捷克国家银行（CNB）使利率稳定为3.75％

随着通货膨胀风险仍然很高，全球经济不确定性持续增长，这一谨慎的举动会发生。

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.

捷克国家银行（CNB）周四将利率保持在3.75％，在过去三个月中两次减少后，由于高通货膨胀风险和全球经济不确定性，在过去的三个月中再次暂停了其缓解周期。

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

该银行在去年积极降低利率后，现在更加谨慎，在提高增长和保持通货膨胀率之间取得了平衡。

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.

尽管消费者的价格增长速度有所放缓，但它仍然处于银行2％至3％的目标范围的高端。服务成本正在上升，强劲的工资增长继续给价格施加压力。食品价格也是一个主要问题。

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

在面对一段两位数通货膨胀的时期之后，捷克消费者仍然对成本上升高度敏感，这可能会影响总体通货膨胀的预期。

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.

同时，CNB正在监视全球风险，例如可能引发贸易战争的新美国关税，影响出口并放缓经济增长。

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，欧洲的国防支出增加，这是德国扩大政府借贷的举动，提出了额外的通货膨胀风险。这些外部因素使CNB很难在不仔细考虑的情况下进一步削减速度。

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

尽管该银行目前正在持有利率，但根据市场预期，最早可以看到另一种减少。

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.

到那时，新的经济预测将更好地了解通货膨胀趋势和整体经济稳定，这对于银行的决定至关重要。

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.

一些专家认为，利率最终可能达到3.00％至3.50％，与政策制定者先前所指出的所谓“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.

这将为经济提供最佳的刺激，而不会过热或将通货膨胀失控。

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，考虑到紧迫的宏观经济问题和控制通货膨胀的紧迫性，在银行在5月再次召开之前，另一种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暂停降低率的决定可能会对加密货币市场产生影响。随着通货膨胀风险的增加和全球不确定性的增加，投资者可能更喜欢投资比特币和其他数字资产作为通货膨胀对冲。

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

延迟降低的速度也可能会减慢流动性流入风险资产的流动，从而影响短期加密价格变动。