美國通脹數(shù)據(jù)上周超預(yù)期反彈，同比上漲3.5%。這不僅打壓了降息預(yù)期，導(dǎo)致美國市場震蕩，引起市場機(jī)構(gòu)重新評估通脹前景，也加大了歐美貨幣政策分歧。

Recent US Department of Labor data show that the consumer price index in the United States rose 3.5 percent year-on-year in March, up 0.3 percentage points from the growth in February, and the core CPI rose 3.8 percent year-on-year and 0.4 percent month-on-month, both exceeding expectations for three consecutive months.

美國勞工部近日公布的數(shù)據(jù)顯示，3月份美國消費(fèi)者價格指數(shù)（CPI）同比上漲3.5%，漲幅較2月份擴(kuò)大0.3個百分點(diǎn)。同時，核心CPI環(huán)比上漲0.4%，同比上漲3.8%，核心CPI的這兩項(xiàng)指標(biāo)漲幅已連續(xù)3個月超預(yù)期。

The higher-than-expected CPI indicates that the rebound in the US inflation since the beginning of the year is not temporary. The minutes of the US Federal Reserve's monetary policy meeting in March also show that the Fed will not cut interest rates until it is confident inflation is steadily returning to the target level.

CPI持續(xù)超預(yù)期回升，表明年初以來美國通脹反彈并不是暫時現(xiàn)象。4月10日公布的美聯(lián)儲3月貨幣政策會議紀(jì)要也顯示，在確信通脹穩(wěn)步回歸目標(biāo)水平之前，美聯(lián)儲不會降息。

Analysts point out that the continued rebound in US inflation has had many impacts on the US and global markets. With inflation data rebounding, market institutions have to reassess the Fed's policy path, with Wall Street traders expecting the Fed to keep rates higher for longer. There is speculation that the Fed may raise rates again.

分析指出，美國通脹持續(xù)反彈，給美國和全球市場帶來了多方面影響。隨著通脹數(shù)據(jù)反彈，市場機(jī)構(gòu)不得不重新評估美聯(lián)儲的政策路徑。華爾街的交易員預(yù)計美聯(lián)儲可能將高利率維持更長時間。更有觀點(diǎn)認(rèn)為，美聯(lián)儲甚至可能再度加息。

Jamie Dimon, chairman and CEO of J.P. Morgan Chase, even said "we are ready for the Fed to raise interest rates to as high as 8 percent".

摩根大通董事長兼首席執(zhí)行官杰米·戴蒙甚至聲稱，“已為美聯(lián)儲最高將利率上調(diào)至8%做好了準(zhǔn)備”。

After the March inflation data were released, US President Joe Biden broke the practice of not commenting on the Fed's decision, saying he believed the Fed will cut rates by the end of the year. Analysts believe that Biden's remarks reflect that the US economy is unable to withstand continued high interest rates, and the "resilience" of the US economy may not be as strong as claimed by the Fed.

在3月份通脹數(shù)據(jù)公布后，美國總統(tǒng)拜登打破了不對美聯(lián)儲決策發(fā)表評論的慣例，認(rèn)為美聯(lián)儲“年底前將降息”。有分析認(rèn)為，這反映出美國經(jīng)濟(jì)難以承受持續(xù)高利率的重壓，所謂美國經(jīng)濟(jì)的“韌性”恐怕并沒有美聯(lián)儲對外聲稱的那么強(qiáng)。

As expectations of US interest rate cuts subside, the divergence between European and US monetary policy will widen. If the European Central Bank cuts interest rates before the Fed does, it could cause the euro to fall sharply and European enterprises to pay more for dollar-denominated imports, which would fuel inflation again.

由于美國降息預(yù)期回落，歐美貨幣政策之間的分歧也在擴(kuò)大。如果歐洲央行先于美聯(lián)儲降息，可能導(dǎo)致歐元大幅貶值，企業(yè)則必須為以美元計價的進(jìn)口產(chǎn)品支付更多成本，這將再度推升通脹。

The ECB has intensified efforts to shed the impression that it follows the US in terms of monetary policy. Therefore, it is believed the ECB, fearing that the economy could lose steam, may cut interest rates before the Fed does in June.

另一方面，歐洲央行近期試圖擺脫多年來在貨幣政策上對美亦步亦趨的形象。市場認(rèn)為，在經(jīng)濟(jì)失速的壓力之下，歐洲央行有可能先于美聯(lián)儲在6月降息。

The US inflation data are an important indicator of the country's and even global economic trends. However, there have been more signs that inflation data have gradually been used by the US government and the Fed to influence market expectations. The question is, as US federal government debt approaches $35 trillion, how long can this tool be wielded?

美國通脹數(shù)據(jù)是觀察美國經(jīng)濟(jì)乃至全球經(jīng)濟(jì)走勢的重要指標(biāo)。然而，越來越多的跡象表明，通脹數(shù)據(jù)已逐漸變成美國政府和美聯(lián)儲左右市場預(yù)期的工具。只不過，隨著美國聯(lián)邦政府債務(wù)規(guī)模快速向35萬億美元逼近，這件工具還能用多久呢？

來源：中國日報、經(jīng)濟(jì)日報

編輯：陳丹妮

審校：董靜、齊磊