美国美联储的首选通货膨胀措施在2月急剧提升

核心个人消费支出价格指数攀升了0.4％，这是自2024年1月以来最大的每月飙升，而消费者支出的增长不超过预期。

The U.S. Federal Reserve’s preferred inflation measure posted a sharper-than-anticipated increase in February, with the core personal consumption expenditures price index (PCE price index) climbing 0.4%—the largest monthly spike since January 2024—while consumer spending growth fell short of expectations, the Commerce Department reported on Friday.

美国美联储的首选通货膨胀措施在2月份的增长幅度超过了，核心的个人消费支出价格指数（PCE价格指数）攀升0.4％，这是自2024年1月以来的每月最大的激增，而消费者支出的增长不足。

The core PCE price index, which excludes volatile food and energy costs, pushed the annual inflation rate to 2.8%, remaining above the Fed’s 2% target. Overall, PCE prices went up 0.3% for the month and 2.5% year-over-year, driven by persistent increases in services and goods costs, including health care, financial services, and recreational goods. The data shows ongoing inflationary pressures complicating the central bank’s path to rate cuts.

不包括波动性食品和能源成本的核心PCE价格指数将年通货膨胀率提高到2.8％，保持在美联储的2％目标之上。总体而言，由PCE价格上涨0.3％，同比上涨2.5％，这是由于服务和商品成本的持续增长，包括医疗保健，金融服务和休闲商品。数据显示，持续的通货膨胀压力使中央银行削减速度的途径变得复杂。

Consumer spending, a key driver of economic activity, grew just 0.4% in February to $87.8 billion, less than the $88.0 billion analysts expected. Gains were largely seen in spending on goods at $56.3 billion—specifically, motor vehicles and recreational items—while services outlays turned up $31.5 billion. However, spending on food services, accommodation away from home, and gasoline declined, partially offsetting the growth. Real PCE, or PCE adjusted for inflation, edged up a mere 0.1%, signaling weak demand amid high prices.

经济活动的主要驱动力消费者支出在2月份增长了0.4％，达到878亿美元，低于预期的880亿美元的分析师。在563亿美元的商品支出（特别是机动车和休闲物品）上，收益很大程度上出现了，而服务支出则达到了315亿美元。但是，在食品服务上的支出，外面的住宿，汽油下降，部分抵消了增长。实际PCE或针对通货膨胀进行了调整的PCE，仅增长了0.1％，这表明需求疲软，而价格较高。

Financial markets reacted sharply to the report, with all major U.S. stock indices trading lower following the news. Bitcoin (BTC) price plunged to an intraday low of $83,920 per unit as investors booked profits from crypto assets. Gold, a traditional hedge against inflation, held firm at $3,071 per ounce at 11:30 a.m. ET on Friday as it signaled economic uncertainty.

金融市场对该报告做出了巨大的反应，新闻后，美国所有主要股票指数的交易较低。随着投资者从加密货币资产预订利润，比特币（BTC）的价格下跌至每单位83,920美元。戈尔（Gold）是一种反对通货膨胀的对冲，在周五美国东部时间上午11:30的每盎司3,071美元的企业表明经济不确定性。

The Commerce Department also noted that personal income went up 0.8% in February, supported by strong wage growth and an increase in government transfer receipts, like health insurance subsidies. Disposable income went up 0.9%, and real disposable income went up 0.5%. Finally, the personal saving rate remained at 4.6% in February, suggesting that households are still exercising caution with their spending amid sticky inflation.

商务部还指出，2月份的个人收入增长了0.8％，并得到了强劲的工资增长和政府转让收入的增加，例如健康保险补贴。可支配收入增长了0.9％，实际可支配收入上涨了0.5％。最后，个人储蓄率在2月保持4.6％，表明家庭在通货膨胀的情况下仍在谨慎行事。

In January, income growth was revised downward. From prior reports, wages are now seen rising 0.2% in January, and farm proprietors’ income is estimated to have decreased by $33.9 billion. The decrease in farm income was mainly due to a lower contribution from government programs, specifically, the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL) payments, which are included in net interest paid by government. These programs provided aid to businesses and farmers during the COVID-19 pandemic. Additionally, the adjustment in January’s income data resulted in a downward revision to the 4Q2023 GDP growth to 0.6% quarter-over-quarter.

一月份，收入增长向下修改。从先前的报告中，工资现在在一月份上升0.2％，农场老板的收入估计减少了339亿美元。农场收入的减少主要是由于政府计划的贡献较低，特别是薪水保护计划（PPP）和经济伤害灾害贷款计划（EIDL）付款，这些付款包含在政府支付的净利息中。这些计划在COVID-19-19大流行期间为企业和农民提供了援助。此外，一月份的收入数据的调整导致4Q2023 GDP增长到0.6％的四分之一四分之一。

The report comes ahead of the crucial Fed policy meeting in April, where officials will be weighing resilient inflation against signs of moderating consumer momentum and a potential slowdown in the labor market. The Commerce Department added that updated March data on income and spending will be released on April 30.

该报告是在4月至关重要的联邦政府政策会议之前，官员们将权衡通货膨胀与缓和消费者势头的迹象和劳动力市场的潜在放缓迹象。商务部补充说，最新的3月收入和支出数据将于4月30日发布。