捷克國家銀行（CNB）使利率穩定為3.75％

隨著通貨膨脹風險仍然很高，全球經濟不確定性持續增長，這一謹慎的舉動會發生。

The Czech National Bank (CNB) has kept interest rates at 3.75% on Thursday, pausing its easing cycle again after two reductions over the past three months amid high inflation risks and global economic uncertainty.

捷克國家銀行（CNB）週四將利率保持在3.75％，在過去三個月中兩次減少後，由於高通貨膨脹風險和全球經濟不確定性，在過去的三個月中再次暫停了其緩解週期。

The bank is now more cautious after cutting rates aggressively last year, striking a balance between boosting growth and keeping inflation at bay.

該銀行在去年積極降低利率後，現在更加謹慎，在提高增長和保持通貨膨脹率之間取得了平衡。

Although consumer price growth has slowed, it remains at the higher end of the bank’s 2% to 3% target range. Service costs are rising, and strong wage growth continues to put pressure on prices. Food prices are also a major concern.

儘管消費者的價格增長速度有所放緩，但它仍然處於銀行2％至3％的目標範圍的高端。服務成本正在上升，強勁的工資增長繼續給價格施加壓力。食品價格也是一個主要問題。

After facing a period of double-digit inflation, Czech consumers are still highly sensitive to rising costs, which could influence overall inflation expectations.

在面對一段兩位數通貨膨脹的時期之後，捷克消費者仍然對成本上升高度敏感，這可能會影響總體通貨膨脹的預期。

At the same time, the CNB is monitoring global risks such as new U.S. tariffs that could trigger trade wars, affecting exports and slowing economic growth.

同時，CNB正在監視全球風險，例如可能引發貿易戰爭的新美國關稅，影響出口並放緩經濟增長。

Moreover, increased defense spending across Europe, signaled by Germany’s move to expand government borrowing, presents additional inflationary risks. These external factors make it difficult for the CNB to proceed with further rate cuts without careful consideration.

此外，歐洲的國防支出增加，這是德國擴大政府借貸的舉動，提出了額外的通貨膨脹風險。這些外部因素使CNB很難在不仔細考慮的情況下進一步削減速度。

While the bank is holding rates for now, another reduction could be seen as early as May, according to market expectations.

儘管該銀行目前正在持有利率，但根據市場預期，最早可以看到另一種減少。

By then, new economic forecasts will provide better insight into inflation trends and overall economic stability, which will be crucial for the bank’s decision.

到那時，新的經濟預測將更好地了解通貨膨脹趨勢和整體經濟穩定，這對於銀行的決定至關重要。

Some experts believe that rates may eventually settle between 3.00% and 3.50%, aligning with the so-called “neutral” level that policymakers have previously indicated.

一些專家認為，利率最終可能達到3.00％至3.50％，與政策制定者先前所指出的所謂“中性”水平保持一致。

This would offer optimal stimulation to the economy without overheating it or pushing inflation out of control.

這將為經濟提供最佳的刺激，而不會過熱或將通貨膨脹失控。

However, considering the pressing macroeconomic issues and the urgency to control inflation, another rate reduction seems unlikely before the bank convenes again in May.

但是，考慮到緊迫的宏觀經濟問題和控制通貨膨脹的緊迫性，在銀行在5月再次召開之前，另一種降低的速度似乎不太可能。

The CNB's decision to pause rate cuts could have implications for crypto markets. With inflation risks remaining high and global uncertainty increasing, investors might prefer investing in Bitcoin and other digital assets as an inflation hedge.

CNB暫停降低率的決定可能會對加密貨幣市場產生影響。隨著通貨膨脹風險的增加和全球不確定性的增加，投資者可能更喜歡投資比特幣和其他數字資產作為通貨膨脹對沖。

A delayed rate cut could also slow the flow of liquidity into risk assets, impacting short-term crypto price movements.

延遲降低的速度也可能會減慢流動性流入風險資產的流動，從而影響短期加密價格變動。