

美联储周三维持政策不变,表示美国经济正走向近40年来最强劲的增长,决策者承诺尽管可能出现通胀飙升,但他们会维持宽松政策。
对此,渣打银行分析师Steve Englander称,美联储联邦公开市场委员会在声明中没有做什么改变,但将隔夜逆回购交易的上限从300亿美元提高到800亿美元。
美联储的经济预测不包括在2023年之前上调联邦基金目标利率,尽管18位参与者中有7位确实预测了联邦基金利率的上调。当地时间周三美联储公布利率决议之后,市场出现一波剧烈波动,美元下挫、美国股市大幅上涨……
Englander表示,美联储温和的信号让资产市场松了一口气,但这能持续多久?综合FX168周四最新一篇报道,在周四欧市早盘,美债收益率再度上攻,且10年期、30年期国债收益率都再度刷新高位,引发市场抛售!
投资者非常关注这次联邦公开市场委员会会议,看看3月份(在某种程度上是12月份)的财政刺激计划将如何影响预测和政策立场。渣打银行曾预计,美联储的预测显示,2023年美联储将两次加息25个基点;市场预计2023年加息一次或略少于一次,但FOMC没有兑现。
这是一个温和的惊喜——澳元、纽元、墨西哥比索、南非兰特、挪威克朗和巴西雷亚尔在声明发布后的第一个小时内上涨超过1%。大多数主要货币升值幅度在0.5%至1.0%之间;10年期美国国债收益率在会议召开前跳涨了6个基点,随后回到了开盘价1.62%。
此外,美联储主席鲍威尔重申,美联储对目前的收益率水平没有不满。
鲍威尔还努力淡化点阵图中的预测,同时强调在平均通货膨胀目标框架下实现(而不是预测)通货膨胀和失业目标的重要性。
就目前而言,投资者正在吸收这样一个信息:在数据显示出相反的情况之前,美联储打算保持鸽派立场。如果未来几周随着美国经济复苏和财政刺激措施的实施,出现一系列强劲的数据,这种情况可能会改变。
短期内,市场(以及我们)对美联储承认前景更加乐观的担忧已经消散。但我们认为,如果复苏的步伐表明充分就业的实现速度可能比点阵图显示的要快,那么点阵图中的预期可能会被更新。
渣打银行预计美国国债收益率将继续走高,但我们也认为任何对美元有利的影响都将是暂时的,收益率的上升不足以抵消经常账户赤字扩大和债务增加对美元的长期负面影响。

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