美聯儲越來越警惕陷阱風險

杰羅姆·鮑威爾（Jerome Powell）主席堅持認為，經濟狀況良好，並強調中央銀行處於“良好的拭目以待和看到的位置”，

The Federal Reserve is growing increasingly alert to stagflation risks - an uneasy mix of slowing growth and rising inflation that could challenge policymakers.

美聯儲越來越對滯水風險越來越警惕 - 增長放緩和通貨膨脹率上升的不安，可能會挑戰決策者。

While Chair Jerome Powell insisted that the economy is in "good shape" and emphasized that the central bank is in "a good position to wait and see," prior to shifting policy, subtle changes in the central bank's policy statement pointed to heightened concerns over the economy's direction.

杰羅姆·鮑威爾（Jerome Powell）主席堅持認為，經濟狀況良好，並強調中央銀行在改變政策之前處於“良好的位置”，但中央銀行政策聲明的微妙變化表明，人們對經濟方向的擔憂加劇了。

The U.S. central bank today kept its benchmark interest rate in a range of 5.25% to 5.5%, as widely expected, and signaled that it anticipates holding the rate steady at the upcoming meetings. However, the statement now mentions the "accumulation of evidence" on inflation and the "mixed economic activity" in contrast to the previous expressions of "confidence" in the outlook and anticipation of further progress toward the Fed's goals.

如今，美國中央銀行將其基準利率保持在5.25％至5.5％的範圍內，這是廣泛預期的，並表明它預計在即將舉行的會議上保持穩定的利率。但是，該聲明現在提到了關於通貨膨脹和“混合經濟活動”的“積累證據”，與先前對前景“信心”的表達形成對比，並期待著對美聯儲目標的進一步進步。

Moreover, the central bank expressed concern over a rise in unemployment claims, which could be a sign of a slowdown in the labor market.

此外，中央銀行對失業索賠的增加表示關注，這可能是勞動力市場放緩的跡象。

"The Fed is worried about stagflation," Zach Pandl, head of research at Grayscale, posted on X after the decision. "We think that outcome would be good for bitcoin."

“美聯儲擔心停滯，” Grayscale研究負責人扎克·潘德（Zach Pandl）在決定之後發佈在X上。 “我們認為結果對比特幣有益。”

In an earlier report, Pandl argued that rising tariffs contribute to stagflation, which historically harms traditional assets but benefits scarce stores of value like gold. "Bitcoin wasn't around for past stagflations," he wrote, "but can be considered a scarce digital commodity and is increasingly viewed as a modern store of value."

潘德（Pandl）在較早的報告中辯稱，上升的關稅有助於停滯，這在歷史上損害了傳統資產，但有益於稀缺的價值存儲，例如黃金。他寫道：“比特幣並不是過去的停滯，但可以被認為是一種稀缺的數字商品，並且越來越被視為現代價值商店。”

Bitcoin traded in a tight range following the Fed's announcement and Powell's remarks. It briefly touched $97,500 earlier Wednesday on optimism around U.S.-China trade talks before settling back to $96,500 - up 1.6% over the past 24 hours.

在美聯儲宣布和鮑威爾的講話之後，比特幣在緊張的範圍內交易。週三早些時候，它短暫地觸及了97,500美元，對美國 - 中國貿易談判的樂觀情緒，然後返回到96,500美元 - 在過去的24小時內增長了1.6％。

The CoinDesk 20 Index (CD20), a broader gauge of the crypto market, was up just 0.3% over the same period, weighed down by 1%-3% declines in XRP, AVAX, UNI, NEAR, and AAVE.

Coindesk 20指數（CD20）是加密貨幣市場的更廣泛的量規，比同期上漲0.3％，在XRP，Avax，Uni，近乎附近和AAVE中，稱重下降了1％-3％。

Meanwhile, equities recovered modestly from earlier losses, with the S&P 500 and Nasdaq closing 0.4% and 0.3% higher, respectively.

同時，股票從較早的損失中適度恢復，標準普爾500指數和納斯達克股票分別收盤0.4％和0.3％。