> Inflation rebound in US deepens monetary policy divide with Europe
美國通脹超預(yù)期反彈加大歐美政策分歧

Recent US Department of Labor data show that the consumer price index in the United States rose 3.5 percent year-on-year in March, up 0.3 percentage points from the growth in February, and the core CPI rose 3.8 percent year-on-year and 0.4 percent month-on-month, both exceeding expectations for three consecutive months.
美國勞工部近日公布的數(shù)據(jù)顯示，3月份美國消費(fèi)者價(jià)格指數(shù)（CPI）同比上漲3.5%，漲幅較2月份擴(kuò)大0.3個(gè)百分點(diǎn)。同時(shí)，核心CPI環(huán)比上漲0.4%，同比上漲3.8%，核心CPI的這兩項(xiàng)指標(biāo)漲幅已連續(xù)3個(gè)月超預(yù)期。

The higher-than-expected CPI indicates that the rebound in US inflation since the beginning of the year is not temporary. 
CPI持續(xù)超預(yù)期回升，表明年初以來美國通脹反彈并不是暫時(shí)現(xiàn)象。

The minutes of the US Federal Reserve's monetary policy meeting in March also show that the Fed will not cut interest rates until it is confident inflation is steadily returning to the target level.
4月10日公布的美聯(lián)儲(chǔ)3月貨幣政策會(huì)議紀(jì)要也顯示，在確信通脹穩(wěn)步回歸目標(biāo)水平之前，美聯(lián)儲(chǔ)不會(huì)降息。

Analysts point out that the continued rebound in US inflation has had many impacts on the US and global markets. 
分析指出，美國通脹持續(xù)反彈，給美國和全球市場(chǎng)帶來了多方面影響。

With inflation data rebounding, market institutions have to reassess the Fed's policy path, with Wall Street traders expecting the Fed to keep rates higher for longer. 
隨著通脹數(shù)據(jù)反彈，市場(chǎng)機(jī)構(gòu)不得不重新評(píng)估美聯(lián)儲(chǔ)的政策路徑。華爾街的交易員預(yù)計(jì)美聯(lián)儲(chǔ)可能將高利率維持更長(zhǎng)時(shí)間。

There is speculation that the Fed may raise rates again.
更有觀點(diǎn)認(rèn)為，美聯(lián)儲(chǔ)甚至可能再度加息。

Jamie Dimon, chairman and CEO of J.P. Morgan Chase, said, "We are ready for the Fed to raise interest rates to as high as 8 percent".
摩根大通董事長(zhǎng)兼首席執(zhí)行官杰米?戴蒙甚至聲稱，“已為美聯(lián)儲(chǔ)最高將利率上調(diào)至8%做好了準(zhǔn)備”。

After the March inflation data were released, US President Joe Biden broke the practice of not commenting on the Fed's decision, saying he believed the Fed will cut rates by the end of the year. 
在3月份通脹數(shù)據(jù)公布后，美國總統(tǒng)拜登打破了不對(duì)美聯(lián)儲(chǔ)決策發(fā)表評(píng)論的慣例，認(rèn)為美聯(lián)儲(chǔ)“年底前將降息”。

Analysts say that Biden's remarks reflect that the US economy is unable to withstand continued high interest rates, and the "resilience" of the US economy may not be as strong as claimed by the Fed.
有分析認(rèn)為，這反映出美國經(jīng)濟(jì)難以承受持續(xù)高利率的重壓，所謂美國經(jīng)濟(jì)的“韌性”恐怕并沒有美聯(lián)儲(chǔ)對(duì)外聲稱的那么強(qiáng)。

As expectations of US interest rate cuts subside, the divergence between European and US monetary policy will widen. 
由于美國降息預(yù)期回落，歐美貨幣政策之間的分歧也在擴(kuò)大。

If the European Central Bank cuts interest rates before the Fed does, it could cause the euro to fall sharply and European enterprises to pay more for dollar-denominated imports, which would fuel inflation again.
如果歐洲央行先于美聯(lián)儲(chǔ)降息，可能導(dǎo)致歐元大幅貶值，企業(yè)則必須為以美元計(jì)價(jià)的進(jìn)口產(chǎn)品支付更多成本，這將再度推升通脹。

ECB has intensified efforts to shed the impression that it follows the US in terms of monetary policy. 
另一方面，歐洲央行近期試圖擺脫多年來在貨幣政策上對(duì)美亦步亦趨的形象。

Therefore, it is believed that ECB, fearing the economy could lose steam, may cut interest rates before the Fed does in June.
市場(chǎng)認(rèn)為，在經(jīng)濟(jì)失速的壓力之下，歐洲央行有可能先于美聯(lián)儲(chǔ)在6月降息。

The US inflation data are an important indicator of the country's and even global economic trends. 
美國通脹數(shù)據(jù)是觀察美國經(jīng)濟(jì)乃至全球經(jīng)濟(jì)走勢(shì)的重要指標(biāo)。

However, there have been more signs that inflation data have gradually been used by the US government and the Fed to influence market expectations. 
然而，越來越多的跡象表明，通脹數(shù)據(jù)已逐漸變成美國政府和美聯(lián)儲(chǔ)左右市場(chǎng)預(yù)期的工具。

The question is, as US federal government debt approaches $35 trillion, how long can this tool be wielded?
只不過，隨著美國聯(lián)邦政府債務(wù)規(guī)?？焖傧?5萬億美元逼近，這件工具還能用多久呢？

> China's performance market scales new heights in 2023
2023年全國演出市場(chǎng)總體經(jīng)濟(jì)規(guī)模創(chuàng)新高

The scale of China's performance market reached 73.99 billion yuan (about $10.42 billion) in 2023, hitting a record high, according to the China Association of Performing Arts.
據(jù)中國演出行業(yè)協(xié)會(huì)數(shù)據(jù)，2023年全國演出市場(chǎng)總體經(jīng)濟(jì)規(guī)模超739.9億元，創(chuàng)歷史新高。

The figure was revealed by Liu Kezhi, president of the association, at the opening ceremony of a national performing arts trade fair in North China's port city of Tianjin.
這是中國演出行業(yè)協(xié)會(huì)會(huì)長(zhǎng)劉克智在2024中國（天津）演出交易會(huì)開幕式上透露的。

Driven by policy incentives and consumer demand, China's performance market accelerated its development in 2023, presenting gratifying changes in breaking traditional patterns and expanding its development space, according to the association.
中國演出行業(yè)協(xié)會(huì)表示，在政策鼓勵(lì)和消費(fèi)需求推動(dòng)下，2023年全國演出市場(chǎng)加速發(fā)展，演出業(yè)在打破傳統(tǒng)格局、拓展發(fā)展空間方面呈現(xiàn)令人欣喜的變化。

In 2023, many high-quality performances gained significant popularity, Liu noted, boosting cultural confidence in stage arts centered on Chinese narratives.
劉克智介紹，2023年，舞臺(tái)精品“破圈”效應(yīng)不斷，舞臺(tái)藝術(shù)講述中國故事展現(xiàn)愈加堅(jiān)定的文化自信。

A series of works centered on traditional culture, such as the musical "Qiang Jin Jiu" (Bring in the Wine) and the stage play "Journey to the West," reaped good market benefits, Liu said.
劉克智稱，音樂劇《將進(jìn)酒》、舞臺(tái)劇《西游記》等一系列以傳統(tǒng)文化為核心的作品收獲良好的市場(chǎng)效益。

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