發生了什麼？

區塊鏈基礎設施公司Coinbase（NASDAQ：COIN）的股票在下午會議上躍升了6.3％（NASDAQ +2.0％，S＆P 500 +1.5％）

Shares of blockchain infrastructure company Coinbase (NASDAQ:COIN) experienced a 6.3% surge in the afternoon session as stocks rebounded (Nasdaq +2.0%, S&P 500 +1.5%) following a report from The Wall Street Journal.

在《華爾街日報》的一份報告之後，區塊鏈基礎設施公司Coinbase（NASDAQ：COIN）的股票在下午的會議上漲了6.3％（NASDAQ +2.0％，標準普爾500 +1.5％）。

The report stated that the Trump administration's reciprocal tariffs, set to be announced on April 2, 2025, would be more narrowly targeted than initially feared.

該報告指出，特朗普政府定於2025年4月2日宣布的互惠關稅將比最初擔心的更狹窄。

The market reaction indicated that investors took that as a sign the economic impact of the tariffs, particularly on inflation and growth, might not be as bad as they initially feared.

市場反應表明，投資者將其視為關稅的經濟影響，尤其是對通貨膨脹和增長的經濟影響，可能並不像他們最初所擔心的那樣糟糕。

That's a bit of relief, which likely gave businesses and analysts some space to rethink their outlooks. Earlier, the administration had hinted at much broader tariffs that could have hit any country placing duties on U.S. imports, so this shift was likely a welcome surprise for the market.

這有點欣慰，這可能給企業和分析師提供了一些空間來重新考慮其前景。早些時候，政府暗示了更廣泛的關稅，可能會擊中任何在美國進口貨幣的國家，因此這一轉變可能對市場來說是一個令人歡迎的驚喜。

Separately, stocks linked to digital assets rose as sentiment in the crypto space.

另外，與數字資產相關的股票在加密貨幣空間中作為情感上升。

Coinbase's shares are extremely volatile and have had 69 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Coinbase的股票非常波動，過去一年的股票大於5％。在這種情況下，今天的舉動表明市場認為這一新聞有意義，但沒有從根本上改變其對業務的看法。

The previous big move we wrote about was 5 days ago when the stock gained 6.8% on the news that stocks rebounded to start the session amid continued market volatility after the Federal Open Market Committee kept rates at 4.25% to 4.50% in its March 2025 meeting.

我們寫的前一項舉動是5天前，當時該股票在2025年3月的會議上將股票持續的市場波動率反彈而在持續的市場波動之後，股票在持續的市場波動中獲得了6.8％的速度。

The Jerome Powell-led committee also hinted at two more rate cuts for the year, saying, "Uncertainty around the economy has grown."

杰羅姆·鮑威爾（Jerome Powell）領導的委員會還暗示，一年中又削減了兩次降低稅率，他說：“圍繞經濟的不確定性已經增長。”

The good news is that holding rates steady and signaling two additional cuts this year means no surprises (the market dislikes surprises).

好消息是，保持利率穩定，並表示今年的另外兩次削減意味著不足為奇（市場不喜歡驚喜）。

The bad news is that the Fed reduced its outlook growth to 1.7%, down from the previous projection of 2.1% in December. At the same time, the inflation outlook was raised to a 2.8% annual increase for core prices, up from the prior projection of 2.5%. This suggests the Fed sees the macro tilting towards a stagflation scenario, where inflation rises as economic growth slows.

壞消息是，美聯儲將其前景增長降低到1.7％，遠低於以前的12月預測2.1％。同時，與先前預測2.5％相比，核心價格的通貨膨脹前景每年增加2.8％。這表明美聯儲看到宏觀傾斜朝著散落的情況下，隨著經濟增長的減速，通貨膨脹率上升。

Coinbase is down 21% since the beginning of the year, and at $203.09 per share, it is trading 40.9% below its 52-week high of $343.62 from December 2024. Investors who bought $1,000 worth of Coinbase’s shares at the IPO in April 2021 would now be looking at an investment worth $618.65.

自今年年初以來，Coinbase下降了21％，每股203.09美元，從2024年12月起，它的交易價格低於其52周高的343.62美元。投資者購買了價值1,000美元的Coinbase在2021年IPO的價值1,000美元的投資者，現在將尋找價值618.65美元的價值。 65.65美元。

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