美国联邦储备委员会、欧洲中央银行和日本央行将于本周做出货币政策决定，面临通胀风险和持续的中东冲突。
The US Federal Reserve, the European Central Bank (ECB) and the Bank of Japan (BoJ) will make monetary policy decisions this week in the face of inflation risks and the ongoing Middle East conflict.
在投资者关注持续高企的能源价格及其对市场的影响、以及对大规模人工智能投资盈利能力的担忧日益加剧之际，这三家央行将宣布其政策决定。由于中东局势再度升级的风险，能源成本进一步上升。能源价格上涨预计将重燃通胀，促使央行维持较长时间的高利率。美联储将于周三做出货币政策决定。
While investors are monitoring persistently high energy prices and their impact on markets amid mounting concerns over the profitability of massive artificial intelligence (AI) investments, the three central banks will announce their policy decisions. Energy costs rose even further due to risks of renewed escalation in the Middle East. The rise in energy prices is expected to reignite inflation, prompting central banks to keep rates high for longer. The Fed will make its monetary policy decision on Wednesday.
该行具有引导其他央行的影响力，因此主席凯文·沃什采取的步骤和提供的指引将决定全球金融环境的走向。
The bank has the influence to guide other central banks, so the steps taken and the guidance provided by Chair Kevin Warsh will determine the trajectory of global financial conditions.
美联储上月将政策利率上调25个基点，至3.75%-4%区间。
The Fed raised its policy rate by 25 basis points last month to a range of 3.75%-4%.
美国持续高企的通胀限制了货币宽松的预期，并强化了利率可能维持较长时间高位的估计。分析师还在关注进一步收紧的可能性及其对美元和美国国债收益率的潜在影响。
Persistently high inflation in the US limited expectations of monetary easing and reinforced estimates that interest rates may remain high for longer. Analysts are also monitoring the possibility of further tightening and its potential impact on the US dollar and Treasury yields.
欧洲央行将于周四宣布政策决定，届时欧元区通胀轨迹、经济增长前景以及能源价格上涨对物价稳定的潜在影响将成为主要议题。
The ECB will announce its policy decision on Thursday, when the inflation trajectory in the eurozone, the economic growth outlook and the potential impact of rising energy prices on price stability will be the main topics.
该行此前于9月将三大关键政策利率上调25个基点。预计其将在即将召开的会议上维持利率不变，但鉴于油价高企和通胀风险，市场对后续会议加息的预期依然强烈。
The bank previously raised its three key policy rates by 25 basis points in September. It is expected to maintain rates at its upcoming meeting, but expectations of rate hikes at subsequent meetings remain high amid elevated oil prices and inflation risks.
法国抗议活动升级持续威胁公共财政，加剧了法国政府债券的抛售压力。
Escalating protests in France continue to threaten public finances, intensifying selling pressure on French government bonds.
法国10年期国债收益率升至5.07%，创2002年以来新高，并自2013年以来首次超过美国10年期国债收益率。
France’s 10-year bond yield rose to its highest level since 2002 at 5.07%, surpassing that of the US 10-year Treasury bond for the first time since 2013.
德国9月生产者价格指数（PPI）环比上涨1.9%，同比上涨6.7%，均高于预期且增速快于8月。同比增速为2023年3月以来最快。
Germany’s Producer Price Index (PPI) rose 1.9% month-on-month and 6.7% on an annual basis in September, above estimates and faster than in August. The annual growth was the fastest since March 2023.
与此同时，日本央行将于周五决定货币政策，此前该行上月决定将政策利率上调至1.25%。
Meanwhile, the BoJ will decide its monetary policy on Friday following a decision to hike its policy rate to 1.25% last month.
中东局势紧张推高油价，引发能源和通胀担忧，尤其冲击依赖能源进口的亚洲经济体。
Rising oil prices due to tensions in the Middle East fuel energy and inflation concerns, particularly affecting Asian economies that depend on energy imports.
日本9月年度通胀率达到2.1%，符合预期，而核心通胀率九个月来首次升破2%，支撑了鹰派预期。
Japan’s annual inflation reached 2.1% in September, in line with estimates, while its core inflation rose above 2% for the first time in nine months, supporting hawkish expectations.
尽管日本9月出口同比激增16.7%，但低于预期，且增速较8月放缓。半导体和人工智能（AI）产品的强劲需求推动了日本出口。预计日本央行本周将维持利率不变，但可能在12月加息。通胀前景、工资增长和经济活动前景将决定该行的货币政策走向。
While Japanese exports surged 16.7% on an annual basis in September, they fell short of estimates and slowed compared with August. Strong demand for semiconductors and artificial intelligence (AI) products drove Japanese exports. The BoJ is expected to maintain rates this week, but it may hike rates in December. The outlook for inflation, wage growth and economic activity will shape the bank’s monetary policy.