{"id":1786,"date":"2025-08-04T14:53:44","date_gmt":"2025-08-04T06:53:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=1786"},"modified":"2025-08-04T14:53:44","modified_gmt":"2025-08-04T06:53:44","slug":"%e6%88%91%e4%bb%ac%e5%b7%b2%e7%bb%8f%e8%bf%8e%e6%9d%a5%e4%ba%86%e5%b1%b1%e5%af%a8%e5%b8%81%e5%ad%a3%e8%8a%82%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.yunsiwang.com\/?p=1786","title":{"rendered":"\u6211\u4eec\u5df2\u7ecf\u8fce\u6765\u4e86\u5c71\u5be8\u5e01\u5b63\u8282\u5417\uff1f"},"content":{"rendered":"<h1 class=\"art_tit\">\u6211\u4eec\u5df2\u7ecf\u8fce\u6765\u4e86\u5c71\u5be8\u5e01\u5b63\u8282\u5417\uff1f<\/h1>\n<div class=\"content_text\">\n<p>\u6765\u6e90\uff1aThe Defi Report\uff1b\u7f16\u8bd1\uff1a\u4e94\u94e2\uff0c\u91d1\u8272\u8d22\u7ecf<\/p>\n<p>2025 \u5e74\u5c06\u662f\u91cd\u8981\u7684\u4e00\u5e74\u3002\u6211\u975e\u5e38\u9ad8\u5174\u80fd\u4e0e\u4f60\u4eec\u5206\u4eab\u6211\u4eec\u4ee5\u6570\u636e\u4e3a\u4f9d\u636e\u7684\u5206\u6790\u548c\u5e02\u573a\u6d1e\u5bdf\u3002<\/p>\n<p>\u4e3a\u8fce\u63a5 2025 \u5e74\uff0c\u6211\u4eec\u5c06\u5206\u4eab\u6211\u4eec\u5bf9\u201c\u5c71\u5be8\u5b63\u201d\u7684\u770b\u6cd5\uff0c\u4ee5\u53ca\u6211\u4eec\u5bf9\u672a\u6765\u4e00\u5e74\u5b8f\u89c2\u95ee\u9898\u7684\u5f53\u524d\u60f3\u6cd5\u3002<\/p>\n<h2>\u5c71\u5be8\u5b63\u5df2\u7ecf\u5230\u6765\u4e86\u5417<br \/><\/h2>\n<p><span><strong>\u9274\u4e8e Solana \u5728 2024 \u5e74\u7684\u51fa\u8272\u8868\u73b0\u3001meme \u5e01\u72c2\u70ed\u3001DeFi \u7684\u590d\u5174\u4ee5\u53ca\u4eba\u5de5\u667a\u80fd\u4ee3\u7406\u7684\u8fd1\u671f\u5d1b\u8d77\uff0c\u4e00\u4e9b\u4eba\u8ba4\u4e3a\u201c\u5c71\u5be8\u5e01\u5b63\u8282\u201d\u5df2\u7ecf\u5230\u6765\u3002<\/strong><\/span><\/p>\n<p><span><strong>\u6211\u4eec\u4e0d\u540c\u610f\u3002<\/strong><\/span>\u4e3a\u4ec0\u4e48\uff1f<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6211\u4eec\u8ba4\u4e3a SOL \u7684\u51fa\u8272\u8868\u73b0\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u662f 2023 \u5e74\u88ab\u4e25\u91cd\u4f4e\u4f30\u7684\u53cd\u5f39\u884c\u60c5\uff1b<\/p>\n<\/li>\n<li>\n<p>Meme \u72c2\u70ed\u770b\u8d77\u6765\u66f4\u50cf\u662f 2020 \u5e74\u7684 DeFi \u590f\u5929\uff082021 \u5e74\u5373\u5c06\u5230\u6765\u7684\u725b\u5e02\u7684\u4e00\u77a5\uff09\uff1b<\/p>\n<\/li>\n<li>\n<p>DeFi \u7684\u590d\u5174\uff08Aave\u3001Hyperliquid\u3001Aerodrome\u3001Pendle\u3001Ethena\u3001Raydium\u3001Jupiter\u3001Jito \u7b49\uff09\u662f\u771f\u5b9e\u7684\uff0c\u4f46 DeFi \u4ecd\u7136\u611f\u89c9\u5f88\u5c0f\u4f17\u3002\u6839\u636e Kaito AI \u7684\u8bf4\u6cd5\uff0c\u5b83\u5728 2024 \u5e74\u4f5c\u4e3a\u4e00\u4e2a\u884c\u4e1a\u7684\u53d9\u4e8b\u4efd\u989d\u4e0b\u964d\u4e86\uff1b<\/p>\n<\/li>\n<li>\n<p>\u4eba\u5de5\u667a\u80fd\u4ee3\u7406\u7684\u5d1b\u8d77\u770b\u8d77\u6765\u66f4\u50cf\u662f\u201c\u5c71\u5be8\u5b63\u201d\u7684\u4e00\u77a5\uff0c\u800c\u4e0d\u662f\u5b9e\u9645\u7684\u4e1c\u897f\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u6211\u4eec\u53ef\u4ee5\u627f\u8ba4\u5e02\u573a\u5b58\u5728\u5927\u91cf\u6ce1\u6cab\u3002\u4f46\u603b\u4f53\u6570\u636e\u4e0d\u4f1a\u8bf4\u8c0e\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250108\/d8dde1c74a02c175fb2657886fb8de72.jpg\" title=\"7340812\" alt=\"XZjIxgu3fP5i9KkyjH6f7phRjQxfr2BIO4SiOXHy.jpeg\" \/><\/p>\n<p><span>\u6765\u6e90\uff1aCoinGecko<\/span><\/p>\n<p>\u5feb\u901f\u5206\u6790\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5728\u4e0a\u4e00\u4e2a\u5468\u671f\u4e2d\uff0c\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u5728 2020 \u5e74\u7b2c\u56db\u5b63\u5ea6\u589e\u957f\u4e86 4310 \u4ebf\u7f8e\u5143\u3002\u6bd4\u7279\u5e01\u5360\u636e\u4e86 71.5% \u7684\u6da8\u5e45\u3002BTC \u7684\u4e3b\u5bfc\u5730\u4f4d\u5728 2021 \u5e74 1 \u6708 3 \u65e5\u8fbe\u5230 72%\uff08\u5468\u671f\u5cf0\u503c\uff09\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5728\u5f53\u524d\u5468\u671f\u4e2d\uff0c\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u5728\u7b2c\u56db\u5b63\u5ea6\u589e\u957f\u4e86 1.16 \u4e07\u4ebf\u7f8e\u5143\u3002BTC \u5360\u636e\u4e86 59.5% \u7684\u6da8\u5e45\u3002BTC \u7684\u4e3b\u5bfc\u5730\u4f4d\u76ee\u524d\u4e3a 56.4%\u2014\u2014\u7565\u4f4e\u4e8e 2024 \u5e74 11 \u6708 21 \u65e5\u521b\u4e0b\u7684 60% \u7684\u5468\u671f\u5cf0\u503c\u3002<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u73b0\u5728\u3002\u60a8\u53ef\u80fd\u8ba4\u4e3a\uff0cBTC \u5728\u672c\u5468\u671f\u4e2d\u5360\u636e\u7684\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u589e\u957f\u4efd\u989d\u8f83\u5c0f\uff0c\u8fd9\u610f\u5473\u7740\u5c71\u5be8\u5e01\u65fa\u5b63\u5df2\u7ecf\u5230\u6765\u3002<\/p>\n<p>\u4f46\u770b\u770b\u5f53\u6211\u4eec\u8fdb\u5165 2021 \u5e74\uff08\u4e0a\u4e00\u4e2a\u5468\u671f\u7684\u6700\u540e\u4e00\u5e74\uff09\u65f6\u53d1\u751f\u4e86\u4ec0\u4e48\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>2021 \u5e74 1 \u6708 1 \u65e5\u81f3 2021 \u5e74 5 \u6708 11 \u65e5\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u503c\u589e\u957f\u4e86 1.75 \u4e07\u4ebf\u7f8e\u5143\u3002BTC \u4ec5\u5360\u636e\u4e86 31% \u7684\u6da8\u5e45\u3002\u4e3b\u5bfc\u5730\u4f4d\u4e0b\u964d\u81f3 44%\u3002<\/p>\n<\/li>\n<li>\n<p>2021 \u5e74 5 \u6708 11 \u65e5\u81f3 2021 \u5e74 6 \u6708 30 \u65e5\uff0c\u603b\u5e02\u503c\u4e0b\u8dcc\u8fd1 50%\u3002BTC \u5728\u540c\u4e00\u65f6\u671f\u4e0b\u8dcc\u4e86\u7ea6 50%\u3002<\/p>\n<\/li>\n<li>\n<p>\u968f\u540e\u5e02\u573a\u53cd\u5f39\uff0c\u5230 2021 \u5e74 11 \u6708 8 \u65e5\u5e02\u503c\u8fbe\u5230 3 \u4e07\u4ebf\u7f8e\u5143\u7684\u5cf0\u503c\u3002BTC \u4ec5\u5360\u636e\u4e86\u7b2c\u4e8c\u6b21\u6da8\u5e45\u7684 38%\u3002<\/p>\n<\/li>\n<\/ul>\n<p><strong>\u91cd\u70b9\u5173\u6ce8\u70b9\uff1a<\/strong><\/p>\n<ol class=\" list-paddingleft-2\">\n<li>\n<p>\u867d\u7136\u6709\u4e9b\u4eba\u8ba4\u4e3a\u8fd9\u662f\u201c\u6bd4\u7279\u5e01\u7684\u5468\u671f\u201d\uff08\u7531\u4e8e ETH \u8868\u73b0\u4e0d\u4f73\u3001ETF \u5360\u4e3b\u5bfc\u5730\u4f4d\u3001\u6218\u7565\u6bd4\u7279\u5e01\u50a8\u5907\u7092\u4f5c\u3001L2 \u7b49\uff09\uff0c\u4f46\u6570\u636e\u8868\u660e\uff0c\u968f\u7740\u6211\u4eec\u8fc7\u6e21\u5230 21 \u5e74\u2014\u2014\u4e0a\u4e00\u4e2a\u5468\u671f\u7684\u6700\u540e\u4e00\u5e74\uff0cBTC \u5b9e\u9645\u4e0a\u66f4\u52a0\u5f3a\u52b2\u3002<\/p>\n<\/li>\n<li>\n<p><span><strong>\u5728\u4e0a\u4e00\u4e2a\u5468\u671f\u4e2d\uff0c\u968f\u7740\u65b0\u5e74\u7684\u5230\u6765\uff0c\u201c\u5c71\u5be8\u5b63\u201d\u8f70\u8f70\u70c8\u70c8\u5730\u62c9\u5f00\u4e86\u5e8f\u5e55\u3002\u4ece 1 \u6708\u5230 5 \u6708\uff0cETH \u4e0a\u6da8\u4e86 5.3 \u500d\u3002Avalanche \u4e0a\u6da8\u4e86 12 \u500d\u3002SOL \u5728\u540c\u4e00\u65f6\u671f\u4e0a\u6da8\u4e86 28 \u500d\u3002DOGE \u4e0a\u6da8\u4e86 162 \u500d\u3002\u8fd9\u5c31\u662f\u201c\u5c71\u5be8\u5b63\u201d\u7684\u771f\u5b9e\u9762\u76ee\u3002\u5728\u6b64\u671f\u95f4\uff0c\u6bd4\u7279\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\u4e0b\u964d\u4e86\u8fd1 30%\u3002<\/strong><\/span><\/p>\n<\/li>\n<li>\n<p>\u5982\u524d\u6240\u8ff0\uff0c\u6211\u4eec\u4eca\u5929\u770b\u5230\u5e02\u573a\u51fa\u73b0\u4e86\u4e00\u4e9b\u6ce1\u6cab\u3002\u8bdd\u867d\u5982\u6b64\uff0c<span><strong>\u6211\u4eec\u8ba4\u4e3a\u201c\u5c71\u5be8\u5b63\u201d\u624d\u521a\u521a\u5f00\u59cb\u2014\u2014\u6bd4\u7279\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\u4ece 2024 \u5e74 11 \u6708 21 \u65e5\u7684\u5468\u671f\u5cf0\u503c 60% \u4e0b\u964d\u5c31\u662f\u660e\u8bc1\u3002<\/strong><\/span><\/p>\n<\/li>\n<li>\n<p>\u6211\u4eec\u9884\u6d4b\u660e\u5e74\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u5c06\u589e\u957f\u81f3 7.25 \u4e07\u4ebf\u7f8e\u5143\uff08\u6bd4\u4eca\u5929\u589e\u957f 113%\uff09\u3002\u5982\u679c\u4ece\u73b0\u5728\u5f00\u59cb\u6709 35% \u7684\u8d44\u91d1\u6d41\u5411 BTC\uff0c\u90a3\u4e48\u603b\u5e02\u503c\u5c06\u8fbe\u5230 3.2 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5373\u6bcf BTC 16.2 \u4e07\u7f8e\u5143\u3002\u6211\u4eec\u7684\u4e50\u89c2\u60c5\u51b5\u9884\u6d4b\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u4e3a 10 \u4e07\u4ebf\u7f8e\u5143\u3002\u5982\u679c 35% \u7684\u8d44\u91d1\u6d41\u5411 BTC\uff0c\u90a3\u4e48\u603b\u5e02\u503c\u5c06\u8fbe\u5230 4.2 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5373 21.2 \u4e07\u7f8e\u5143 BTC\u3002\u6211\u4eec\u7684\u60b2\u89c2\u60c5\u51b5\u9884\u6d4b\u603b\u5e02\u503c\u4e3a 5.5 \u4e07\u4ebf\u7f8e\u5143\u3002\u5982\u679c 35% \u7684\u8d44\u91d1\u6d41\u5411 BTC\uff0c\u90a3\u4e48\u603b\u5e02\u503c\u5c06\u8fbe\u5230 2.6 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5373 13.1 \u4e07\u7f8e\u5143 BTC\u3002<\/p>\n<\/li>\n<li>\n<p><span><strong>\u6211\u4eec\u9884\u8ba1\u4eca\u5e74\u5c06\u6709 2.5 \u4e07\u4ebf\u7f8e\u5143\u6d41\u5165\u975e BTC \u8d44\u4ea7\u2014\u2014\u662f 21 \u5e74\u4e0a\u4e00\u4e2a\u5468\u671f\u7684\u4e24\u500d\u3002<\/strong><\/span>\u4ece\u53e6\u4e00\u4e2a\u89d2\u5ea6\u6765\u770b\uff1aSolana\u3001Avalanche \u548c Terra Luna \u5728 2021 \u5e74 1 \u6708 1 \u65e5\u7684\u603b\u5e02\u503c\u4e3a 6.77 \u4ebf\u7f8e\u5143\u3002\u5b83\u4eec\u5728\u5e74\u5e95\u8fbe\u5230\u4e86 1460 \u4ebf\u7f8e\u5143\u7684\u5cf0\u503c\u3002\u8fd9\u662f 21,466% \u7684\u6da8\u5e45\u3002\u518d\u6b21\u3002\u6211\u4eec\u8fd8\u6ca1\u6709\u770b\u5230\u8fc7\u8fd9\u6837\u7684\u5927\u89c4\u6a21\u4e3e\u63aa\u3002\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u5b83\u4e00\u5b9a\u4f1a\u53d1\u751f\u3002<\/p>\n<\/li>\n<li>\n<p>\u201c\u5c71\u5be8\u5b63\u201d\u7684\u51fa\u73b0\u6709\u591a\u79cd\u539f\u56e0\u3002\u4f46\u6211\u4eec\u8ba4\u4e3a\u4e3b\u8981\u6709 4 \u4e2a\u9a71\u52a8\u56e0\u7d20\uff1a<\/p>\n<\/li>\n<\/ol>\n<p>1\uff09BTC \u8d22\u5bcc\u6548\u5e94\uff1aBTC \u6295\u8d44\u8005\u83b7\u5229   \u5728\u98ce\u9669\u66f2\u7ebf\u4e0a\u5bfb\u6c42\u66f4\u5927\u7684\u56de\u62a5\u3002<\/p>\n<p>2\uff09\u5a92\u4f53\u5173\u6ce8\u3002\u66f4\u591a\u5173\u6ce8 = \u66f4\u591a\u7528\u6237\u8fdb\u5165\u52a0\u5bc6\u8d27\u5e01\u3002\u8bb8\u591a\u4eba\u4f1a\u6295\u8d44\u4ed6\u4eec\u8ba4\u4e3a\u662f\u201c\u4e0b\u4e00\u4e2a\u6bd4\u7279\u5e01\u201d\u7684\u4e1c\u897f\u3002<\/p>\n<p>3\uff09\u521b\u65b0\u3002\u6211\u4eec\u901a\u5e38\u4f1a\u5728\u52a0\u5bc6\u8d27\u5e01\u5468\u671f\u7684\u540e\u671f\u770b\u5230\u65b0\u7684\u548c\u4ee4\u4eba\u5174\u594b\u7684\u7528\u4f8b\u51fa\u73b0\u3002<\/p>\n<p>4\uff09\u5b8f\u89c2\/\u6d41\u52a8\u6027\u6761\u4ef6\/\u7f8e\u8054\u50a8\u653f\u7b56\u2014\u2014\u63a8\u52a8\u5e02\u573a\u60c5\u7eea\u548c\u52a8\u7269\u7cbe\u795e\u3002<\/p>\n<p>\u8bf4\u5230\u5b8f\u89c2\u6761\u4ef6\u2026\u2026<\/p>\n<p>\u5982\u679c\u6211\u4eec\u60f3\u8981\u6709\u4e00\u4e2a\u9002\u5f53\u7684\u201c\u5c71\u5be8\u5e01\u5b63\u8282\u201d\uff0c\u6211\u4eec\u76f8\u4fe1\u5b8f\u89c2\u548c\u6d41\u52a8\u6027\u6761\u4ef6\u5fc5\u987b\u4e0e\u5e02\u573a\u53c2\u4e0e\u8005\u65e5\u76ca\u589e\u957f\u7684\u98ce\u9669\u504f\u597d\u4fdd\u6301\u4e00\u81f4\u3002<span><\/span><\/p>\n<h2>2025\u5e74\u5b8f\u89c2\u6846\u67b6<\/h2>\n<p>\u5728\u672c\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u5206\u6790\u52a0\u5bc6\u8d27\u5e01\u7b49\u98ce\u9669\u8d44\u4ea7\u7684\u4e00\u4e9b\u5173\u952e\u7ecf\u6d4e\u9a71\u52a8\u56e0\u7d20\uff0c\u540c\u65f6\u601d\u8003 2025 \u5e74\u5404\u79cd\u7ed3\u679c\u7684\u6982\u7387\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250108\/29e9bf81f0fd090a935f93ca3aa307c6.jpg\" title=\"7340817\" alt=\"XY7cBAzyVnoTPjrKDYk7CLaq3yGUs9K1nMcNRlet.jpeg\" \/><\/p>\n<h3><strong>\u901a\u8d27\u81a8\u80c0 (PCE)<\/strong><\/h3>\n<p>\u6b63\u5982\u6211\u4eec\u5728\u4e0a\u4e00\u4efd\u62a5\u544a\u4e2d\u6307\u51fa\u7684\u90a3\u6837\uff0c\u7f8e\u8054\u50a8\u62c5\u5fc3\u901a\u8d27\u81a8\u80c0\u3002\u56e0\u6b64\uff0c\u4ed6\u4eec\u5728 11 \u6708\u7684 FOMC \u4f1a\u8bae\u4e0a\u5c06\u4eca\u5e74\u7684\u964d\u606f\u9884\u6d4b\u4ece 4 \u6b21\u6539\u4e3a 2 \u6b21\u3002\u7ed3\u679c\u5e02\u573a\u51fa\u73b0\u629b\u552e\u3002<\/p>\n<p><strong>\u6211\u4eec\u5bf9\u901a\u80c0\u7684\u770b\u6cd5\uff1a<\/strong><\/p>\n<p>\u6211\u4eec\u8ba4\u4e3a\u7f8e\u8054\u50a8\/\u5e02\u573a\u5728\u901a\u80c0\u95ee\u9898\u4e0a\u7acb\u573a\u504f\u5411\u4e00\u8fb9\u3002\u4e3a\u4ec0\u4e48\uff1fCOVID-19 \u671f\u95f4\u901a\u80c0\u7684\u4e3b\u8981\u9a71\u52a8\u56e0\u7d20\u662f 1) \u4f9b\u5e94\u94fe\u95ee\u9898\uff0c\u4ee5\u53ca 2) \u6218\u65f6\u5370\u949e\uff08\u8d22\u653f\uff09  \u96f6\u5229\u7387\u653f\u7b56\uff08\u7f8e\u8054\u50a8\uff09\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u8981\u9884\u6d4b\u901a\u80c0\u56de\u5347\uff0c\u6211\u4eec\u9700\u8981\u4e00\u4e2a\u50ac\u5316\u5242\u3002\u6709\u4e9b\u4eba\u53ef\u80fd\u4f1a\u6307\u51fa\u77f3\u6cb9\u3002\u4f46\u6211\u4eec\u8ba4\u4e3a\u7279\u6717\u666e\u7684\u201cdrill baby drill\u201d\u653f\u7b56\u5bf9\u6cb9\u4ef7\u6765\u8bf4\u662f\u901a\u7f29\u7684\uff08\u589e\u52a0\u4f9b\u5e94\u5e94\u8be5\u4f1a\u5bfc\u81f4\u4ef7\u683c\u4e0b\u8dcc\uff09\u3002\u5176\u4ed6\u4eba\u5219\u6307\u51fa\u8d22\u653f\u652f\u51fa\u548c 2025 \u5e74\u9884\u8ba1\u7684 1.8 \u4e07\u4ebf\u7f8e\u5143\u8d64\u5b57\u3002\u51cf\u7a0e\u3001\u653e\u677e\u7ba1\u5236\u3001\u5173\u7a0e\uff0c\u90fd\u662f\u516c\u5e73\u7684\u6e38\u620f\u3002<\/p>\n<p>\u4f46\u6211\u4eec\u7684\u7ecf\u6d4e\u4e2d\u4e5f\u6709\u901a\u8d27\u7d27\u7f29\u7684\u529b\u91cf\u3002\u6bd4\u5982\u4eba\u5de5\u667a\u80fd\u548c\u5176\u4ed6\u6280\u672f\u521b\u65b0\u3002\u6211\u4eec\u7684\u4eba\u53e3\u6b63\u5728\u8001\u9f84\u5316\u2014\u2014\u8bb8\u591a\u5a74\u513f\u6f6e\u4e00\u4ee3\u6b63\u5728\u9000\u4f11\u3002\u7531\u4e8e\u51fa\u751f\u7387\u6301\u7eed\u4f4e\u4e0b\uff0c\u6211\u4eec\u7684\u4eba\u53e3\u4e5f\u5728\u51cf\u5c11\u3002\u73b0\u5728\u6211\u4eec\u6709\u4e25\u683c\u7684\u8fb9\u5883\u653f\u7b56\u3002<\/p>\n<p>\u8fd9\u4e9b\u90fd\u662f\u901a\u8d27\u7d27\u7f29\u3002\u7136\u800c\uff0c\u6709\u4e9b\u4eba\u4ecd\u7136\u8ba4\u4e3a\u901a\u8d27\u81a8\u80c0\u7387\u4f1a\u201c\u5377\u571f\u91cd\u6765\u201d\uff0c\u8fbe\u5230 70 \u5e74\u4ee3\u7684\u6c34\u5e73\u3002\u4ed6\u4eec\u8fdb\u884c\u8fd9\u4e9b\u6bd4\u8f83\u65f6\uff0c\u6ca1\u6709\u8003\u8651\u5230\u5f53\u4eca\u7ecf\u6d4e\u3001\u4eba\u53e3\u7ed3\u6784\u3001\u5927\u5b97\u5546\u54c1\u5e02\u573a\u7b49\u7684\u4e0d\u540c\u4e4b\u5904\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u7684\u57fa\u672c\u9884\u6d4b\u662f\uff0c\u901a\u8d27\u81a8\u80c0\u7387\u57fa\u672c\u4fdd\u6301\u5728\u6211\u4eec\u4eca\u5929\u770b\u5230\u7684\u6c34\u5e73\uff082.4% PCE\uff09\u8303\u56f4\u5185\u3002\u5b83\u751a\u81f3\u53ef\u80fd\u4f1a\u4e0b\u964d\u3002\u6211\u4eec\u8ba4\u4e3a\u8fd9\u5bf9\u98ce\u9669\u8d44\u4ea7\u6709\u5229\uff0c\u56e0\u4e3a\u5b83\u53ef\u80fd\u5bfc\u81f4\u660e\u5e74\u964d\u606f\u8d85\u8fc7 2 \u6b21\u2014\u2014\u800c\u76ee\u524d\u8fd8\u6ca1\u6709\u8003\u8651\u5230\u8fd9\u4e00\u70b9\u3002<\/p>\n<h3><strong>10 \u5e74\u671f\u6536\u76ca\u7387<\/strong><\/h3>\n<p>\u4eca\u5e74\u5e74\u5e95\u6536\u76ca\u7387\u4e3a 4.6%\u2014\u2014\u6bd4\u7f8e\u8054\u50a8\u5f00\u59cb\u964d\u606f\u7684 9 \u6708 16 \u65e5\u9ad8\u51fa\u6574\u6574 1%\u3002\u56e0\u6b64\uff0c\u7f8e\u8054\u50a8\u6b63\u8bd5\u56fe\u653e\u677e\u8d27\u5e01\u653f\u7b56\u3002\u4f46\u503a\u5238\u5e02\u573a\u5374\u6536\u7d27\u4e86\u8d27\u5e01\u653f\u7b56\u3002\u4e3a\u4ec0\u4e48\uff1f\u6211\u4eec\u8ba4\u4e3a\u4e3b\u8981\u6709\u4e09\u4e2a\u9a71\u52a8\u56e0\u7d20\uff1a<\/p>\n<ol class=\" list-paddingleft-2\">\n<li>\n<p><strong>\u901a\u8d27\u81a8\u80c0\u3002<\/strong>\u503a\u5238\u5e02\u573a\u8ba4\u4e3a\uff0c\u7f8e\u8054\u50a8\u964d\u606f\u53ef\u80fd\u5bfc\u81f4\u901a\u8d27\u81a8\u80c0\u5377\u571f\u91cd\u6765\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u8d22\u653f\u652f\u51fa\u62c5\u5fe7\u548c\u503a\u52a1\u589e\u957f\u3002<\/strong>\u5de8\u989d\u8d64\u5b57\u5bfc\u81f4\u56fd\u503a\u53d1\u884c\u91cf\u589e\u52a0\u2014\u2014\u8fd9\u53ef\u80fd\u5bfc\u81f4\u5e02\u573a\u4f9b\u5e94\u8fc7\u5269\u3002\u4e3a\u4e86\u5438\u5f15\u4e70\u5bb6\uff0c\u5229\u7387\u5fc5\u987b\u4e0a\u5347\uff08\u9664\u975e\u7f8e\u8054\u50a8\u4f5c\u4e3a\u4e70\u5bb6\u4ecb\u5165\u2014\u2014\u6211\u4eec\u9884\u8ba1\u4eca\u5e74\u665a\u4e9b\u65f6\u5019\u4f1a\u51fa\u73b0\u8fd9\u79cd\u60c5\u51b5\uff09\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u589e\u957f\u9884\u671f\u3002<\/strong>\u7531\u4e8e\u7279\u6717\u666e\u7684\u653f\u7b56\uff08\u51cf\u7a0e\u3001\u653e\u677e\u7ba1\u5236\uff09\uff0c2025 \u5e74\u7ecf\u6d4e\u589e\u957f\u52a0\u901f\uff0c\u53ef\u80fd\u5bfc\u81f4\u901a\u80c0\u4e0a\u5347\u3002<\/p>\n<\/li>\n<\/ol>\n<p><strong>\u6211\u4eec\u5bf9\u5229\u7387\u7684\u770b\u6cd5\uff1a<\/strong><\/p>\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u9274\u4e8e\u4e0a\u8ff0\u62c5\u5fe7\uff0c\u503a\u5238\u5e02\u573a\u91cd\u65b0\u5b9a\u4ef7 10 \u5e74\u671f\u6536\u76ca\u7387\u662f\u516c\u5e73\u7684\u3002\u6211\u4eec\u6ce8\u610f\u5230\uff0c\u8d22\u653f\u90e8\u4eca\u5e74\u9700\u8981\u4e3a\u6240\u6709\u672a\u507f\u8fd8\u503a\u52a1\u7684 1\/3 \u4ee5\u4e0a\u8fdb\u884c\u518d\u878d\u8d44\uff0c\u5176\u4e2d\u5927\u90e8\u5206\u4f4d\u4e8e\u66f2\u7ebf\u7684\u77ed\u7aef\u2014\u2014\u90a3\u91cc\u6709\u66f4\u591a\u7684\u4e70\u5bb6\u2014\u2014\u800c\u8036\u4f26\u90e8\u957f\u5728\u4e0a\u4e00\u8f6e\u5468\u671f\u7684\u5927\u90e8\u5206\u518d\u878d\u8d44\u4e2d\u90fd\u63d0\u524d\u8fdb\u884c\u4e86\u3002\u5982\u679c\u65b0\u4efb\u8d22\u653f\u90e8\u957f\u65af\u79d1\u7279\u00b7\u8d1d\u68ee\u7279 (Scott Bessent) \u8bd5\u56fe\u507f\u8fd8\u503a\u52a1\uff0c\u5219\u53ef\u80fd\u4f1a\u5728\u66f2\u7ebf\u7684\u957f\u7aef\u9020\u6210\u4f9b\u9700\u5931\u8861\uff0c\u5e76\u5bfc\u81f4\u6536\u76ca\u7387\u98d9\u5347\u3002<\/p>\n<p>\u6211\u4eec\u8ba4\u4e3a\u8fd9\u4e9b\u98ce\u9669\u662f\u5408\u7406\u7684\u3002\u4f46\u6211\u4eec\u4e5f\u8ba4\u4e3a\u7f8e\u8054\u50a8\u6709\u5de5\u5177\uff08\u91cf\u5316\u5bbd\u677e\uff09\u5728\u9700\u8981\u65f6\u63a7\u5236\u6536\u76ca\u7387\u4e0a\u5347\u3002\u6211\u4eec\u8ba4\u4e3a\u7279\u6717\u666e\u653f\u5e9c\u5c06\u5c3d\u4e00\u5207\u52aa\u529b\u63d0\u9ad8\u8d44\u4ea7\u4ef7\u683c\u3002<\/p>\n<p>\u6211\u4eec\u8ba4\u4e3a10 \u5e74\u671f\u6536\u76ca\u7387\u8fbe\u5230 3.5-4%\u3002\u5b83\u53ef\u80fd\u4f1a\u8d70\u4f4e\u3002\u6211\u4eec\u518d\u6b21\u8ba4\u4e3a\u8fd9\u5bf9\u98ce\u9669\u8d44\u4ea7\u6709\u5229\u3002<\/p>\n<h3>\u589e\u957f\u4e0e\u6807\u51c6\u666e\u5c14 500 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48.4\uff0c\u8868\u660e\u5236\u9020\u4e1a\uff08\u5360 GDP \u7684 11%\uff09\u51fa\u73b0\u6e29\u548c\u840e\u7f29\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u7f8e\u8054\u50a8\u5df2\u964d\u606f 3 \u6b21\uff0c\u964d\u606f\u5468\u671f\u5df2\u8fbe 1%\u3002\u76ee\u524d\u5e02\u573a\u9884\u8ba1 1 \u6708\u4efd\u5c06\u6682\u505c\u52a0\u606f\uff0c\u964d\u606f\u7387\u4e3a 88%\u30022 \u6708\u4efd\u6ca1\u6709 FOMC \u4f1a\u8bae\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4f3c\u4e4e\u6700\u65e9\u5c06\u5728 3 \u6708\u4efd\u4e4b\u524d\u4fdd\u6301\u5728 4.25-4.5%\u3002\u6b64\u5916\uff0c\u503a\u52a1\u4e0a\u9650\u4e4b\u4e89\u8feb\u5728\u7709\u776b\uff0c\u56e0\u4e3a\u8036\u4f26\u90e8\u957f\u8868\u793a\u8d22\u653f\u90e8\u5c06\u5728 1 \u6708 14 \u65e5\u81f3 1 \u6708 23 \u65e5\u4e4b\u95f4\u8fbe\u5230\u501f\u6b3e\u4e0a\u9650\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\u8d22\u653f\u90e8\u53ef\u80fd\u4e0d\u5f97\u4e0d\u52a8\u7528 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