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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
小舞给人桶的模拟器,旅途中最好的陪伴,让每一次出发都充满期待与欢笑!
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小舞给人桶的模拟器,旅途中最好的陪伴,让每一次出发都充满期待与欢笑!

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  汇通财经APP讯——在全球经济逐步走出疫情后通胀余波的当下,各国央行正陆续将关注重点由单纯抑制高企的通胀,转向努力支撑经济活动回归更为可持续的水平。分析师认为,与疫情时期相比,当前的宏观环境更具复杂性:各国不仅要在国内经济数据的波动中权衡利率走向,还需时刻关注外部冲击,特别是美国政府对几乎所有国家施加的关税措施给全球经济带来的潜在影响。

  本周,多家主要央行召开议息会议,其政策基调和利率调整方向各不相同,背后既体现了不同经济体所面临的挑战,也折射出全球经济在后疫情时期正在形成新的周期性轮动。

  一、加拿大央行(BankofCanada,BoC),当前政策利率:2.75%

  在3月份的会议上,加拿大央行出人意料地将关键利率下调25个基点至2.75%。这一举措被视为相当谨慎的政策调整,背后的原因在于加拿大正面临来自美国新关税政策的不确定性及其对出口和整体经济的潜在冲击。加拿大央行对通胀压力保持警惕,但同时也强调,需要关注外部需求下降可能带来的风险。随着全球供应链错配与贸易格局动荡加剧,特朗普政府的关税政策被加拿大央行称为“一场新的危机”,使其在未来政策拟定中不得不对全球贸易局势保持高度敏感。

  展望后市,加拿大央行的政策走向将取决于对美国贸易政策的进一步评估,以及国内通胀和经济增长的实际表现。若通胀持续攀升,不排除央行会停止宽松操作甚至重启加息。然而,目前央行仍倾向于在观察期内维持谨慎立场,以获取更多关于美国关税政策和国内经济趋势的明确信号。下一次决议定于4月16日公布,市场普遍预期央行将“谨慎按兵不动”,但在声明中可能会重点阐述外部贸易风险与不稳定的美国政策走向如何影响加拿大经济。

  二、欧洲央行(EuropeanCentralBank,ECB),当前存款利率:2.50%

  欧洲央行在近期连续第六次下调存款利率,本次降至2.50%,主要是为应对欧洲地区偏低的通胀率和持续疲弱的经济增长。这与欧洲央行一直以来的宽松基调相吻合:在力求推动经济复苏的同时,也希望推动通胀率向其2%的政策目标靠近。尽管欧洲央行行长拉加德明确表示未来仍可能进一步降息,但她并没有在本次会议上传递出强烈的政策倾向,一方面指出继续宽松的必要性,另一方面也表示若未来经济数据出现改善,不排除暂停降息或在某些情况下暂时观望的可能性。

  随着美国加征关税的举动尚未明朗,欧洲央行对全球贸易局势保持高度关注,担心出口下滑和供应链冲击对欧洲经济基本面造成更大损害。与此同时,近期欧元有所走强,某种程度上会压低输入型通胀,为欧洲央行保留更灵活的政策空间。交易员紧盯欧洲通胀与经济成长数据,以及欧元汇率的走势,以判断欧洲央行未来的宽松力度。下次政策会议定于4月17日,主流预期为“降息25个基点”。

  三、土耳其共和国中央银行(CBRT),当前关键利率:42.50%

  土耳其央行在3月份继续大幅降息250个基点,将关键利率从45.00%降至42.50%。这是自去年12月以来的第三次同样幅度降息,体现了当局为遏制高通胀所采取的高强度紧缩过后,政策立场正在逐步回归宽松。此前,土耳其通胀率最高曾在去年5月攀升至75%以上,而到今年2月,通胀率已回落到39.05%的水平。虽然这一数值在全球主要经济体中仍算高企,但相较于巅峰时期已大幅下降。与之相对,土耳其央行将长期通胀目标设定在5%,显然还有相当长的路要走。

  在本轮宽松操作中,月度通胀率的走低起到了关键作用:2月份时月度通胀仅为2.27%,这对决策者而言是可继续降息的信号。市场普遍认为土耳其央行未来仍有进一步降息的空间,但其幅度和节奏取决于通胀回落的持续性及经济复苏的动力。由于土耳其自身面临的外部压力与结构性经济问题交织,再叠加美国关税政策对新兴市场的潜在影响,土耳其央行在后续降息时或许会保持一定谨慎。下一次政策会议定于4月17日,鉴于近期连续大幅宽松后仍需评估效果,市场主流预期为“按兵不动”。

  四、韩国央行(BankofKorea,BoK),当前政策利率:2.50%

  韩国央行在2月份做出了一项超出市场预期的决定:下调25个基点利率至2.50%,并将2025年的国内生产总值(GDP)增速预期大幅调降至1.5%,对下一年的增速预期则是1.8%。同时,韩国央行预计本年度和下一年的通胀率都将维持在1.9%,处于相对温和区间。此番政策转向很大程度上是基于韩国所面临的双重压力:一方面是美国关税带来的外部需求冲击,另一方面则是国内政治不确定性可能对投资与消费造成负面影响。与此同时,韩元近期走弱进一步加大了外汇市场波动,令韩国央行在制定货币政策时需兼顾汇率稳定与经济增速。

  对于韩国央行而言,近期通胀仍相对可控,为其进一步支持经济增长提供了空间;但若后续国际市场动荡或国内结构性问题导致通胀上扬,央行也不排除收紧的可能。目前的主流观点倾向于认为,韩国央行会先维持2.50%的利率水平,以持续观察贸易局势与国内经济需求变化。下一次会议将于4月17日召开,市场的预测大体为“维持现有利率不变”,但仍需要关注央行对经济增速和通胀形势的最新判断,以评估是否存在更为激进或更加宽松的政策调整空间。

  分析师解读:

  总结来看,全球主要央行利率取向纷繁复杂:加拿大央行略显谨慎,欧洲央行延续宽松但态度依旧审慎,土耳其央行则加速降息以努力缓解高通胀后遗症,韩国央行在面对外部关税冲击及国内不确定性时选择小幅宽松。交易员在这一阶段关注以下重点:一是美国关税政策走向对全球需求与通胀的间接影响;二是各经济体内通胀与增长数据的实时变化,对央行操作的潜在指引;三是外汇市场波动在贸易争端与政策分化中可能带来的套利或对冲机会。

  注:本文基本面内容据路孚特报道展开。

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