美联储暗示降息放缓，亚洲股市下滑，美元徘徊在两年高位附近

美联储的强硬立场导致华尔街大幅抛售，并波及亚洲市场。 MSCI 日本以外亚太地区最广泛股票指数下跌 1.6%

Asian stocks slid on Thursday, and the U.S. dollar hovered near a two-year peak after the Federal Reserve signaled a slowdown in rate cuts for 2025, while the Japanese yen weakened after the Bank of Japan held interest rates steady.

亚洲股市周四下跌，美联储暗示2025年降息放缓后，美元徘徊在两年高位附近，而日本央行维持利率稳定后，日元走软。

The hawkish stance from the Fed led to a sharp selloff on Wall Street, which carried over to Asian markets. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.6%, with tech-heavy Taiwan stocks falling 1.2% and Australian shares down nearly 2%.

美联储的强硬立场导致华尔街大幅抛售，并波及亚洲市场。 MSCI 除日本以外的亚太股市指数下跌 1.6%，其中以科技股为主的台湾股市下跌 1.2%，澳大利亚股市下跌近 2%。

The Dow Jones Industrial Average plunged more than 1,000 points on Wednesday, reflecting investor concerns over the Fed future plans. This somber market sentiment is likely to carry over to Europe, where Eurostoxx 50 futures fell 1.5%, and major indexes in Germany and France slid by 1.2% and 1%, respectively.

道琼斯工业平均指数周三暴跌逾千点，反映出投资者对美联储未来计划的担忧。这种忧郁的市场情绪可能会延续到欧洲，欧洲斯托克 50 指数期货下跌 1.5%，德国和法国主要股指分别下跌 1.2% 和 1%。

The Japanese yen touched a one-month low of 155.48 per dollar after the Bank of Japan’s decision to leave rates unchanged. The yen, which is down over 8% against the dollar this year, has been under pressure from a strong U.S. dollar and the widening interest rate gap between Japan and other major economies. It is set for a fourth consecutive year of decline.

日本央行决定维持利率不变后，日元触及1美元兑155.48日元的一个月低点。今年日元兑美元汇率下跌超过8%，受到美元走强以及日本与其他主要经济体利差扩大的压力。这将是连续第四年下降。

Investors are now looking to comments from BOJ Governor Kazuo Ueda to gauge the timing and extent of any future rate hikes. The market is currently pricing in 46 basis points of hikes from the BOJ by the end of 2025. Ueda is expected to hold a press conference at 0630 GMT to clarify the decision.

投资者现在正在关注日本央行行长上田一夫的评论，以判断未来加息的时机和程度。目前市场预计日本央行将在 2025 年底前加息 46 个基点。上田预计将在格林尼治标准时间 0630 召开新闻发布会以澄清这一决定。

The Fed’s more cautious stance, coupled with the BOJ steady policy, underscores the challenges facing the global economy as President-elect Donald Trump prepares to take office. Fed Chair Jerome Powell noted that some officials are concerned about the potential impact of Trump’s policies, such as higher tariffs and tax cuts, on inflation and interest rates.

美联储更加谨慎的立场，加上日本央行的稳定政策，凸显了当选总统唐纳德·特朗普准备就职之际全球经济面临的挑战。美联储主席鲍威尔指出，一些官员担心特朗普政策（例如提高关税和减税）对通胀和利率的潜在影响。

“The risks that are clearly inherent here, and left partially unsaid, are what the Trump administration could bring to the table in terms of inflationary pressure,” said Rob Thompson, macro rates strategist at RBC Capital Markets.

加拿大皇家银行资本市场(RBC Capital Markets)宏观利率策略师罗布·汤普森(Rob Thompson)表示，“这里明显固有的、部分未提及的风险是特朗普政府可能在通胀压力方面带来的风险。”

The Fed shift towards caution sent shockwaves through markets. While the U.S. central bank lowered rates as expected, Powell’s remarks suggesting a slower pace of future cuts led to a significant market pullback. The Fed now projects only two quarter-percentage-point cuts by the end of 2025, half of what was anticipated in September.

美联储转向谨慎的态度给市场带来了冲击。尽管美联储如预期降息，但鲍威尔暗示未来降息步伐放缓的言论导致市场大幅回调。美联储目前预计到 2025 年底仅降息两个四分之一个百分点，仅为 9 月份预期的一半。

“The Fed was more hawkish than we anticipated, but today’s shift in policy guidance reinforces our view of a long pause by the Fed at the start of 2025,” said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities.

道明证券(TD Securities)高级亚太利率策略师Prashant Newnaha表示：“美联储比我们预期的更加鹰派，但今天政策指引的转变强化了我们对美联储在2025年初将长期暂停的看法。”

The expectation of fewer Fed rate cuts boosted the U.S. Dollar Index, which measures the currency against six rivals, pushing it to its highest level since November 2022. The index was last at 108.08 on Thursday.

美联储降息幅度较小的预期提振了衡量美元兑六种货币的美元指数，将其推升至 2022 年 11 月以来的最高水平。该指数周四最新报 108.08。

U.S. 10-year Treasury yields reached a seven-month high of 4.524% on Wednesday, and were last at 4.514%.

美国10年期国债收益率周三触及7个月高位4.524%，最新报4.514%。

In the cryptocurrency market, Bitcoin briefly dipped below the $100,000 level after Powell stated that the U.S. central bank has no intention of engaging in government efforts to accumulate large amounts of Bitcoin.

在加密货币市场上，鲍威尔表示美联储无意参与政府积累大量比特币的行动后，比特币一度跌破10万美元大关。

Meanwhile, the British pound held steady at $1.25835 ahead of the Bank of England’s policy decision later in the day, where no change in interest rates is expected despite signs of a slowing economy.

与此同时，在英国央行当天晚些时候做出政策决定之前，英镑汇率稳定在1.25835美元，尽管有经济放缓的迹象，但预计利率不会发生变化。

Gold prices rose by 0.8% to $2,609 per ounce, while oil prices dipped due to concerns over demand.

金价上涨 0.8%，至每盎司 2,609 美元，而油价因需求担忧而下跌。