美联储越来越警惕陷阱风险

杰罗姆·鲍威尔（Jerome Powell）主席坚持认为，经济状况良好，并强调中央银行处于“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.

美联储越来越对滞水风险越来越警惕 - 增长放缓和通货膨胀率上升的不安，可能会挑战决策者。

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.

杰罗姆·鲍威尔（Jerome Powell）主席坚持认为，经济状况良好，并强调中央银行在改变政策之前处于“良好的位置”，但中央银行政策声明的微妙变化表明，人们对经济方向的担忧加剧了。

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，美国中央银行将其基准利率保持在5.25％至5.5％的范围内，这是广泛预期的，并表明它预计在即将举行的会议上保持稳定的利率。但是，该声明现在提到了关于通货膨胀和“混合经济活动”的“积累证据”，与先前对前景“信心”的表达形成对比，并期待着对美联储目标的进一步进步。

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，中央银行对失业索赔的增加表示关注，这可能是劳动力市场放缓的迹象。

"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."

“美联储担心停滞，” Grayscale研究负责人扎克·潘德（Zach Pandl）在决定之后发布在X上。 “我们认为结果对比特币有益。”

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）在较早的报告中辩称，上升的关税有助于停滞，这在历史上损害了传统资产，但有益于稀缺的价值存储，例如黄金。他写道：“比特币并不是过去的停滞，但可以被认为是一种稀缺的数字商品，并且越来越被视为现代价值商店。”

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.

在美联储宣布和鲍威尔的讲话之后，比特币在紧张的范围内交易。周三早些时候，它短暂地触及了97,500美元，对美国 - 中国贸易谈判的乐观情绪，然后返回到96,500美元 - 在过去的24小时内增长了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指数（CD20）是加密货币市场的更广泛的量规，比同期上涨0.3％，在XRP，Avax，Uni，近乎附近和AAVE中，称重下降了1％-3％。

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

同时，股票从较早的损失中适度恢复，标准普尔500指数和纳斯达克股票分别收盘0.4％和0.3％。