原来，华尔街终究还是不能停止对利率的担忧。数周来，投资者一直将注意力从美联储转移到人工智能交易的裂痕上，周二却迎来了高温通胀数据和一位关键美联储官员鹰派言论的双重打击。
It turns out Wall Street needs to keep worrying about interest rates, after all. After weeks of tuning out the Federal Reserve to focus on cracks in the artificial-intelligence trade, investors were greeted Tuesday with a one-two punch of hot inflation data and hawkish remarks from a key Fed official.
美联储理事克里斯托弗·沃勒率先发声，警告称，如果周二的消费者价格指数报告显示核心物价环比上涨0.3%，他可能支持12月加息0.5个百分点，这一幅度高于正常水平。随后，这份CPI报告确实呈现了这一情景。债券价格暴跌，投资者争相重新评估未来加息的概率。
Fed governor Christopher Waller struck first, warning that he could support a larger-than-normal 0.5 percentage point rate increase in December if Tuesday’s consumer-price index report showed core prices rising 0.3% from the previous month. Then came that very CPI report, which laid out that very scenario. Bond prices tumbled, and investors scrambled to reset odds of future rate increases.
“沃勒的言论确实为市场对上行意外的高度敏感性奠定了基础，而我们确实看到了这一情况，”研究机构CreditSights投资级与宏观策略主管扎克·格里菲斯说。
“Waller’s comments really laid the groundwork for pretty substantial market-sensitivity to an upside surprise, and that’s what we got,” said Zach Griffiths, head of investment-grade and macro strategy at the research firm CreditSights.
到周二晚些时候，债券价格下跌使2年期国债收益率出现了19个月来最大的单日涨幅。10年期国债收益率重新升至5%以上。股市指数先是动荡，随后崩溃。
By late Tuesday, falling bond prices had carried the yield on the 2-year Treasury note to its biggest one-day jump in 19 months. Ten-year Treasury yields surged back above 5%. Stock indexes wavered, then buckled.
最新的通胀数据提供了有力证据，表明投资者将不得不同时应对相互竞争的威胁。华尔街越来越担忧，需求出现波动或公众对数据中心的反对可能会引发人工智能基础设施投资历史性繁荣的放缓。与此同时，这一繁荣正在帮助维持当前的高通胀，增加美联储不仅在12月再次加息，而且此后至少再加息几次的风险。
The latest inflation data provided strong evidence that investors will need to wrestle with competing threats simultaneously. Wall Street has grown increasingly wary that demand hiccups or a public backlash against data centers might trigger a slowdown in the historic boom in AI infrastructure investment. At the same time, that boom is helping to keep inflation elevated in the here and now—raising the risk that the Fed will raise rates not just once more in December but at least a few more times after that.