相较于新兴市场能够较快控制通膨，发达国家正面临更为严峻的通膨冲击，欧洲央行近期已因通膨压力率先升息，显示先前的降息循环已宣告结束，各国央行正面临重新调整货币政策的压力。
美国两年期国债殖利率已升至一年多来的高点，反映出市场预期美联储可能需要进一步升息，新任主席沃什在其首场货币政策会议中，将面临分裂的公开市场委员会与政治降息压力之间的严峻考验。
As Kevin Warsh prepares to take over as Federal Reserve Chair, global financial markets are transitioning from a steady rate descent to a volatile phase, especially as the Fed faces resurgent inflation driven by geopolitical conflicts and tariff policies.
Compared to emerging markets that managed to control inflation more quickly, developed economies are facing more severe inflationary shocks, with the European Central Bank recently raising rates first, signaling an end to the rate-cutting cycle and forcing central banks to recalibrate.
Yields on two-year US Treasuries have risen to their highest level in over a year, reflecting market expectations that the Fed may need to hike rates further, presenting a major challenge for Warsh in his inaugural meeting amidst a divided FOMC and political pressure for lower rates.