预计失业率上升将促使美联储保持鸽派 -- 市场动态

投资观察
Dec 11, 2025

1021 东部时间 - 法国巴黎银行经济学家在其2026年展望中表示,疲软的美国劳动市场将使美联储尽管面临顽固的通胀仍保持利率削减模式。他们预测核心个人消费支出(PCE)将在3%左右(相较于美联储的2%目标),失业率将达到4.7%,随后缓解至4.5%,高于最新的工资报告中的4.4%。联邦基金目标利率的上限将从当前的3.75%降至3%。法国外贸银行预计,由于美联储的削减,短期国债收益率将下降,而长期国债收益率将因对通胀可能引发加息的担忧而上升。该银行预测今年底10年期国债收益率为4.6%,高于目前的4.11%,而2年期国债收益率为3.4%,高于3.51%。(paulo.trevisani@wsj.com; @ptrevisani)

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