度不确定性,这意味着波动性会上升。但话虽如此,市场运行有序,表现得基本符合预期。”

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