在紅熱通貨膨脹降低利率降低的希望之後

在英國紅熱通貨膨脹降低了降低利率的希望降低後，斯特林兌美元匯率達到了三年。

British inflation rose more than expected in April, hitting a three-month high and striking a tone that could keep pressure on the Bank of England to keep interest rates elevated for longer.

英國通貨膨脹率在四月份的增長超過預期，達到了三個月的高潮，並引起了一種基調，這可能會對英格蘭銀行的壓力保持壓力，以使利率升高更長的時間。

The Office for National Statistics said on Wednesday the consumer price index increased by 3.5 percent year-on-year, up from 2.6 percent in March and the highest reading since January. Economists polled by Reuters had expected an increase to 2.8 percent.

國家統計局週三表示，消費者價格指數同比增長3.5％，高於3月份的2.6％，是1月以來的最高讀數。路透社對經濟學家進行了調查，預計將增長到2.8％。

The hotter-than-anticipated inflation sparked a selloff in British government bonds, also known as gilts, and pushed up yields, a measure of borrowing costs, sharply.

超過期待的通貨膨脹引發了英國政府債券（也稱為Gilts）的拋售，並提高了收益率，這是一定程度的借貸成本。

The yield on ten-year gilts rose above 4.78 percent, having been around 4.44 percent at the end of last month. The yield on 30-year gilts touched a high of 4.58 percent, compared with 4.22 percent on Friday.

十年鍍金的收益率上升到4.78％以上，到上個月年底的收益率約為4.44％。 30年鍍金的收益率達到4.58％，而周五為4.22％。

As yields move in the opposite direction to prices, the selloff in gilts pushed up their price.

隨著收益率朝著價格相反的方向移動，鍍金的拋售推動了價格。

The increased borrowing costs will have implications for the government’s finances, with higher yields making debt servicing costs more expensive. It could also lead to higher mortgage rates and ultimately stoke fears of a return to a 1970s-style economic crisis, although economists believe such a scenario is unlikely in the short term.

借貸成本增加將對政府的財務產生影響，其收益率更高，使債務服務成本更加昂貴。這也可能導致更高的抵押貸款利率，並最終擔心返回1970年代風格的經濟危機，儘管經濟學家認為這種情況在短期內不太可能。

The rise in yields and the selloff in gilts came after the British pound rose to a three-year high against the U.S. dollar on Wednesday as hotter-than-expected inflation kept the door open for higher-for-longer interest rates.

由於超過預期的通貨膨脹率較高，因此英鎊的收益率上升和鍍金的拋售是在英鎊升至三年的三年高點升至三年的高潮，這使得高於更高的利率的通貨膨脹率更高。

Sterling hit a high of $1.3468 against the dollar, its strongest level since February 2022. It was last trading at $1.3440.

斯特林（Sterling）以自2022年2月以來的最強水平達到了1.3468美元的高價。最後一次交易的價格為1.3440美元。

“Sterling has risen amid expectations that the hotter inflation number will make policymakers more inclined to keep interest rates higher for longer,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Hargreaves Lansdown的貨幣和市場負責人Susannah Streeter表示：“由於期望通貨膨脹率更高的人數將使政策制定者更加傾向於將利率更高的時間延長。”

According to bets in financial markets, there is now just a one-in-ten chance of a Bank of England interest rate cut from 4.25 percent next month with the next move not expected until the autumn.

根據金融市場的賭注，現在英格蘭銀行從下個月的4.25％降低了一家三分之一的機會，直到秋天，下一步才預計。

Earlier this week, the bank’s chief economist Huw Pill said he believed the pace of cuts was “too fast” given the threat posed by inflation.

本週早些時候，該銀行的首席經濟學家休·菲爾（Huw Pill）表示，鑑於通貨膨脹構成的威脅，他認為削減的步伐“太快了”。

The prospect of lower rates tends to weaken a currency and push down yields on bond markets.

降低利率的前景往往會削弱貨幣，並在債券市場上推下收益率。

The rise in pound and gilt yields is a signal that investors think rates will not fall as far or as fast as previously thought.

英鎊和鍍金產量的上升表明投資者認為利率不會像以前想像的那樣降低。

“We anticipate just one further interest rate cut this year,” said Monica George Michail, economist at the National Institute of Economic and Social Research.

美國國家經濟與社會研究所經濟學家莫妮卡·喬治·米歇爾（Monica George Michail）說：“我們預計今年只會降低一個利率。”

Rising borrowing costs make mortgages, corporate loans and national debt more expensive. Fears are mounting that Chancellor will have to raise taxes this autumn to make her Budget numbers add up.

借貸成本的上升使抵押貸款，公司貸款和國債更昂貴。擔心總理在今年秋天將不得不提高稅收，以使她的預算數字加起來。