{"id":4958,"date":"2026-10-14T07:04:21","date_gmt":"2026-10-13T23:04:21","guid":{"rendered":"http:\/\/www.lqhyjs.com\/?p=4958"},"modified":"2026-10-14T07:04:21","modified_gmt":"2026-10-13T23:04:21","slug":"%e4%bb%8a%e5%a4%a911%e4%bd%8d%e8%81%94%e5%87%86%e4%bc%9a%e4%b8%bb%e5%b8%ad%e5%80%99%e9%80%89%e4%ba%ba%e9%9d%a2%e8%af%95%e5%bc%80%e5%a7%8b%ef%bc%8c%e5%b7%9d%e6%99%ae%e4%bc%9a%e6%80%8e%e4%b9%88%e9%80%89","status":"publish","type":"post","link":"http:\/\/www.liaoxiaoha.com\/?p=4958","title":{"rendered":"\u4eca\u592911\u4f4d\u8054\u51c6\u4f1a\u4e3b\u5e2d\u5019\u9009\u4eba\u9762\u8bd5\u5f00\u59cb\uff0c\u5ddd\u666e\u4f1a\u600e\u4e48\u9009\uff1f"},"content":{"rendered":"
\n

9 \u6708\u521d\uff0c\u56f4\u7ed5\u8054\u51c6\u4f1a\u7684\u4eba\u5458\u4e0e\u6743\u529b\u7248\u56fe\u7ee7\u7eed\u52a0\u901f\u6f14\u8fdb\u3002 <\/p>\n<\/section>\n

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\"cover<\/div>
\u5f8b\u52a8\u8d22\u7ecf\u56fe\u7247<\/figcaption><\/figure>\n<\/div>\n
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9 \u6708 3 \u65e5\uff0c\u636e\u62a5\u9053\u767d\u5bab\u65b9\u9762\u660e\u786e\u8868\u793a\u5c06\u5c3d\u5feb\u6572\u5b9a\u4e0b\u4e00\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u4eba\u9009\uff0c\u8d22\u653f\u90e8\u957f\u65af\u79d1\u7279\u00b7\u8d1d\u68ee\u7279\u5df2\u542f\u52a8\u5bf9 11 \u4f4d\u5019\u9009\u4eba\u7684\u9762\u8c08\u6d41\u7a0b\uff0c\u5c06\u5728\u672c\u5468\u4e94\u5f00\u542f\u4e00\u7cfb\u5217\u9762\u8bd5\u5e76\u6301\u7eed\u4e00\u5468\u3002 <\/p>\n<\/section>\n

\n

\u540c\u65f6\uff0c\u56f4\u7ed5\u8457\u300c\u987a\u5229\u8fc7\u6e21\u300d\u7684\u4eba\u4e8b\u4e0e\u6743\u529b\u52a8\u4f5c\u4e0d\u65ad\u589e\u52a0\u3002\u4e00\u65b9\u9762\u5ddd\u666e\u5148\u524d\u89e3\u9664\u4e86\u52b3\u5de5\u7edf\u8ba1\u5c40\uff08BLS\uff09\u5c40\u957f\u7684\u804c\u52a1\uff0c\u5f15\u53d1\u5e02\u573a\u5bf9\u5b98\u65b9\u6570\u636e\u72ec\u7acb\u6027\u7684\u5173\u6ce8\u3002\u53e6\u4e00\u65b9\u9762\u8054\u50a8\u7406\u4e8b\u963f\u5fb7\u91cc\u5b89\u5a1c\u00b7\u5e93\u683c\u52d2\u5df2\u5728 8 \u6708\u521d\u6b63\u5f0f\u9012\u4ea4\u8f9e\u5448\uff0c\u4e3a\u65b0\u4efb\u7406\u4e8b\u7559\u51fa\u5e2d\u4f4d\u3002 <\/p>\n<\/section>\n

\n

\u65b0\u51fa\u5e2d\u7684\u8054\u51c6\u4f1a\u7406\u4e8b\u524d\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u59d4\u5458\u4f1a\uff08CEA\uff09\u4e3b\u5e2d\u53f2\u8482\u82ac\u7c73\u5170\uff08Stephen Miran\uff09\u5219\u7531\u5ddd\u666e\u63d0\u540d\uff0c\u4e8e\u5f53\u5730\u65f6\u95f4 9 \u6708 4 \u65e5 \u51fa\u5e2d\u53c2\u8bae\u9662\u94f6\u884c\u59d4\u5458\u4f1a\u542c\u8bc1\u3002\u7c73\u5170\u5728\u9012\u4ea4\u7684\u4e66\u9762\u8bc1\u8bcd\u4e2d\u5f3a\u8c03\u300c\u8d27\u5e01\u653f\u7b56\u72ec\u7acb\u6027\u300d\uff0c\u5979\u5c06\u4ee5\u300c\u7ef4\u62a4\u72ec\u7acb\u6027\u300d\u4e3a\u6838\u5fc3\u8868\u8ff0\u5207\u5165\u786e\u8ba4\u73af\u8282\uff0c\u5916\u754c\u9884\u671f\u5176\u63a8\u8fdb\u8282\u594f\u5c06\u5341\u5206\u8fc5\u901f\u3002 <\/p>\n<\/section>\n

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\u200c<\/span>
<\/span><\/div>\n

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\u968f\u8457\u8d8a\u6765\u8d8a\u591a\u7684\u52a8\u4f5c\uff0c\u5e02\u573a\u5bf9\u672a\u6765\u8499\u4e0a\u4e86\u4e00\u5c42\u8ff7\u96fe\uff0c\u7a76\u7adf\u8c01\u4f1a\u6210\u4e3a\u4e0b\u4e00\u4efb\u8054\u51c6\u4f1a\u4e3b\u5e2d\u4fbf\u6210\u4e86\u5e02\u573a\u5173\u6ce8\u7684\u91cd\u5fc3\uff1f <\/p>\n<\/section>\n

\n

11 \u4f4d\u8054\u51c6\u4f1a\u4e3b\u5e2d\u5019\u9009\u4eba\u662f\u8c01\uff1f <\/h1>\n<\/section>\n
\n

\u6839\u636e\u8054\u90a6\u50a8\u5907\u94f6\u884c\u4efb\u547d\u89c4\u5219\uff0c\u8054\u51c6\u4f1a\u4e3b\u5e2d\u5fc5\u987b\u4e3a\u73b0\u4efb\u7406\u4e8b\u3002\u73b0\u4efb\u4e3b\u5e2d\u9c8d\u5a01\u5c14\u7684\u4e3b\u5e2d\u4efb\u671f\u5c06\u4e8e 2026 \u5e74 5 \u6708\u7ed3\u675f\uff0c\u7406\u4e8b\u4efb\u671f\u5219\u6301\u7eed\u81f3 2028 \u5e74 1 \u6708\uff0c\u82e5\u5176\u9009\u62e9\u5728\u5378\u4efb\u540e\u7ee7\u7eed\u62c5\u4efb\u7406\u4e8b\uff0c\u5ddd\u666e\u5728\u672a\u6765\u4efb\u547d\u65b0\u4e3b\u5e2d\u65f6\u7684\u5019\u9009\u8303\u56f4\u5c06\u53d7\u5230\u9650\u5236\u3002\u800c\u76ee\u524d\u9501\u5b9a\u7684 11 \u4f4d\u6838\u5fc3\u5019\u9009\u4eba\u540d\u5355\u6db5\u76d6\u300c\u8054\u50a8\u5efa\u5236\u6d3e\uff0b\u524d\u5b98\u5458\uff0b\u534e\u5c14\u8857\u5b9e\u52a1\u6d3e\u300d\u7b49\u653f\u5546\u5404\u884c\u5404\u4e1a\u7684\u7cbe\u82f1\u9886\u8896\u3002 <\/p>\n<\/section>\n

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<\/p>\n<\/section>\n

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Christopher Waller<\/h2>\n<\/section>\n
\n

\u514b\u91cc\u65af\u6258\u5f17\u00b7\u6c83\u52d2\u662f\u524d\u5723\u8def\u6613\u65af\u8054\u90a6\u50a8\u5907\u94f6\u884c\u7814\u7a76\u603b\u76d1\uff0c\u62e5\u6709\u6df1\u539a\u7684\u5b66\u672f\u7ecf\u9a8c\u653f\u7b56\u3002\u76f8\u5173\u4eba\u58eb\u4ee5\u53ca\u9884\u6d4b\u5e02\u573a\u5c06\u5176\u8ba4\u5b9a\u4e3a\u6700\u70ed\u95e8\u7684\u5019\u9009\u4eba\uff0c\u4ed6\u4ee5\u300c\u6570\u636e\u9a71\u52a8\u4f46\u76f8\u5bf9\u7075\u6d3b\u300d\u7684\u98ce\u683c\u8457\u79f0\uff0c\u8fd1\u671f\u516c\u5f00\u652f\u6301\u5c3d\u5feb\u964d\u606f\uff0c\u503e\u5411\u5728\u901a\u81a8\u538b\u529b\u7f13\u89e3\u540e\u66f4\u65e9\u8f6c\u5411\u3002\u5176\u5bf9\u7a33\u5b9a\u5e01\u7684\u7cfb\u5217\u6f14\u8bb2\u660e\u786e\u3001\u8fde\u8d2f\uff0c\u4e3b\u5f20\u5728\u7acb\u6cd5\u4e0e\u50a8\u5907\u76d1\u7ba1\u6846\u67b6\u4e0b\u7531\u79c1\u8425\u90e8\u95e8\u4e3b\u5bfc\u521b\u65b0\u3002 <\/p>\n<\/section>\n

\n

\u540c\u65f6\uff0c\u4ed6\u662f\u5ddd\u666e\u7b2c\u4e00\u4efb\u671f\u4eb2\u81ea\u63d0\u540d\u7684\u7406\u4e8b\u3002\u8fd9\u4f4d\u300c\u719f\u6089\u89c4\u5219\u3001\u7acb\u573a\u9e3d\u6d3e\u300d\u7684\u73b0\u4efb\u7406\u4e8b\uff0c\u53ef\u80fd\u662f\u5ddd\u666e\u6700\u653e\u5fc3\u7684\u7ee7\u4efb\u8005\u3002 <\/p>\n<\/section>\n

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Michelle Bowman<\/h2>\n<\/section>\n
\n

\u76d1\u7ba1\u526f\u4e3b\u5e2d\u7c73\u6b47\u5c14\u00b7\u9c8d\u66fc\u88ab\u89c6\u4e3a\u300c\u9e70\u6d3e\u76d1\u7ba1\u8005\u300d\u7684\u4ee3\u8868\u4eba\u7269\u3002\u8eab\u4e3a\u8054\u51c6\u4f1a\u7406\u4e8b\u4f1a\u4e2d\u6700\u5e74\u8f7b\u7684\u6210\u5458\u4e4b\u4e00\uff0c\u5374\u662f\u6700\u5f3a\u786c\u7684\u5973\u6027\u9e70\u6d3e\u4ee3\u8868\u3002 <\/p>\n<\/section>\n

\n

\u5979\u5728\u4eca\u5e74 8 \u6708\u63d0\u51fa\u5e94\u5141\u8bb8\u8054\u50a8\u804c\u5458\u5c11\u91cf\u6301\u6709\u52a0\u5bc6\u8d44\u4ea7\u4ee5\u63d0\u5347\u76d1\u7763\u7406\u89e3\u529b\uff0c\u5728\u76d1\u7ba1\u53e3\u5f84\u4e0a\u91ca\u653e\u6bd4\u4ee5\u5f80\u66f4\u201c\u6280\u672f\u4e2d\u7acb\u201d\u7684\u4fe1\u53f7\uff0c\u4f46\u5728\u8d27\u5e01\u653f\u7b56\u4e0a\u66f4\u5f3a\u8c03\u4ef7\u683c\u7a33\u5b9a\u7684\u4f18\u5148\u7ea7\u3002 <\/p>\n<\/section>\n

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<\/p>\n<\/section>\n

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Philip Jefferson<\/h2>\n<\/section>\n
\n

63\u5c81\u7684\u73b0\u4efb\u8054\u51c6\u4f1a\u526f\u4e3b\u5e2d\u83f2\u5229\u666e\u00b7\u6770\u6590\u900a\u4e5f\u662f\u70ed\u95e8\u4eba\u9009\u4e4b\u4e00\uff0c\u4ed6\u5177\u5907\u6df1\u539a\u7684\u5b66\u672f\u4e0e\u7ec4\u7ec7\u534f\u8c03\u80cc\u666f\uff0c\u4e14\u719f\u6089\u8054\u51c6\u4f1a\u5185\u90e8\u65e5\u5e38\u8fd0\u4f5c\uff0c\u662f\u300c\u7a33\u5065\u6d3e\u300d\u7684\u4ee3\u8868\uff0c\u5176\u5728\u5c31\u4e1a\u4e0e\u901a\u81a8\u7684\u6743\u8861\u4e0a\u76f8\u5bf9\u8c28\u614e\uff0c\u88ab\u89c6\u4e3a\u786e\u4fdd\u65e2\u6709\u6846\u67b6\u8fde\u7eed\u6027\u7684\u5019\u9009\u4eba\u4e4b\u4e00\u3002 <\/p>\n<\/section>\n

\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\u5982\u679c\u4ed6\u5f53\u9009\u5c06\u4f1a\u662f\u53f2\u4e0a\u9996\u4f4d\u975e\u88d4\u7f8e\u8054\u50a8\u4e3b\u5e2d\u3002 <\/p>\n<\/section>\n

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Lorie Logan<\/h2>\n<\/section>\n
\n

\u8fbe\u62c9\u65af\u592e\u884c\u524d\u4e3b\u5e2d\u6d1b\u91cc\u00b7\u6d1b\u6839\uff0c\u6b64\u524d\u957f\u671f\u5728\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u516c\u5f00\u884c\u52a8\u7684\u7ec4\u7ec7\u5de5\u4f5c\u7ecf\u9a8c\uff0c23 \u5e74\u3002 2008 \u5e74\u91d1\u878d\u5371\u673a\u548c 2020 \u5e74\u75ab\u60c5\u90fd\u5728\u4ed6\u7684\u5e26\u9886\u4e0b\u5904\u7406\u5f97\u5f53\u3002\u88ab\u89c6\u4e3a\u300c\u6700\u61c2\u4ea4\u6613\u300d\u7684\u592e\u884c\u5bb6\u3002 <\/p>\n<\/section>\n

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Kevin Warsh<\/h2>\n<\/section>\n
\n

\u524d\u8054\u51c6\u4f1a\u7406\u4e8b\u51ef\u6587\u2027\u6c83\u5c14\u8bb8\u662f\u300c\u5371\u673a\u5468\u671f\u7ecf\u9a8c\u300d\u4e0e\u300c\u6539\u9769\u8bae\u9898\u300d\u517c\u5177\u7684\u4eba\u9009\u3002\u5cb3\u7236\u662f\u96c5\u8bd7\u5170\u9edb\u7684\u7ee7\u627f\u4eba\uff0c\u5728 35 \u5c81\u4fbf\u6210\u4e3a\u8054\u51c6\u4f1a\u53f2\u4e0a\u6700\u5e74\u8f7b\u7684\u7406\u4e8b\uff0c\u79bb\u5f00\u8054\u51c6\u4f1a\u540e\u5728\u53f2\u4e39\u4f5b\u80e1\u4f5b\u7814\u7a76\u6240\u7814\u7a76\u8d27\u5e01\u653f\u7b56\u6539\u9769\u3002 <\/p>\n<\/section>\n

\n

\u534e\u76db\u987f\u4e0e\u534e\u5c14\u8857\u7684\u4eba\u8109\u6df1\u5ea6\u4e5f\u88ab\u89c6\u4e3a\u52a0\u5206\u9879\uff0c\u4e5f\u8ba9\u4ed6\u65e9\u5728 2017 \u5e74\u4e0a\u8f6e\u6362\u9009\u65f6\u5c31\u66fe\u88ab\u8ba4\u4e3a\u662f\u70ed\u95e8\u4eba\u9009\u3002 <\/p>\n<\/section>\n

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James Bullard<\/h2>\n<\/section>\n
\n

\u5723\u8def\u6613\u65af\u8054\u90a6\u50a8\u5907\u94f6\u884c\u524d\u4e3b\u5e2d\u8a79\u59c6\u65af\u00b7\u5e03\u62c9\u5fb7\u4ee5\u5584\u4e8e\u300c\u5bf9\u901a\u81a8\u8f6c\u6298\u7684\u65e9\u671f\u5224\u65ad\u300d\u800c\u95fb\u540d\uff0c\u5b66\u754c\u4e0e\u5e02\u573a\u6c9f\u901a\u80fd\u529b\u5f3a\u3002\u65e9\u5728 2021 \u5e74\u5c31\u5f00\u59cb\u8b66\u544a\u5e02\u573a\u542b\u6709\u901a\u81a8\u7684\u98ce\u9669\uff0c\u4f46\u7531\u4e8e\u6027\u683c\u548c\u89c2\u70b9\u72ec\u7acb\uff0c\u5728 FOMC \u4e0a\u957f\u671f\u4fdd\u6301\u76f8\u5bf9\u300c\u5f02\u7c7b\u300d\u7684\u6295\u7968\u8bb0\u5f55\u3002 <\/p>\n<\/section>\n

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Kevin Hassett<\/h2>\n<\/section>\n
\n

\u767d\u5bab\u56fd\u5bb6\u7ecf\u6d4e\u59d4\u5458\u4f1a\u4e3b\u4efb\u51ef\u6587\u00b7\u54c8\u897f\u7279\u4e0e\u5ddd\u666e\u603b\u7edf\u6e0a\u6e90\u9887\u6df1\uff0c\u7531\u4e8e\u804c\u4f4d\u5173\u7cfb\uff0c\u51e0\u4e4e\u6bcf\u5929\u90fd\u4e3a\u5ddd\u666e\u5206\u6790\u7ecf\u6d4e\u6570\u636e\uff0c\u751a\u81f3\u88ab\u5ddd\u666e\u79f0\u4f5c\u81ea\u5df1\u7684\u300c\u7ecf\u6d4e\u5b66\u751a\u81f3\u88ab\u5ddd\u666e\u6559\u6388\u300d\u3002 <\/p>\n<\/section>\n

\n

\u53cc\u65b9\u653f\u7b56\u7406\u5ff5\u76f8\u5408\uff0c\u662f\u300c\u653f\u6cbb\u4fe1\u4efb\u5ea6\u300d\u6781\u9ad8\u7684\u5019\u9009\u4eba\u3002\u5176\u5f31\u9879\u5728\u4e8e\u7f3a\u4e4f\u592e\u884c\u5185\u90e8\u4efb\u804c\u7ecf\u9a8c\u3002 <\/p>\n<\/section>\n

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Marc Sumerlin<\/h2>\n<\/section>\n
\n

\u9a6c\u53ef\u00b7\u8428\u9ed8\u6797\u5148\u524d\u6765\u81ea\u5c0f\u5e03\u5e0c\u65f6\u671f\u7684\u7ecf\u6d4e\u56e2\u961f\uff0c\u662f\u5f53\u65f6\u7684\u56fd\u5bb6\u7ecf\u6d4e\u59d4\u5458\u4f1a\u526f\u4e3b\u4efb\u3002\u5374\u63d0\u51fa\u4e86\u6700\u6fc0\u8fdb\u7684\u8054\u51c6\u4f1a\u6539\u9769\u65b9\u6848\uff0c\u4e3b\u5f20\u5728\u6c9f\u901a\u4e0e\u5236\u5ea6\u5c42\u9762\u5bf9 FOMC \u8fdb\u884c\u300c\u6d41\u7a0b\u91cd\u5851\u300d\uff0c\u662f\u300c\u5efa\u5236\u6d3e\u4e2d\u7684\u6539\u9769\u6d3e\u300d\u3002 <\/p>\n<\/section>\n

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Larry Lindsey<\/h2>\n<\/section>\n
\n

\u62c9\u91cc\u00b7\u6797\u8d5b\u5177\u6709\u8de8\u515a\u6d3e\u4efb\u804c\u7ecf\u5386\uff0c\u66fe\u62c5\u4efb\u5c0f\u5e03\u5e0c\u603b\u7edf\u514b\u6797\u987f\u7684\u9996\u5e2d\u7ecf\u6d4e\u987e\u95ee\uff0c\u4e5f\u66fe\u5728\u5e03\u5e0c\u603b\u7edf\u7684\u9996\u5e2d\u5185\u7406\u4f1a\u3002\u5341\u5206\u64c5\u957f\u5728\u767d\u5bab\u3001\u592e\u884c\u3001\u5e02\u573a\u95f4\u8fdb\u884c\u653f\u7b56\u534f\u8c03\uff0c\u66fe\u7cbe\u51c6\u9884\u6d4b\u7f51\u8def\u6ce1\u6cab\u7684\u7834\u788e\uff0c\u4f46\u73b0\u5e74 70 \u5c81\u7684\u4ed6\u88ab\u5e02\u573a\u8d28\u7591\u5176\u8ba4\u77e5\u53ef\u80fd\u4e0e\u73b0\u4ee3\u8d27\u5e01\u653f\u7b56\u5de5\u5177\u7684\u300c\u65ad\u4ee3\u300d\u3002 <\/p>\n<\/section>\n

\n

<\/p>\n<\/section>\n

\n

David Zervos<\/h2>\n<\/section>\n
\n

Jefferies \u9996\u5e2d\u5e02\u573a\u7b56\u7565\u5e08\u6234\u7ef4\u00b7\u6cfd\u6c83\u65af\u5219\u5c5e\u4e8e\u201c\u5e02\u573a\u524d\u7ebf\u6d3e\u201d\uff0c\u4ee5\u76f4\u7387\u98ce\u683c\u3001\u6bd2\u8fa3\u7684\u89c6\u89d2\u4ee5\u53ca\u55c5\u89c9\u5bf9\u5e02\u573a\u76f8\u5f53\u654f\u9510\u7684\u7b56\u7565\u5e74\u4ee3\u4e8e\u7ebd\u7ea6\u8054\u50a8\u4ece\u4e1a\u3002 <\/p>\n<\/section>\n

\n

<\/p>\n<\/section>\n

\n

Rick Rieder<\/h2>\n<\/section>\n
\n

\u8d1d\u83b1\u5fb7\u5168\u7403\u56fa\u5b9a\u6536\u76ca\u9996\u5e2d\u6295\u8d44\u5b98\u91cc\u514b\u00b7\u91cc\u5fb7\uff0c\u53ef\u80fd\u662f\u5019\u9009\u4eba\u7ba1\u7406\u5728\u5b9e\u6218\u4e2d\u6700\u5e9e\u5927\u7684\u7ba1\u7406\u4eba\u5146\u7f8e\u5143\u7684\u8d44\u4ea7\uff0c\u4ed6\u7ba1\u7406\u7684\u8d44\u4ea7\u7ecf\u5386\u4e86\u591a\u8f6e\u7ecf\u6d4e\u5371\u673a\u5468\u671f\u3002 <\/p>\n<\/section>\n

\n

\u8fd1\u6708\u6765\u5728\u5a92\u4f53\u53e3\u5f84\u660e\u663e\u504f\u300c\u5bbd\u677e\u4e0e\u98ce\u9669\u504f\u597d\u56de\u5347\u300d\u3002\u82e5\u8f6c\u578b\u4e3a\u300c\u5236\u5b9a\u8005\u300d\uff0c\u5176\u300c\u5e02\u573a\u7ecf\u9a8c\u2014\u653f\u7b56\u535a\u5f08\u300d\u7684\u53ef\u8fc1\u79fb\u6027\u4e0e\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u95ee\u9898\u5c06\u5171\u540c\u63a5\u53d7\u68c0\u9a8c\uff0c\u540c\u65f6\u5176\u4ece\u7ba1\u7406\u8d44\u91d1\u8f6c\u578b\u5230\u653f\u7b56\u5236\u5b9a\u8005\u4e2d\u95f4\u53ef\u80fd\u53d1\u751f\u7684\u300c\u5229\u76ca\u51b2\u7a81\u300d\u4e5f\u8ba9\u5e02\u573a\u6709\u6240\u62c5\u5fe7\u3002 <\/p>\n<\/section>\n

\n

<\/p>\n<\/section>\n

\n

\u4e09\u4f4d\u52a0\u5bc6\u53cb\u5584\u5019\u9009\u4eba\uff1f <\/h1>\n<\/section>\n
\n

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\n

\u6c83\u52d2\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u7684\u5ba1\u89c6\u4ece\u4e00\u5f00\u59cb\u5c31\u51b7\u9759\u5f97\u8fd1\u4e4e\u82db\u523b\u3002\u4ed6\u66fe\u5c06\u5927\u90e8\u5206\u52a0\u5bc6\u8d27\u5e01\u6bd4\u55bb\u4e3a\u300c\u68d2\u7403\u5361\u300d\u2014\u2014\u6ca1\u6709\u5185\u5728\u4ef7\u503c\uff0c\u4ef7\u683c\u53d6\u51b3\u4e8e\u60c5\u7eea\u4e0e\u4fe1\u5fc3\u7684\u8106\u5f31\u5e73\u8861\u3002\u5bf9\u4e8e\u8fd9\u79cd\u6ce2\u52a8\u6027\u6781\u9ad8\u7684\u6295\u673a\u54c1\uff0c\u4ed6\u575a\u6301\u300c\u5e02\u573a\u81ea\u8d1f\u76c8\u4e8f\u300d\uff0c\u4e0d\u5e94\u8ba9\u7eb3\u7a0e\u4eba\u4e3a\u6295\u8d44\u5931\u8d25\u57cb\u5355\u3002 <\/p>\n<\/section>\n

\n

\u5728\u7a33\u5b9a\u5e01\u7684\u8bdd\u9898\u4e0a\u6c83\u52d2\u5c55\u73b0\u4e86\u4e0d\u540c\u7684\u9762\u8c8c\uff0c\u65e9\u5728 2021 \u5e74\u7a33\u5b9a\u5e01\u8fd8\u4ec5\u4f5c\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u7684\u9644\u5c5e\u54c1\u65f6\u4ed6\u4fbf\u770b\u51fa\u4e86\u7a33\u5b9a\u5e01\u7684\u6f5c\u529b\u3002\u4ed6\u591a\u6b21\u5f3a\u8c03\u300c\u7a33\u5b9a\u5e01\u53ef\u6539\u5584\u652f\u4ed8\u6548\u7387\u3001\u5f15\u5165\u56fd\u9645\u7ade\u4e89\u4e0e\u901f\u5ea6\u300d\uff0c\u524d\u63d0\u662f\u56fd\u4f1a\u5b8c\u5584\u7acb\u6cd5\u3001\u786e\u7acb\u5145\u8db3\u4e0e\u900f\u660e\u7684\u50a8\u5907\u4e0e\u6258\u7ba1\u89c4\u5219\u3002\u6b64\u540e\u5728 2024 \u5e74\u548c 2025 \u5e74\u7684\u591a\u6b21\u6f14\u8bb2\u4e2d\uff0c\u4ed6\u4e00\u518d\u6566\u4fc3\u56fd\u4f1a\u7acb\u6cd5\uff0c\u9632\u6b62\u6324\u5151\u548c\u652f\u4ed8\u7cfb\u7edf\u4e2d\u65ad\uff0c\u8ba9\u7a33\u5b9a\u5e01\u771f\u6b63\u6210\u4e3a\u5b89\u5168\u7684\u300c\u5408\u6210\u7f8e\u5143\u300d\u3002 <\/p>\n<\/section>\n

\n

\u6c83\u52d2\u59cb\u7ec8\u575a\u6301\uff0c\u521b\u65b0\u5e94\u7531\u79c1\u90e8\u95e8\u4e3b\u5bfc\uff0c\u653f\u5e9c\u7684\u89d2\u8272\u662f\u300c\u642d\u5efa\u9ad8\u901f\u516c\u8def\u300d\uff0dFedNow \u8fd9\u6837\u7684\u6e05\u7b97\u57fa\u7840\u8bbe\u65bd\u5c31\u662f\u8f66\u9053\uff0c\u800c\u9a71\u52a8\u8f66\u8f86\u7684\uff0c\u5e94\u662f\u5e02\u573a\u7ade\u4e89\u7684\u529b\u91cf\u3002\u4f46\u4ed6\u4e5f\u8b66\u544a\uff0c\u975e\u94f6\u884c\u652f\u4ed8\u673a\u6784\u4e0e\u53bb\u4e2d\u5fc3\u5316\u5e73\u53f0\u4e00\u65e6\u7f3a\u4e4f\u76d1\u7ba1\uff0c\u53ef\u80fd\u7d2f\u79ef\u6760\u6746\u3001\u5236\u9020\u6ce1\u6cab\uff0c\u6700\u7ec8\u5371\u53ca\u91d1\u878d\u7a33\u5b9a\u3002 <\/p>\n<\/section>\n

\n

\u800c\u91cc\u514b\u00b7\u91cc\u5fb7\u8fd8\u6709\u6234\u7ef4\u00b7\u6cfd\u6c83\u65af\u5219\u4e0e\u6c83\u52d2\u4e0d\u540c\uff0c\u9664\u4e86\u7406\u8bba\u4e0e\u653f\u7b56\u4e0a\u7684\u5e2e\u52a9\uff0c\u4ed6\u4eec\u4e0e\u52a0\u5bc6\u4ea7\u4e1a\u6709\u76f8\u5f53\u7a0b\u5ea6\u5c42\u9762\u7684\u4ea4\u96c6\u3002\u91cc\u514b\u00b7\u91cc\u5fb7\u7684\u6d89\u8db3\u66f4\u591a\u4f53\u73b0\u5728\u5176\u7ba1\u7406\u7684\u8d44\u91d1\u4e0e\u884c\u4e1a\u6d3b\u52a8\u5c42\u9762\u3002\u8eab\u4e3a BlackRock \u5168\u7403\u56fa\u5b9a\u6536\u76ca\u9996\u5e2d\u6295\u8d44\u5b98\uff0c\u4ed6\u4e0d\u4ec5\u53c2\u4e0e\u4e86\u4e0e Circle\u3001Bullish \u7b49\u9879\u76ee\u7684\u76f8\u5173\u6d3b\u52a8\uff0c\u8fd8\u900f\u8fc7\u8d1d\u83b1\u5fb7\u7684\u7ba1\u9053\u63a5\u89e6\u5e76\u652f\u6301\u4e86\u56f4\u7ed5\u7a33\u5b9a\u5e01\u548c\u52a0\u5bc6\u4fe1\u8d37\u7684\u90e8\u5206\u5e03\u5c40\u3002\u7531\u516c\u5f00\u6587\u4ef6\u53ef\u4ee5\u5f97\u77e5\uff0c\u4ed6\u4e5f\u66fe\u591a\u6b21\u53c2\u4e0e\u4e0e\u52a0\u5bc6\u4ea4\u6613\u5e73\u53f0\u3001\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u53ca\u52a0\u5bc6\u8d37\u6b3e\u673a\u6784\u6709\u5173\u7684\u516c\u5f00\u5e02\u573a\u6216\u4e00\u7ea7\u5e02\u573a\u4e8b\u4ef6\u3002 <\/p>\n<\/section>\n

\n

\u6234\u7ef4\u00b7\u6cfd\u6c83\u65af\u5219\u662f\u5728\u5b9e\u6253\u5b9e\u7684\u53c2\u4e0e\u548c\u652f\u6301\u8fc7\u591a\u4e2a\u52a0\u5bc6\u76f8\u5173\u9879\u76ee\u3002\u4ed6\u4e0e eToro\uff08\u4ea4\u6613\u5e73\u53f0\uff09\u3001Circle Internet Group\uff08USDC \u7684\u53d1\u884c\u65b9\uff09\u3001Bullish\uff08Peter Thiel\u3001Alan Howard \u7b49\u4eba\u652f\u6301\u7684\u52a0\u5bc6\u4ea4\u6613\u6240\uff09\u4ee5\u53ca Figure Technology Solutions\uff08\u52a0\u5bc6\u62b5\u62bc\u8d37\u6b3e\u5e73\u53f0\uff09\u7b49\u90fd\u6709\u6295\u8d44\u6216\u652f\u6301\u5173\u7cfb\u3002\u6b64\u5916\uff0c\u4ed6\u5728\u65e9\u671f\u5c31\u652f\u6301\u8fc7 MicroStrategy \u7684\u6bd4\u7279\u5e01\u8d2d\u4e70\u8ba1\u5212\uff0c\u76f8\u5f53\u4e8e\u95f4\u63a5\u63a8\u52a8\u4e86\u6bd4\u7279\u5e01\u4f01\u4e1a\u5316\u914d\u7f6e\u7684\u8def\u5f84\u3002 <\/p>\n<\/section>\n

\n

\u7efc\u5408\u6765\u770b\uff0c\u6c83\u52d2\u4ee3\u8868\u4e86\u8054\u51c6\u4f1a\u4f53\u7cfb\u5185\u7684\u300c\u5236\u5ea6\u53cb\u597d\u300d\uff0c\u800c\u6cfd\u6c83\u65af\u4e0e\u91cc\u5fb7\u5219\u4ee3\u8868\u4e86\u6765\u81ea\u534e\u5c14\u8857\u7684\u300c\u8d44\u672c\u53cb\u597d\u300d\u3002\u5982\u679c\u672a\u6765\u5176\u4e2d\u4e00\u4f4d\u51fa\u4efb\u4e3b\u5e2d\uff0c\u8054\u51c6\u4f1a\u7684\u653f\u7b56\u8d70\u5411\u53ef\u80fd\u5728\u300c\u8d27\u5e01\u5bbd\u677e+\u52a0\u5bc6\u5236\u5ea6\u5316\u300d\u53cc\u8f6e\u9a71\u52a8\u4e0b\uff0c\u4e3a\u5408\u89c4\u52a0\u5bc6\u5e02\u573a\u7559\u51fa\u66f4\u6e05\u6670\u7684\u6210\u957f\u8def\u5f84\u3002 <\/p>\n<\/section>\n

\n

\u603b\u7ed3<\/h1>\n<\/section>\n
\n

\u800c\u7eb5\u89c2\u8fd9\u4efd\u6a2a\u8de8\u5b66\u3001\u653f\u3001\u5546\u5c4a\u7684\u5019\u9009\u540d\u5355\uff0c\u53ef\u4ee5\u53d1\u73b0\u8054\u51c6\u4f1a\u4e3b\u5e2d\u7684\u7ee7\u4efb\u9009\u62e9\u4e0d\u53ea\u662f\u8d27\u5e01\u653f\u7b56\u8282\u594f\u7684\u95ee\u9898\uff0c\u66f4\u76f4\u63a5\u5173\u4e4e\u5168\u7403\u91d1\u878d\u5e02\u573a\u4e0e\u52a0\u5bc6\u4ea7\u4e1a\u7684\u5236\u5ea6\u8d70\u5411\u3002\u5bf9\u5e02\u573a\u6765\u8bf4\uff0c\u4e0d\u540c\u8eab\u5206\u7684\u5019\u9009\u4eba\u7684\u8eab\u5206\u4e0e\u8def\u5f84\u90fd\u5728\u8868\u8fbe\u4e0d\u540c\u7684\u672a\u6765\u5e02\u573a\u65b9\u5411\u3002 <\/p>\n<\/section>\n

\n

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\n

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\n

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\n

\u539f\u6587\u8fde\u7ed3<\/p>\n<\/section>\n

\n

\u53d1\u5e03\u8005\u5bf9\u672c\u6587\u7ae0\u7684\u5185\u5bb9\u627f\u62c5\u5168\u90e8\u8d23\u4efb
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