{"id":8120,"date":"2026-02-11T17:48:13","date_gmt":"2026-02-11T09:48:13","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=8120"},"modified":"2026-02-16T12:48:24","modified_gmt":"2026-02-16T04:48:24","slug":"%e8%81%af%e5%84%b2-%e5%b1%80-%e8%ad%b0-%e6%81%af-%e6%9c%83%e8%ad%b0-%e6%97%a5%e6%9c%9f-%e4%b8%bb%e5%b8%ad","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e8%81%af%e5%84%b2-%e5%b1%80-%e8%ad%b0-%e6%81%af-%e6%9c%83%e8%ad%b0-%e6%97%a5%e6%9c%9f-%e4%b8%bb%e5%b8%ad\/","title":{"rendered":"\u4faf\u4efb\u806f\u5132\u5c40\u4e3b\u5e2d\u4eba\u9078\u5875\u57c3\u843d\u5b9a \u4e00\u6587\u8b1b\u6e05Fed\u8b70\u606f\u6703\u8b70\u9ede\u904b\u4f5c\uff01"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-1024x576.png\" alt=\"\" class=\"wp-image-8121\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/02\/\u806f\u5132-\u5c40-\u8b70-\u606f-\u6703\u8b70-\u65e5\u671f-\u4e3b\u5e2d\u200b.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u7f8e\u570b\u7e3d\u7d71\u7279\u6717\u666e\u57282026\u5e74\u5e74\u521d\u5ba3\u4f48\u63d0\u540dKevin Warsh\u70ba\u4e0b\u4efb\u806f\u5132\u5c40\u4e3b\u5e2d\uff0c\u63a5\u66ff\u4efb\u671f\u65bc5\u670815\u65e5\u5c46\u6eff\u7684\u9b91\u5a01\u723e\u3002\u806f\u5132\u5c40\u4e3b\u5e2d\u96d6\u7136\u662f\u7f8e\u570b\u91d1\u878d\u9ad4\u7cfb\u7684\u8c61\u5fb5\uff0c\u4f46\u5728\u6bcf\u5e748\u6b21\u7684\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08FOMC\uff09\u8b70\u606f\u6703\u8b70\u4e0a\u50c5\u64c1\u6709\u4e00\u7968\u8868\u6c7a\u6b0a\u3002\u672c\u6587\u89e3\u8aaa\u806f\u5132\u5c40\u4e3b\u5e2d\u7684\u5730\u4f4d\uff0c\u4ee5\u53caFed\u8b70\u606f\u6703\u8b70\u5982\u4f55\u904b\u4f5c\u3002<\/p>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-0304b4d4      \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\t\u8a73\u89e3\u7f8e\u570b\u806f\u5132\u5c40\u8b70\u606f\u6703\u8b70\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap \">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u7f8e\u570b\u806f\u5132\u5c40\u7684\u67b6\u69cb\" class=\"uagb-toc-link__trigger\">\u7f8e\u570b\u806f\u5132\u5c40\u7684\u67b6\u69cb<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u8b70\u606f\u6703\u8b70\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703fomc\u904b\u4f5c\u65b9\u5f0f\" class=\"uagb-toc-link__trigger\">\u8b70\u606f\u6703\u8b70\uff5c\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08FOMC\uff09\u904b\u4f5c\u65b9\u5f0f<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u806f\u5132\u5c40\u9054\u6210\u8b70\u606f\u6703\u8b70\u76ee\u6a19\u7684\u5de5\u5177\" class=\"uagb-toc-link__trigger\">\u806f\u5132\u5c40\u9054\u6210\u8b70\u606f\u6703\u8b70\u76ee\u6a19\u7684\u5de5\u5177<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#2026\u5e74\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703fomc\u8b70\u606f\u6703\u8b70\u65e5\u7a0b\" class=\"uagb-toc-link__trigger\">2026\u5e74\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08FOMC\uff09\u8b70\u606f\u6703\u8b70\u65e5\u7a0b<\/a><li class=\"uagb-toc__list\"><a href=\"#\u806f\u5132\u5c40\u4e3b\u5e2d\u7684\u5f71\u97ff\u529b\" class=\"uagb-toc-link__trigger\">\u806f\u5132\u5c40\u4e3b\u5e2d\u7684\u5f71\u97ff\u529b<\/a><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<h2 class=\"wp-block-heading\">\u7f8e\u570b\u806f\u5132\u5c40\u7684\u67b6\u69cb<\/h2>\n\n\n\n<p>\u806f\u5132\u5c40\uff08\u82f1\u6587\uff1aFederal Reserve System\uff0c\u7c21\u7a31Fed\uff09\u662f\u6839\u64da1913\u5e74\u901a\u904e\u7684\u300a<a href=\"https:\/\/www.federalreserve.gov\/aboutthefed\/fract.htm\">Federal Reserve Act<\/a>\u300b\u800c\u6210\u7acb\uff0c\u88ab\u8ce6\u4e88\u4e86\u7dad\u8b77\u91d1\u878d\u7a69\u5b9a\u3001\u7ba1\u7406\u8ca8\u5e63\u4f9b\u61c9\u4ee5\u53ca\u76e3\u7763\u9280\u884c\u9ad4\u7cfb\u7684\u91cd\u4efb\u3002<\/p>\n\n\n\n<p>\u75317\u540d\u7406\u4e8b\u7d44\u6210\u7684\u7406\u4e8b\u6703\u662f\u806f\u5132\u5c40\u7684\u9818\u5c0e\u6838\u5fc3\uff0c\u800c\u7406\u4e8b\u5011\u90fd\u662f\u7531\u7f8e\u570b\u7e3d\u7d71\u63d0\u540d\u4e26\u7d93\u53c3\u8b70\u9662\u78ba\u8a8d\u3002\u70ba\u4e86\u9632\u6b62\u8ca8\u5e63\u653f\u7b56\u53d7\u5230\u77ed\u671f\u653f\u6cbb\u9078\u8209\u5e72\u64fe\uff0c\u6cd5\u5f8b\u898f\u5b9a\u806f\u5132\u5c40\u7406\u4e8b\u4efb\u671f\u9577\u905414\u5e74\uff0c\u800c\u4e14\u6bcf2\u5e74\u624d\u67091\u540d\u7406\u4e8b\u4efb\u671f\u5c46\u6eff\uff0c\u78ba\u4fdd\u7f8e\u570b\u7e3d\u7d71\u96e3\u4ee5\u5728\u55ae\u4e00\u4efb\u671f\u5167\u901a\u904e\u4efb\u547d\u591a\u6578\u7406\u4e8b\u4f86\u5b8c\u5168\u63a7\u5236\u806f\u5132\u5c40\u3002\u7f8e\u570b\u7e3d\u7d71\u6703\u5f9e\u7406\u4e8b\u4e2d\u4efb\u547d1\u4eba\u70ba\u4e3b\u5e2d\uff0c\u4efb\u671f4\u5e74\uff0c\u53ef\u4ee5\u9023\u4efb\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8b70\u606f\u6703\u8b70\uff5c\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08FOMC\uff09\u904b\u4f5c\u65b9\u5f0f<\/h3>\n\n\n\n<p>\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08\u82f1\u6587\uff1aFederal Open Market Committee\uff0cFOMC\uff09\u5247\u662f\u806f\u5132\u5c40\u5236\u5b9a\u8ca8\u5e63\u653f\u7b56\u7684\u7d44\u7e54\uff0c\u6bcf\u5e74\u6703\u8209\u884c8\u6b21\u8b70\u606f\u6703\u8b70\uff0c\u901a\u5e38\u70ba\u671f2\u5929\u3002<\/p>\n\n\n\n<p>\u8207\u6703\u6210\u54e1\u4e2d\u670912\u4eba\u64c1\u6709\u6295\u7968\u6b0a\uff0c\u5206\u5225\u70ba\u806f\u5132\u5c40\u7406\u4e8b\u6703\u76847\u540d\u7406\u4e8b\u3001\u7d10\u7d04\u5132\u5099\u9280\u884c\u884c\u9577\uff0c\u4ee5\u53ca\u5176\u991811\u5bb6\u5132\u5099\u9280\u884c\u884c\u9577\u4e2d\u6309\u5e74\u5ea6\u8f2a\u63db\u76844\u540d\u6210\u54e1\uff0c\u9019\u7a2e\u8f2a\u63db\u6a5f\u5236\u78ba\u4fdd\u7f8e\u570b\u7684\u8ca8\u5e63\u653f\u7b56\u6c7a\u7b56\u4e0d\u6703\u88ab\u55ae\u4e00\u5730\u5340\u5229\u76ca\u6240\u9577\u671f\u58df\u65b7\uff0c\u540c\u6642\u4e0a\u8ff019\u4f4d\u5b98\u54e1\u90fd\u6703\u53c3\u8207\u8a0e\u8ad6\u3002<\/p>\n\n\n\n<p>\u53c3\u8207\u8b70\u606f\u6703\u8b70\u7684FOMC\u5b98\u54e1\u6703\u5148\u807d\u53d6\u5de5\u4f5c\u4eba\u54e1\u5c0d\u7d93\u6fdf\u5f62\u52e2\u7684\u5206\u6790\uff0c\u4e26\u53c3\u8003\u300c\u7da0\u76ae\u66f8\u300d\u53ca\u300c\u85cd\u76ae\u66f8\u300d\u7684\u8cc7\u8a0a\uff0c\u7e7c\u800c\u6240\u6709\u6210\u54e1\u8f2a\u6d41\u767c\u8a00\uff0c\u5206\u4eab\u5176\u6240\u5c6c\u5730\u5340\u7684\u7d93\u6fdf\u73fe\u72c0\u8207\u5c0d\u672a\u4f86\u7684\u9810\u4f30\uff0c\u4e26\u91dd\u5c0d\u662f\u5426\u8abf\u6574\u5229\u7387\u3001\u91cf\u5316\u5bec\u9b06\uff08QE\uff09\u6216\u91cf\u5316\u7dca\u7e2e\uff08QT\uff09\u7684\u6b65\u8abf\u9032\u884c\u8faf\u8ad6\u3002<\/p>\n\n\n\n<p>\u6700\u7d42\u806f\u5132\u5c40\u4e3b\u5e2d\u6703\u6839\u64da\u8a0e\u8ad6\u4e2d\u9054\u6210\u7684\u521d\u6b65\u5171\u8b58\u63d0\u51fa\u4e00\u500b\u8349\u6848\uff0c\u753112\u4f4d\u6295\u7968\u59d4\u54e1\u9032\u884c\u6b63\u5f0f\u8868\u6c7a\uff0c\u901a\u904e\u300c\u591a\u6578\u7968\u6c7a\u5236\u300d\u9054\u6210\u653f\u7b56\u8072\u660e\u3002\u6700\u7d42\u806f\u5132\u5c40\u6703\u767c\u4f48\u8072\u660e\u89e3\u91cb\u6c7a\u5b9a\uff0c\u518d\u7531\u806f\u5132\u5c40\u4e3b\u5e2d\u53ec\u958b\u8a18\u8005\u6703\u8a73\u7d30\u8aaa\u660e\u6c7a\u7b56\u7406\u7531\u548c\u7d93\u6fdf\u5c55\u671b\u3002\u81f3\u65bc\u8b70\u606f\u6703\u8b70\u7d00\u9304\u5247\u6703\u57283\u500b\u661f\u671f\u5f8c\u516c\u4f48\uff0c\u8a73\u7d30\u8a18\u9304\u6703\u8b70\u4e2d\u5b98\u54e1\u7684\u8faf\u8ad6\u904e\u7a0b\u8207\u53cd\u5c0d\u610f\u898b\u3002<\/p>\n\n\n\n<p>\u6e1b\u606f\u76f8\u95dc\u8cc7\u8a0a\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%82%B5%E5%88%B8%E6%8A%95%E8%B3%87%E6%87%B6%E7%AD%96%E7%95%A5%E4%BA%BA%E5%8C%85\/\">\u6295\u8cc7\u61f6\u7b56\u7565\u4eba\u5305\uff5c\u5168\u7403\u592e\u884c\u958b\u555f\u6e1b\u606f\u5468\u671f \u512a\u8cea\u50b5\u5238\u6210\u6295\u8cc7\u65b0\u5bf5<\/a><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u806f\u5132\u5c40\u9054\u6210\u8b70\u606f\u6703\u8b70\u76ee\u6a19\u7684\u5de5\u5177<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8a2d\u5b9a\u806f\u90a6\u8cc7\u91d1\u5229\u7387\u76ee\u6a19\u5340\u9593\uff1a<\/strong> \u5f71\u97ff\u9280\u884c\u9593\u7684\u62c6\u501f\u6210\u672c\uff0c\u7e7c\u800c\u9023\u52d5\u5e02\u5834\u7684\u6240\u6709\u8cb8\u6b3e\u5229\u7387<\/li>\n\n\n\n<li><strong>\u524d\u77bb\u6307\u5f15\uff1a<\/strong>\u5728\u8b70\u606f\u6703\u8b70\u8072\u660e\u4e2d\u6697\u793a\u672a\u4f86\u7684\u653f\u7b56\u8d70\u5411\uff0c\u5f15\u5c0e\u5e02\u5834\u9df9\u6d3e\u6216\u9d3f\u6d3e\u9810\u671f<\/li>\n\n\n\n<li><strong>\u5229\u7387\u9ede\u9663\u5716\uff1a<\/strong> \u6bcf\u5b63\u516c\u5e03FOMC\u6210\u54e1\u5c0d\u672a\u4f86\u5e7e\u5e74\u5229\u7387\u7684\u9810\u6e2c\uff0c\u4f9b\u5e02\u5834\u9810\u5224\u5229\u7387\u9577\u671f\u8da8\u52e2\u6642\u4f5c\u70ba\u53c3\u8003<\/li>\n<\/ul>\n\n\n\n<p>\u6295\u8cc7\u8005\u9700\u8981\u7559\u610f\u7684\u662f\u9b91\u5a01\u723e\u64d4\u4efb\u806f\u5132\u5c40\u4e3b\u5e2d\u671f\u9593\uff0c\u8b70\u606f\u6703\u8b70\u65b0\u805e\u767c\u4f48\u6703\u5c0d\u5e02\u5834\u7684\u5f71\u97ff\u986f\u8457\u589e\u52a0\u3002<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomc.htm\">\u7814\u7a76<\/a><a href=\"https:\/\/www.frbsf.org\/wp-content\/uploads\/wp2025-30.pdf\">\u767c\u73fe<\/a>\uff0c\u9b91\u5a01\u723e\u5728\u65b0\u805e\u767c\u5e03\u6703\u671f\u9593\u5e02\u5834\u6ce2\u52d5\u6027\u662f\u5176\u524d\u4efb\u8036\u502b\u548c\u4f2f\u5357\u514b\u6642\u671f\u76843\u500d\u4ee5\u4e0a\u3002<\/p>\n\n\n\n<p><strong>\u9999\u6e2f\u5b9a\u671f\u5b58\u6b3e\u5229\u7387\u8cc7\u8a0a\uff1a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%a6%99%e6%b8%af-%e9%8a%80%e8%a1%8c-%e9%ab%98%e6%81%af-%e6%b8%af%e5%85%83-%e6%b4%bb%e6%9c%9f-%e5%84%b2%e8%93%84-%e5%ad%98%e6%ac%be-%e5%88%a9%e6%81%af-%e6%af%94%e8%bc%83\/\"><strong>\u9999\u6e2f\u9ad8\u606f\u5132\u755c\u6236\u53e3\u6bd4\u8f03<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%AE%9A%E6%9C%9F-%E5%AD%98%E6%AC%BE-%E6%96%B0%E8%B3%87%E9%87%91-%E5%93%AA-%E9%96%93-%E9%8A%80%E8%A1%8C-%E5%AE%9A-%E5%AD%98-%E5%88%A9%E6%81%AF-%E9%AB%98-%E6%BB%99%E8%B1%90-%E4%B8%AD%E9%8A%80\/\"><strong>\u6e2f\u5143\u65b0\u8cc7\u91d1\u5b9a\u5b58\u5229\u606f\u6bd4\u8f03<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/usd-time-deposit\/\"><strong>\u9999\u6e2f\u7f8e\u5143\u5b9a\u5b58\u6bd4\u8f03<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/2025%e5%b9%b46%e6%9c%88%ef%bc%9a%e9%a6%99%e6%b8%af%e4%ba%ba%e6%b0%91%e5%b9%a3%e5%ae%9a%e6%9c%9f%e5%ad%98%e6%ac%be%e6%9c%80%e9%ab%98%e5%88%a9%e7%8e%87%e4%b8%80%e8%a6%bd-%e6%b8%af%e5%85%83%e5%ae%9a\/\"><strong>\u9999\u6e2f\u4eba\u6c11\u5e63\u5b9a\u671f\u5b58\u6b3e<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/best-usd-time-deposit-rate-hong-kong\/\"><strong>USD Fixed Deposit Rates<\/strong><\/a><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2026\u5e74\u806f\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\uff08FOMC\uff09\u8b70\u606f\u6703\u8b70\u65e5\u7a0b<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td>\u8b70\u606f\u6703\u8b70\u65e5\u671f<\/td><td>\u662f\u5426\u5305\u542b\u7d93\u6fdf\u9810\u6e2c (SEP)<\/td><\/tr><tr><td><strong>\u7b2c\u4e00\u5834<\/strong><\/td><td>1\u670827-28\u65e5<\/td><td>\u5426<\/td><\/tr><tr><td><strong>\u7b2c\u4e8c\u5834<\/strong><\/td><td>3\u670817-18\u65e5<\/td><td><strong>\u662f<\/strong><\/td><\/tr><tr><td><strong>\u7b2c\u4e09\u5834<\/strong><\/td><td>4\u670828-29\u65e5<\/td><td>\u5426<\/td><\/tr><tr><td><strong>\u7b2c\u56db\u5834<\/strong><\/td><td>6\u670816-17\u65e5<\/td><td><strong>\u662f<\/strong><\/td><\/tr><tr><td><strong>\u7b2c\u4e94\u5834<\/strong><\/td><td>7\u670828-29\u65e5<\/td><td>\u5426<\/td><\/tr><tr><td><strong>\u7b2c\u516d\u5834<\/strong><\/td><td>9\u670815-16\u65e5<\/td><td><strong>\u662f<\/strong><\/td><\/tr><tr><td><strong>\u7b2c\u4e03\u5834<\/strong><\/td><td>10\u670827-28\u65e5<\/td><td>\u5426<\/td><\/tr><tr><td><strong>\u7b2c\u516b\u5834<\/strong><\/td><td>12\u67088-9\u65e5<\/td><td><strong>\u662f<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u806f\u5132\u5c40\u4e3b\u5e2d\u7684\u5f71\u97ff\u529b<\/h2>\n\n\n\n<p>\u96d6\u7136\u806f\u5132\u5c40\u4e3b\u5e2d\u5728\u8b70\u606f\u6703\u8b70\u4e0a\u50c5\u67091\u7968\uff0c\u4e0d\u5177\u300c\u4e00\u69cc\u5b9a\u97f3\u300d\u7684\u6b0a\u529b\uff0c\u4f46\u5176\u5f71\u97ff\u529b\u9060\u9060\u8d85\u8d8a\u8868\u9762\u7684\u6b0a\u529b\u914d\u7f6e\u3002\u806f\u5132\u5c40\u4e3b\u5e2d\u540c\u6642\u64d4\u4efb\u7406\u4e8b\u6703\u4e3b\u5e2d\u548cFOMC\u4e3b\u5e2d\uff0c\u80fd\u5920\u63a7\u5236\u6703\u8b70\u8b70\u7a0b\u3001\u5851\u9020\u653f\u7b56\u8a0e\u8ad6\u7684\u6846\u67b6\uff0c\u4e26\u4f5c\u70ba\u806f\u5132\u5c40\u5c0d\u5916\u7684\u516c\u773e\u4ee3\u8a00\u4eba\u3002\u81ea1935\u5e74\u4ee5\u4f86\uff0c\u806f\u5132\u5c40\u4e3b\u5e2d\u4e00\u76f4\u7531\u59d4\u54e1\u6703\u6307\u5b9a\u70baFOMC\u4e3b\u5e2d\uff0c\u9019\u4f7f\u5f97\u5169\u500b\u8077\u4f4d\u7684\u5408\u4e00\u6210\u70ba\u5236\u5ea6\u5e38\u614b\u3002<\/p>\n\n\n\n<p>\u806f\u5132\u5c40\u4e3b\u5e2d\u4e00\u8077\u66f4\u662f\u7f8e\u570b\u91d1\u878d\u9ad4\u7cfb\u7684\u8c61\u5fb5\uff0c\u5728G20\u3001\u570b\u969b\u6e05\u7b97\u9280\u884c\uff08BIS\uff09\u7b49\u570b\u969b\u5834\u5408\uff0c\u806f\u5132\u5c40\u4e3b\u5e2d\u5f80\u5f80\u6703\u4ee3\u8868\u7f8e\u570b\u8207\u5168\u7403\u592e\u884c\u9032\u884c\u653f\u7b56\u5354\u8abf \u3002<\/p>\n\n\n\n<p>\u806f\u5132\u5c40\u4e3b\u5e2d\u7684\u9996\u8981\u8077\u8cac\u662f\u5728\u6301\u6709\u591a\u5143\u5316\u89c0\u9ede\u7684FOMC\u5167\u90e8\u69cb\u5efa\u653f\u7b56\u5171\u8b58\u3002\u7531\u65bc\u300c\u5927\u6bd4\u4f8b\u5171\u8b58\u300d\u5c0d\u65bc\u7dad\u8b77\u806f\u5132\u5c40\u5728\u5e02\u5834\u4e0a\u7684\u4fe1\u8b7d\u81f3\u95dc\u91cd\u8981\uff0c\u6240\u4ee5\u806f\u5132\u5c40\u4e3b\u5e2d\u5fc5\u9808\u5728\u9df9\u6d3e\u8207\u9d3f\u6d3e\u3001\u5b78\u754c\u51fa\u8eab\u7684\u7406\u4e8b\u8207\u91d1\u878d\u696d\u80cc\u666f\u7684\u884c\u9577\u4e4b\u9593\u5c0b\u6c42\u5e73\u8861\uff0c\u6709\u6642\u5728\u6703\u524d\u8207\u6210\u54e1\u9032\u884c\u5ee3\u6cdb\u7684\u975e\u6b63\u5f0f\u6e9d\u901a\uff0c\u4f8b\u5982\u96fb\u8a71\u806f\u7e6b\uff0c\u4ee5\u964d\u4f4e\u6703\u8b70\u73fe\u5834\u51fa\u73fe\u91cd\u5927\u5206\u6b67\u7684\u53ef\u80fd\u6027\u3002<\/p>\n\n\n\n<p>\u503c\u5f97\u7559\u610f\u7684\u662f\uff0c2025\u5e74\u806f\u5132\u5c40\u5167\u90e8\u806f\u5132\u5c40<a href=\"https:\/\/www.cnn.com\/2025\/11\/17\/economy\/powell-fed-consensus\">\u5167\u90e8\u5206\u6b67<\/a>\u660e\u986f\u589e\u52a0\uff0c\u591a\u4f4d\u7406\u4e8b\u5728\u540c\u4e00\u6b21\u6703\u8b70\u4e0a\u767c\u8868\u4e0d\u540c\u610f\u898b\uff0c\u53cd\u6620\u806f\u5132\u5c40\u4e3b\u5e2d\u5728\u76ee\u524d\u7684\u653f\u7d93\u74b0\u5883\u4e0b\uff0c\u5efa\u7acb\u5171\u8b58\u65b9\u9762\u9762\u81e8\u6311\u6230\u3002<\/p>\n\n\n\n<p>\u5118\u7ba1\u7f8e\u570b\u7e3d\u7d71\u5728\u884c\u653f\u9ad4\u7cfb\u4e2d\u64c1\u6709\u6975\u5927\u6b0a\u529b\uff0c\u4f46\u8981\u63d0\u524d\u64a4\u63db\u806f\u5132\u5c40\u4e3b\u5e2d\u4e5f\u7d55\u975e\u6613\u4e8b\uff0c\u56e0\u70ba\u806f\u5132\u5c40\u9ad4\u7cfb\u8a2d\u8a08\u7684\u521d\u8877\u6b63\u662f\u70ba\u4e86\u9632\u6b62\u7f8e\u570b\u8ca8\u5e63\u6c7a\u7b56\u6dea\u70ba\u9078\u8209\u7684\u5de5\u5177\uff0c\u800c\u7f8e\u570b<a href=\"https:\/\/www.reuters.com\/world\/us\/feds-powell-declines-comment-staying-fed-after-his-chair-term-2026-01-28\/\">\u6b77\u53f2\u4e0a<\/a>\u5f9e\u672a\u6709\u806f\u5132\u5c40\u4e3b\u5e2d\u88ab\u7e3d\u7d71\u7f77\u514d\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u7f8e\u570b\u6cd5\u4f8b\uff0c\u7e3d\u7d71\u50c5\u80fd\u5728\u300c\u56e0\u6545\u300d\u7684\u60c5\u6cc1\u4e0b\u79fb\u9664\u806f\u5132\u5c40\u7406\u4e8b\u6703\u6210\u54e1 \uff0c\u88ab\u89e3\u8b80\u70ba\u806f\u5132\u5c40\u4e3b\u5e2d\u9700\u8981\u5177\u5099\u56b4\u91cd\u7684\u7006\u8077\u3001\u9055\u6cd5\u6216\u7121\u80fd\u884c\u70ba\uff0c\u800c\u975e\u50c5\u50c5\u662f\u56e0\u70ba\u7e3d\u7d71\u4e0d\u559c\u6b61\u76ee\u524d\u7684\u5229\u7387\u6c34\u5e73\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0c\u5373\u4fbf\u7e3d\u7d71\u63d0\u540d\u4e86\u65b0\u806f\u5132\u5c40\u4e3b\u5e2d\u4eba\u9078\uff0c\u4e5f\u5fc5\u9808\u7d93\u904e\u53c3\u8b70\u9662\u9280\u884c\u59d4\u54e1\u6703\u7684\u807d\u8b49\u8207\u5168\u9ad4\u53c3\u8b70\u9662\u7684\u8868\u6c7a\uff0c\u800c\u6b77\u53f2\u4e0a\u53c3\u8b70\u9662\u78ba\u8a8d\u6642\u9593\u901a\u5e38\u9700\u8981\u6578\u500b\u6708\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u91d1\u878d\u884c\u696d\u5c08\u9580\u540d\u8a5e\u89e3\u91cb\uff1a<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%bb%af%e8%84%b9-stagflation-%e6%8a%95%e8%b3%87-%e7%ad%96%e7%95%a5\/\"><strong>\u6eef\u8139<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%a9%a9%e5%ae%9a-%e5%b9%a3\/\"><strong>\u7a69\u5b9a\u5e63<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%a6%99%e6%b8%af-%e8%97%8d%e7%b1%8c%e8%82%a1-%e5%90%8d%e5%96%ae\/\"><strong>\u85cd\u7c4c\u80a1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\"><strong>\u6c38\u7e8c\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%b7%a8%e7%81%bd%e5%82%b5%e5%88%b8-%e6%98%af%e4%bb%80%e9%ba%bc-%e9%a6%99%e6%b8%af-%e5%9f%ba%e9%87%91-%e5%8e%9f%e7%90%86-%e4%bf%9d%e9%9a%aa%e7%9b%b8%e9%80%a3-%e8%8b%b1%e6%96%87\/\"><strong>\u5de8\u707d\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%a6%82%e4%bd%95%e9%80%8f%e9%81%8e%e6%88%90%e6%9c%ac%e5%b9%b3%e5%9d%87%e6%b3%95%e7%a9%8d%e7%b4%af%e9%95%b7%e6%9c%9f%e8%b2%a1%e5%af%8c\/\"><strong>\u5e73\u5747\u6210\u672c\u6cd5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d%e5%85%a5%e9%96%80%ef%bd%9c%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91%e8%88%87%e7%a7%81%e5%8b%9f%e8%82%a1%e6%ac%8a%e5%9f%ba%e9%87%91%e6%9c%89%e4%bd%95%e5%88%a5%ef%bc%9f\/\"><strong>\u79c1\u52df\u57fa\u91d1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e8%b2%a8%e5%b9%a3-%e5%b8%82%e5%a0%b4-%e5%9f%ba%e9%87%91-%e9%a2%a8%e9%9a%aa-%e6%8e%a8%e8%96%a6-money-market-fund-%e4%b8%ad%e6%96%87\/\"><strong>\u8ca8\u5e63\u57fa\u91d1<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%a6%99%e6%b8%af-%e9%80%80%e4%bc%91-%e9%95%b7%e5%a3%bd-%e9%a2%a8%e9%9a%aa-%e9%a6%99%e6%b8%af-%e8%8b%b1%e6%96%87-longevity-risk\/\"><strong>\u9577\u58fd\u98a8\u96aa<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7052\"><strong>\u99ac\u592a\u6548\u61c9<\/strong><\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%9c%80-%e5%84%aa%e6%83%a0-%e5%88%a9%e7%8e%87\/\">\u6700\u512a\u60e0\u5229\u7387<\/a>\uff5c<a 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