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华尔街预测:美联储解锁9月降息命题 关键数据是TA

FX1682024年8月1日 14:17
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FX168财经报社(北美)讯 在刚刚结束的7月份的会议上,美联储公开市场委员会(FOMC)传达了一个基本预期的信息。尽管美联储主席杰罗姆·鲍威尔没有给出具体指导,但他暗示委员会正在接近实施降息的阶段,9月份有可能进行降息,这将取决于通胀数据的表现。

高盛(Goldman Sachs)经济学家表示,鲍威尔的言论“表明9月降息的门槛并不高”。

鲍威尔描述了近期劳动力市场的变化,包括失业率的上升,认为这些变化是正常化的迹象,而不是显著的疲软。他强调,FOMC正在密切关注数据,并且准备在必要时采取行动。

高盛经济学家评论称:“我们继续预计7月份的通胀数据将是利好的(我们预测核心CPI为21个基点,核心PCE为19个基点),我们认为即便是令人接受的消息也可能会促成9月份的降息。”

在此之后,他们预计FOMC将采用每隔一次会议降息的模式,相当于每季度降息一次。

另外,花旗银行(Citi)经济学家表示,劳动力市场数据将是决定美联储下一步行动的关键。

鲍威尔指出,虽然通胀水平“略微”高于目标,但上涨风险已减少,而劳动力市场的下行风险正在增加。他提到Sahm规则——三个月移动平均失业率上升0.5个百分点通常预示经济衰退——作为一种“统计规律”,而不是“经济规则”。

鲍威尔还强调了失业率作为一个有用的总结统计数据,这意味着市场将继续对这一指标保持敏感。

花旗指出,FOMC声明中有两个小幅调整,以反映失业率上升和通胀放缓。FOMC声明中提到失业率“有所上升,但仍然较低”,而对2%通胀目标的进展被描述为“有所进展”。最重要的更新是委员会关注“双重任务”的“风险两边”。

花旗经济学家表示:“这在FOMC声明中正式化了就业和价格稳定任务的风险已经平衡——这是鲍威尔主席多次提到的。”

他们继续预计美联储将在9月份降息,并在随后的每次会议上继续降息,目标是在2025年前实现3.25%-3.50%的终端利率。花旗还指出,前端国债收益率的进一步下降表明,市场现在接近于反映他们预计的剩余三次25个基点的降息。

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