II 全球机构情报
摩根大通 · 2026/08/05

美联储的下一步是什么?

前往官网原文 ↗
完整研报正文
完整中文译文

美联储的下一步是什么?

摩根大通全球研究现在预计美联储将在12月加息,尤其是因为央行尚未制定应对通胀的路线图。

美联储在7月会议上投票决定维持利率在 3.5–3.75%% 不变,符合市场预期。但通胀担忧正在重新加速,美联储主席凯文·沃什尚未公布解决持续价格压力的具体计划。这种脱节将如何影响货币政策路径?

“[最近的新闻发布会]引发了对新主席在实现更低通胀方面信誉的质疑,我们认为这将增加委员会其他成员履行其使命的紧迫性。”

摩根大通全球研究已修正其利率展望,现在预计首次加息 25 basis points 个基点将在12月进行,此后利率将维持在 3.75–4.0%%。

“在沃什的新闻发布会上,他再次未能具体说明他打算如何实现他所坚决宣称的通胀决心。他还对个人消费支出通胀是否会在中期内继续作为美联储的通胀目标表示怀疑,”摩根大通首席美国经济学家迈克尔·费罗利指出。“这两点都引发了对新主席在实现更低通胀方面信誉的质疑,我们认为这将增加委员会其他成员履行其使命的紧迫性。因此,我们将下一次加息预测从 2027 年下半年提前到今年12月。”

更早加息仍有可能,取决于即将公布的就业和消费者价格指数数据。“通胀数据火热可能导致最早在9月加息。相反,如果数据疲软,加上6月通胀数据较低,可能会推迟任何行动,”费罗利补充道。“就业数据对委员会也很重要,但我们预计即将公布的数据不会引发对劳动力市场过热的担忧。”

新的美联储工作组会影响货币政策吗?

沃什最近授权五个工作组对美联储的政策制定过程进行独立审查,预计它们将在年底前2026提交调查结果。然而,这预计不会改变摩根大通全球研究对利率的基准预测。

工作组涵盖以下领域:

这里讨论的问题包括放弃前瞻指引,如点阵图——一张描绘每位美联储官员对短期利率预测的图表。"然而,这并非板上钉钉,特别是因为点阵图放大了储备银行行长在政策信息传递中的影响力,"费罗利表示。"此外,不清楚如果取消点阵图,将用什么来替代。没有替代方案,那将是透明度上的倒退。"

沟通工作组还可能建议缩短新闻发布会或减少其频率。"虽然这个选项符合沃什所表达的一些偏好,但这也意味着将更多的货币政策叙事让渡给委员会的其他成员,从而削弱他自己的重要性,"费罗利补充道。

美联储目前维持庞大的资产负债表以确保充足的银行储备。然而,沃什主张缩减资产负债表,这可能会减少美联储对金融市场的控制。至少在纸面上,这将通过从金融系统撤出流动性来减少市场扭曲并控制通胀。

这将受到资产负债表工作组的密切关注,该工作组可能会主张整合。"有一种方法可以在不扰乱货币市场和货币政策有效传导机制的情况下减少银行对储备的需求,"摩根大通全球利率策略主管杰伊·巴里表示。"然而,这需要对监管背景、流动性监管框架以及坦率地说,支付系统进行重大变革。"

"数据工作组的职责本质上会受到美联储使命的限制;毕竟,美联储是中央银行,而不是统计机构,"费罗利表示。话虽如此,其成员仍可能建议更多使用替代数据源,如私营部门交易和工资数据,以指导政策决策。

虽然沃什一直批评官方政府数据——认为它们发布太晚、更新频率太低——但摩根大通全球研究发现,尽管统计机构的实际预算有所缩减,美国就业报告的首次公布准确性实际上随着时间的推移有所提高。"在最近的民意调查中,绝大多数经济学家表示,为统计机构提供充分资金应成为优先事项,两党团体也提出了类似论点。数据工作组是会同意这一共识,还是更贴近沃什的观点,将值得关注,"费罗利补充道。

沃什表示,该工作组的任务将包括人工智能和其他通用技术的经济影响及其对美联储政策的影响。虽然他曾宣称美国"正处于生产率繁荣的边缘",且"人工智能将成为显著的反通胀力量",但他对于更快生产率增长如何导致更低通胀的具体机制一直含糊其辞。

“一个可能的渠道是,如果工资不与生产率同步上涨,单位劳动力成本可能会下降。另一个渠道可能是更快的GDP增长导致政府税收收入跃升,从而减少预算赤字——假设政策制定者不会以相应的财政宽松措施作为回应,”费罗利表示。

然而,总体而言,摩根大通全球研究部并不认为该工作组会对货币政策产生任何近期影响。“联邦公开市场委员会(FOMC)可能同意人工智能能够刺激更快的生产率增长,但希望对其如何影响通胀和失业率采取观望态度,”费罗利补充道。

沃什曾公开反对美联储目前的框架,转而提倡两种关于通胀决定因素的替代观点:首先,通胀是由政府的财政行动引起的;其次,人工智能将带来通缩效应。因此,他可能会借助这个工作组来拓宽委员会的分析工具。

“该工作组可能会推荐更多样化的通胀建模方法,考虑目标区间,并更加重视货币、信贷、资产负债表和金融指标,”费罗利表示。

“总体而言,虽然工作组可能会提出符合沃什偏好的建议,但任何对美联储政策框架或利率前景的重大改变都需要整个FOMC的广泛支持,”费罗利表示。“这些工作组是主席层面的工作组,而非全系统性的努力,这意味着将建议转化为实际政策可能会是一个渐进的过程,并且会受到内部辩论的影响。”

年中市场展望 2026:拉锯战仍在继续

尽管全球扩张基础稳固,但进入下半年,市场需要在相互竞争的力量之间取得平衡。

全球通胀预测2026:地区性分歧加剧

尽管今年全球核心通胀预计将保持稳定,但地区间的分歧可能会凸显出来。

AI与地缘政治重塑2026劳动力市场

2026年初,美国劳动力市场正处于十字路口。军事冲突和AI快速普及带来的冲击将如何影响今年下半年的市场?

完整英文原文

J.P. Morgan Global Research now sees the Fed hiking rates in December, especially as the central bank has yet to lay out a roadmap for tackling inflation.

The Federal Reserve (Fed) voted to leave rates unchanged at 3.5–3.75% during its July meeting, in line with market expectations. But inflation concerns are reaccelerating, and Fed chair Kevin Warsh has yet to unveil a concrete plan to address persistent price pressures. How might this disconnect shape the monetary policy path?

“[The recent press conference] raises questions about the new chair’s credibility in delivering lower inflation, and we believe this will add some urgency for the rest of the committee to act on its mandate.”

J.P. Morgan Global Research has revised its interest rate outlook and now sees the first hike of 25 basis points (bp) taking place in December, with rates holding at 3.75–4.0% thereafter.

“In Warsh’s press conference, he once again failed to specify how he intended to achieve his stridently asserted inflation resolve. He also cast doubt on whether Personal Consumption Expenditures (PCE) inflation will remain the Fed’s inflation target in the medium run,” noted Michael Feroli, chief U.S. economist at J.P. Morgan. “Both of these points raise questions about the new chair’s credibility in delivering lower inflation, and we believe this will add some urgency for the rest of the committee to act on its mandate. As such, we are pulling forward our forecast for the next rate hike from the second half of 2027 to December this year.”

An earlier hike remains possible, depending on upcoming jobs and Consumer Price Index (CPI) data. “Hot inflation readings could result in a hike as early as September. Conversely, softer numbers combined with June’s low inflation reading could delay any action,” Feroli added. “Employment numbers will also matter for the committee, but we don’t expect the incoming data to raise concerns about an overheating labor market.”

Could the new Fed task forces impact monetary policy?

Warsh recently mandated five task forces to conduct an independent review of the Fed’s policymaking process, and they are expected to deliver their findings by year-end 2026. However, this is not expected to alter J.P. Morgan Global Research’s baseline forecast for interest rates.

The task forces cover the following areas:

The issues up for debate here include dispensing with forward guidance such as the dot plot, which is a chart that depicts each Fed official’s projection for short-term interest rates. “This is not a sure thing, however, particularly as the dot plot amplifies the influence of the Reserve Bank presidents in policy messaging,” Feroli said. “Moreover, it’s not clear what would replace the dot plot if it’s eliminated. Without a replacement, this would be a step backward in transparency.”

The communications task force might also recommend shortening press conferences or making them less frequent. “While this is an option that would align with some of Warsh’s stated preferences, it would also be ceding more of the monetary policy narrative to other members of the committee, thereby diminishing his own importance,” Feroli added.

The Fed currently maintains a large balance sheet to ensure ample bank reserves. However, Warsh has advocated for a smaller balance sheet, which could reduce the Fed’s control over the financial markets. This would, at least on paper, reduce market distortions and control inflation by withdrawing liquidity from the financial system.

This will be closely scrutinized by the balance sheet task force, which could make the case for consolidation. “There is a way to reduce bank demand for reserves without disrupting the money markets and the effective transmission mechanism for monetary policy,” said Jay Barry, head of Global Rates Strategy at J.P. Morgan. “However, it will take significant changes to the supervisory backdrop, the liquidity regulatory framework and, frankly, the payment system.”

“The remit of the data task force will inherently be constrained by the Fed’s mission; after all, the Fed is a central bank, not a statistical agency,” Feroli said. That said, its members might still recommend greater use of alternative data sources, such as private-sector transactions and payrolls, to inform policy decisions.

While Warsh has been critical of official government data — arguing that it is published too late and updated too infrequently — J.P. Morgan Global Research has found that the accuracy of the first print of the U.S. jobs report has actually improved over time, even though the real budgets of the statistical agencies have shrunk. “In recent polling, a large majority of economists say sufficient funding for the statistical agencies should be a priority, and bipartisan groups have made similar arguments. Whether the data task force agrees with this consensus or instead sticks closer to Warsh’s views will be interesting to watch,” Feroli added.

Warsh has stated this task force’s mandate would include both the economic impact of AI and other general-purpose technologies, as well as the implications for Fed policy. While he previously declared that the U.S. “is on the verge of a productivity boom” and that “AI will be a significant disinflationary force,” he has been vague about the exact mechanisms through which faster productivity could lead to lower inflation.

“One possible channel could be lower unit labor costs if wages don’t rise in sync with productivity. Another channel could be faster GDP growth leading to a jump in government tax revenue that reduces budget deficits — assuming policymakers don’t respond with offsetting fiscal easing,” Feroli said.

Overall, however, J.P. Morgan Global Research does not see any near-term implications for monetary policy stemming from this task force. “The Federal Open Market Committee (FOMC) likely agrees that AI could spur faster productivity, but will want to pursue a wait-and-see approach to how that affects inflation and unemployment,” Feroli added.

Warsh has spoken out against the Fed’s current framework, instead promoting two alternative ideas for thinking about inflation determinants: firstly, that inflation is caused by the government’s fiscal actions, and secondly, that AI will be disinflationary. As such, he might look to this task force to broaden the committee’s analytical toolkit.

“This task force could recommend more diverse approaches to modeling inflation, consider target bands, and place more weight on monetary, credit, balance-sheet and financial indicators,” Feroli said.

“Overall, while the task forces are likely to generate recommendations aligned with Warsh’s preferences, any significant change to the Fed’s policy framework or interest rate outlook will require broader buy-in from the full FOMC,” Feroli said. “The structure of these being the chairman’s task forces — rather than systemwide efforts — means that translating recommendations into actual policy may be gradual and subject to internal debate.”

Mid-year market outlook 2026: The tug of war continues

While the global expansion stands on solid ground, markets will need to balance competing forces as they head into the second half of the year.

Global inflation forecast 2026: The rise of regional cross-currents

While global core inflation is projected to be stable this year, regional divergences will likely come to the fore.

AI and geopolitics reshape the 2026 labor market

The U.S. labor market in early 2026 stands at a crossroads. How will shocks from military conflicts and rapid AI adoption influence the market in the second half of the year?

This material (Material) is provided for your information only and does not constitute: (i) an offer to sell, a solicitation of an offer to buy, or a recommendation for any investment product or strategy, or (ii) any investment, legal or tax advice. The information contained herein is as of the date and time referenced in the Material and J.P. Morgan does not undertake any obligation to update such information. J.P. Morgan disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for the quality, accuracy or completeness of the information contained in this Material, and for any reliance on, or uses to which, this Material, is put, and you are solely responsible for any use to which you put such information. Without limiting any of the foregoing, to the fullest extent permitted by applicable law, in no event shall J.P. Morgan have any liability for any special, punitive, indirect, or consequential damages (including lost profits or lost opportunity), in connection with the information contained in this Material, even if notified of the possibility of such damages. Any comments or statements made herein do not necessarily reflect those of J.P. Morgan, its subsidiaries or its affiliates.

All materials and information shared with you are, unless otherwise indicated to you, proprietary and confidential to J.P. Morgan. You are hereby notified that any disclosure, dissemination, copying, distribution, or use of the information provided to you, in whole or in part, other than as expressly permitted by J.P. Morgan, is STRICTLY PROHIBITED. You are permitted to disclose the materials and information to your officers and employees on a need to know basis. Should you have any questions regarding this, please contact your usual J.P. Morgan contact. For further information please visit: https://www.jpmorgan.com/pages/disclosures/materialdisclaimer.

​© 2025 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is a marketing name for businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. JPMorgan Chase Bank N.A. (member of FDIC), J.P. Morgan Securities LLC (member of FINRA, NYSE and SIPC), J.P. Morgan Securities plc (member of the London Stock Exchange and authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA) and J.P. Morgan SE (authorised by the BaFin and regulated by the BaFin, the German Central Bank and the European Central Bank) are principal subsidiaries of JPMorgan Chase & Co. For legal entity and regulatory disclosures, visit: www.jpmorgan.com/disclosures. For additional regulatory disclosures, please consult: www.jpmorgan.com/disclosures.​

预览 PDF
1 / 110%

正在载入文档……

AI 分析
由 AI 依据上文研报生成 · 非原文直译、非机构原话 · 重要判断请核对官网原文
关键论点
  • 美联储主席凯文·沃什在未具体说明如何实现降低通胀后,其在通胀方面的可信度受到质疑。
  • 通胀担忧重新加速,促使摩根大通将下次加息提前至2026年12月。
  • 如果通胀数据火热,可能提前加息;若数据疲软则可能推迟行动。
  • 五个工作组在短期内不太可能改变基准利率预测。
  • 对美联储沟通、资产负债表、数据、人工智能和通胀框架的潜在变更将面临内部辩论。
  • 预计全球核心通胀稳定,但区域分歧将显现。
风险
  • 通胀数据火热可能导致最早9月加息。
  • 通胀数据疲软加上6月低通胀读数可能推迟任何行动。
  • 工作组的建议可能面临内部辩论并逐步实施。
  • 对点阵图等沟通工具的变更可能降低透明度。
  • 资产负债表缩减可能扰乱货币市场和政策传导。