081926仍在等待

关键论点

• FOMC会议纪要显示，在连续的供给侧冲击后，通胀应回落至2%。
• 会议纪要早于疲软的就业和温和的通胀报告发布，可能确认'观望'票委并推动摇摆票委转向鸽派。
• 多位参与者认为关税对价格的传导已基本完成，暗示未来通胀报告将趋于温和。
• 2027年地区联储银行投票委员的轮换可能比当前名单更偏鸽派。

对应原文证据

1. as the committee largely expects inflation to drift back toward 2% following “successive supply shocks” that delayed the disinflation process. · medium-term
2. The minutes also revealed that, “[s]everal participants assessed that the pass-through of past increases in tariffs into the level of prices was now largely complete”, implying that future inflation reports should soften in their views . · medium-term