申万宏源：2026年美国通胀或呈现“前高后低”特征"/> <meta property="og:contentid" content="comos:nhicnfi6098559"/> <meta property="og:url" content="https://finance.sina.cn/hkstock/ggpj/2026-01-22/detail-inhicnfi6098559.d.html"/> <meta property="og:time" content="2026-01-22 06:24:20"/> <meta property="og:published_time" content="2026-01-22 06:24:20"/> <meta property="og:updated_time" content="2026-01-22 06:24:20"/> <meta property="og:author" content="滚动播报"/> <meta property="og:site_name" content="手机新浪网"/> <meta property="og:locale" content="zh_CN"/> <meta property="article:modified_time" content="2026-01-22 06:24:20"/> <meta property="article:published_time" content="2026-01-22 06:24:20"/> <meta property="og:description" content="申万宏源发布研报称，2026年，美国通胀或呈现“前高后低”特征。上半年为关税传导 “最后一公里”，叠加减税落地，若传导率向70%靠近，通胀或展现更强“粘性”，下半年或是去通胀顺风期。该行预测，假设关税传导率为90%、70%、50%，2026年末核心PCE同比将"/> <meta property="og:image" content="//n.sinaimg.cn/default/2fb77759/20151125/320X320.png"/> <meta property="og:category" content="财经"/> <meta property="article:section" content="财经"/> <meta property="article_tags" content="期货"/> <meta property="article_tags" content="美联储"/> <meta property="article_tags" content="美国"/> <meta property="article_tags" content="通胀"/> <meta property="article_tags" content="申万宏源"/>  <link rel="canonical" href="https://finance.sina.cn/hkstock/ggpj/2026-01-22/detail-inhicnfi6098559.d.html?vt=4"/><meta name="publishid" content="nhicnfi6098559, 申万宏源, 货币政策, m1, CPI, 减税, 关税, 美联储, 通胀, 风险, 特征, 税率, 涨价, 传导, 降息