美国、欧洲和日本的央行预计将在12月收紧货币政策，为鹰派的一年画上句号，此前它们在10月曾短暂采取观望态度。
The central banks of the US, Europe and Japan are expected to cap off a hawkish year by tightening monetary policy in December after briefly adopting a wait-and-see approach in October.
美联储、欧洲央行（ECB）和日本央行在10月维持利率不变，但持续的通胀和不断上涨的能源价格增加了进一步加息的压力。
The US Federal Reserve, the European Central Bank (ECB) and the Bank of Japan maintained their interest rates in October, but persistent inflation and rising energy prices have increased pressure for further rate hikes.
美国经济增长高于预期，消费者支出顽强居高不下，缩小了美联储在货币政策上的操作空间。
The US economy’s hotter-than-expected growth and stubbornly high consumer spending have narrowed the Fed’s room to maneuver on monetary policy.
美联储于10月28日以10比2的投票结果，将政策利率维持在3.75%-4%区间。
The Fed maintained its policy rate in the 3.75%-4% range on Oct. 28 in a 10-2 vote.
美联储主席凯文·沃什发表言论称通胀仍过高，促使货币市场将12月9日加息25个基点的概率定价为73%。
Fed Chair Kevin Warsh made remarks indicating that inflation remains too high, prompting money markets to price in a 73% probability of a 25-basis-point rate hike on Dec. 9.
与此同时，因中东局势紧张导致石油和天然气价格上涨，推高了欧洲的生产和运输成本，加剧了通胀压力。
Meanwhile, rising oil and natural gas prices due to tensions in the Middle East are driving up inflationary pressures by increasing production and transportation costs in Europe.
根据货币市场估算，欧洲央行在12月加息的概率为87%，欧洲央行行长克里斯蒂娜·拉加德近期释放的鹰派信号进一步强化了这一预期。
The ECB has an 87% probability of hiking rates in December, an expectation further reinforced by recent hawkish signals from ECB President Christine Lagarde, according to money market estimates.
欧洲央行近期表示，拉加德将于2027年2月7日提前卸任，早于原定的10月离任时间。因此，此轮收紧周期伴随着领导层变动的不确定性。
The ECB recently said Lagarde would step down early on Feb. 7, 2027, ahead of her scheduled departure in October. The tightening cycle is therefore accompanied by leadership uncertainty.
与此同时，英格兰银行几乎确定将在周四将政策利率上调25个基点，市场预期下个月和2027年2月将进一步加息。
Meanwhile, the Bank of England is almost certain to hike its policy rate by 25 basis points on Thursday, with markets expecting additional hikes next month and in February 2027.
日本央行被广泛预期将在下个月进一步收紧货币政策，此前该行在10月底维持利率在1.25%不变，同时将年末经通胀调整后的增长预测上调至0.7%-0.8%区间。
The Bank of Japan is widely expected to tighten its monetary policy further next month, having kept its rates steady at 1.25% at the end of October while revising its year-end inflation-adjusted growth forecast upward to a range of 0.7%-0.8%.
日本央行行长植田和男近期暗示即将进行政策重新评估，支撑了市场对另一次迫在眉睫加息的预期。
Bank of Japan Governor Kazuo Ueda recently suggested a forthcoming policy reassessment, supporting market expectations of another imminent rate hike.