美联储褐皮书显示经济温和扩张，雪佛龙宣布对委投资70亿美元
Fed Sees Modest Wage Growth, Dell Gets Boost | Bloomberg Businessweek Daily 9/2/2026
美联储褐皮书提供了最新的宏观基本面数据，而雪佛龙的巨额投资及美委能源协议直接关联全球原油供给预期与地缘政治风险，两者结合对大宗商品定价具有实质性影响，建议关注油价波动。
THIS IS BLOOMBERG BUSINESSWEEK DAILY REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS STAY AHEAD WITH INSIGHT ON THE PEOPLE, COMPANIES AND TRENDS SHAPING TODAY'S COMPLEX ECONOMY, PLUS GLOBAL BUSINESS, FINANCE AND TECH NEWS AS IT HAPPENS. BLOOMBERG BUSINESSWEEK DAILY WITH CAROL MASSAR AND TIM STENOVEC COME ALIVE ON BLOOMBERG RADIO, TELEVISION AND BLOOMBERG ORIGINALS. TIM: IT IS BLOOMBERG BUSINESSWEEK DAILY LIVE FROM THE STUDIO IN NEW YORK.
这是彭博商业周刊每日报道，来自那本帮助全球领导者保持领先、洞察塑造当今复杂经济的人物、公司和趋势的杂志，以及实时发生的全球商业、金融和科技新闻。《彭博商业周刊》每日节目由卡罗尔·马萨尔和蒂姆·斯滕诺维克主持，在彭博广播、电视和彭博原创内容中精彩呈现。蒂姆：现在是彭博商业周刊每日直播，地点是纽约演播室。
I'M 10 STENOVEC -- I'M TIM STENOVEC. CAROL MASSAR IS OUT. LISA, WE HAVE A PACKED HOUR. WE WILL GET MORE FROM CHARLIE ON MARKETS AND A SECOND BUT STOCKS ARE UP AFTER CONCERNS ABOUT INFLATION ARE DISSIPATING EVER SO SLIGHTLY. WE TALKED TO MIKE MCKEE ABOUT THAT IN THE SECOND. SOLID CORPORATE EARNINGS ARE BRINGING BARGAIN HUNTERS IN. WE'RE ARE ALSO GOING AROUND THE WORLD. LISA: A LOT ABOUT OIL, BRENT CRUDE AT $95 A BARREL, UP NEARLY 1%.
我是蒂姆·斯滕诺克——我是蒂姆·斯滕诺维克。卡罗尔·马萨尔不在。丽莎，我们有一个小时充实的内容。我们将让查理带来更多市场动态，稍后还有第二部分，尽管对通胀的担忧略有缓解，但股市上涨。我们在第二部分与迈克·麦基讨论了这一点。强劲的企业盈利正在吸引寻价买家入场。我们还将在全球范围内展开讨论。丽莎：很多关于石油的内容，布伦特原油每桶95美元，上涨近1%。
THE OIL MARKET STARTING TO RISE A BIT. TIM: TYLER KENDALL WILL BE JOINING US IN A MINUTE LIVE FROM VENEZUELA FOLLOWING INTERVIEWS WITH LEADERS OF CHEVRON. ALSO SPEAKING WITH DAN SCHREIBER ON THE LATEST INSURANCE EXPANSION AND ANNOUNCEMENTS WHEN IT COMES TO AI IN THE INSURANCE INDUSTRY. WE ARE WATCHING THE BEIGE BOOK CLOSELY. AS WE WAIT FOR THE HEADLINES WILL BRING AN CHARLIE PELLETT WHO WAS STANDING BY WITH AN UPDATE.
石油市场开始小幅回升。蒂姆：泰勒·肯德尔将在一分钟后从委内瑞拉加入我们，他刚刚采访雪佛龙公司的领导人。此外，我们还将与丹·施雷伯交谈，探讨保险行业在人工智能方面的最新扩展和公告。我们密切关注褐皮书。在等待头条新闻的同时，我们将请一直待命的查理·佩莱特带来更新。
CHARLIE: HELLO, LOOKING AT AN UPDATE FOR THE DOW, S&P AND NASDAQ, STOCKS ROSE AFTER A DROP FUELED BY CONCERNS ABOUT INFLATION. WE HAVE THE SO-CALLED DIP BUYERS COMING INTO THE MARKET WITH S&P 500 PUSHING HIGHER UP 34, 76.66, A GAIN OF 0.5%. THE DOW UP HIGHER ALMOST 0.5%, JASDAQ -- NASDAQ UP 0.3%. RUSSELL 2000 UP 1.1%. GOLD IS UP AND WEST TEXAS INTERMEDIATE CRUDE UP BY 1.1 PERCENT. CHEVRON MAKING BIG NEWS TODAY PLANNING TO INVEST $7 BILLION THE NEXT FIVE YEARS.
查理：大家好，看一下道琼斯、标普和纳斯达克的更新，股市在因通胀担忧而下跌后反弹。所谓的逢低买入者进入市场，推动标普500指数走高34点，报76.66点，涨幅为0.5%。道琼斯指数上涨近0.5%，日经指数——纳斯达克上涨0.3%。罗素2000指数上涨1.1%。黄金上涨，西德克萨斯中质原油上涨1.1%。雪佛龙今天成为大新闻，计划在未来五年投资70亿美元。
JOINT VENTURE PARTNERSHIPS, WITH PRODUCTION VENEZUELA. CHEVRON UP 0.5%. ITALIAN OIL GIANT LIFTING ITS VENEZUELAN PRODUCTION TO MORE THAN ONE MILLION BARRELS A DAY. GE VERNOVA COMMITTING TO REPAIR LARGE PORTION OF VENEZUELA'S POWER GRID. THEY ARE UP BY 1.9%. I'M CHARLIE PELLETT AND THAT IS A BLOOMBERG BUSINESS FLASH. TIM: THE BEIGE BOOK HEADLINES ARE CROSSING. THE BEIGE BOOK, ANECDOTAL INFORMATION FROM THE FEDERAL RESERVE DISTRICTS AROUND THE COUNTRY, ECONOMIC ACTIVITY INCREASED MODESTLY SINCE EARLY JULY UNEMPLOYMENT ROSE SLIGHTLY.
合资企业伙伴关系，涉及委内瑞拉的生产。雪佛龙上涨0.5%。意大利石油巨头将其委内瑞拉产量提高到每天超过一百万桶。GE Vernova承诺修复委内瑞拉电网的大部分设施。它们上涨1.9%。我是查理·佩莱特，这是一条彭博商业快讯。蒂姆：褐皮书的头条新闻正在出现。褐皮书是来自全国各地联邦储备区间的轶事信息，自7月初以来经济活动适度增加，失业率略有上升。
MICHAEL MCKEE IS WITH US, OUR ECONOMICS AND POLICY CORRESPONDENT. WHAT DID WE LEARN? MICHAEL: DOESN'T SOUND LIKE A LOT OF CHAIN BETWEEN WHAT WE HAD SEEN THE LAST COUPLE MONTHS AND THIS LATEST REPORT, WHICH COVERS AUGUST. ECONOMIC ACTIVITY UP MODESTLY. THEY SAY MANUFACTURING ACTIVITY PICKED UP ACROSS MOST DISTRICTS. SERVICES FIRMS REPORTED SLIGHT TO MODEST INCREASES. RESIDENTIAL DOES -- CONSTRUCTION DECLINED AND NONRESIDENTIAL CONSTRUCTION INCREASED.
迈克尔·麦基与我们同在，他是我们的经济与政策通讯员。我们学到了什么？迈克尔：从过去几个月我们所看到的情况与这份涵盖八月的最新报告之间，似乎没有太多的联系。经济活动适度上升。他们表示，大多数地区的制造业活动有所回升。服务业公司报告称有轻微到适度的增长。住宅建设下降，而非住宅建设增加。
YOU WILL BE SHOCKED TO KNOW SOME DISTRICTS NOTED A HIGH CONCENTRATION OF ACTIVITY RELATED TO DATA CENTERS. TIM: I KNEW YOU WOULD SAY THAT. SO IF WE CAN'T FIND A HOUSE WE CAN LIVE IN A DATA CENTER? MICHAEL: THE GENERAL OUTLOOK FOR THE COMING MONTHS WAS POSITIVE. THE SENTIMENT WAS MIXED ACROSS SECTORS WITH CONTACTS REPORTING HEIGHTENED UNCERTAINTY SURROUNDING THE EFFECTS OF HIGHER ENERGY PRICES, POLICY AND INTERNATIONAL CONFLICT.
你会震惊地知道，一些地区注意到数据中心相关活动的高度集中。蒂姆：我知道你会这么说。那么如果我们找不到可以居住的房子，我们就住在数据中心吗？迈克尔：对未来几个月的总体展望是积极的。各行业的情绪好坏参半，受访者报告称对更高能源价格、政策和国际冲突的影响存在 heightened（加剧的）不确定性。
IF I HAD READ THIS TO YOU IN MID JULY WERE MID JUNE, WOULD NOT HAVE SOUNDED OUT OF PLACE. WHAT THE FED IS GETTING IS THE SAME INFORMATION PEOPLE HAVE BEEN GIVING US FOR QUITE SOME TIME. THE ECONOMY SEEMS TO BE IN STATUS QUO, EXPANDING. LABOR MARKET SEEM TO BE STEADY BUT THERE ARE CONCERNS ABOUT INFLATION AND EVERYONE IS KEEPING AN EYE ON WHAT IS HAPPENING IN THE MIDDLE EAST. LISA: WHAT ABOUT THE HEALTH OF THE AMERICAN CONSUMER?
如果我在七月中旬或六月中旬给你读这些内容，听起来也不会显得格格不入。美联储获得的信息与人们长期以来一直提供给我们的信息相同。经济似乎处于现状，正在扩张。劳动力市场看似稳定，但人们对通货膨胀存在担忧，每个人都在密切关注中东发生的情况。丽莎：美国消费者的健康状况如何？
MICHAEL: ACCORDING TO THE STORY HERE, RETAIL, DEPENDING ON WHAT YOU WERE BUYING, PEOPLE WERE LOOKING BOTH AT THE PRICES. THERE WAS HEIGHTENED PRICE SENSITIVITY, BUT SPENDING DID GROW SLIGHTLY. SOLID HIGH END PURCHASES ON THE OTHER SIDE. THEM THAT HAVE IT WILL GET MORE. TIM: MICHAEL MCKEE, OUR INTERNATIONAL ECONOMY AND POLITICS CORRESPONDENT WITH THE BEIGE BOOK. WALL STREET LASER FOCUSED ON WHAT THE FED WILL DO IN SEPTEMBER AND BEYOND, AND THE LATEST OUT OF VENEZUELA.
迈克尔：根据这里的报道，零售业方面，取决于你购买的商品，人们既关注价格。价格敏感度提高，但支出确实略有增长。另一方面，高端购买依然强劲。有钱的人会获得更多。蒂姆：迈克尔·麦基，我们的国际经济与政治通讯员，带来了《褐皮书》。华尔街正激光般聚焦于美联储在九月及以后的行动，以及来自委内瑞拉的最新消息。
COMPANIES SIGNING DEALS THE BUT THE COUNTRY ON PACE TO RAPIDLY EXPAND OUTPUT OF CRUDE. CHEVRON PLANS TO INVEST $7 BILLION OVER FIVE YEARS THROUGH A JOINT VENTURE PARTNERSHIP TO MORE THAN DOUBLE CRUDE PRODUCTION VENEZUELA. TYLER KENDALL IS IN VENEZUELA WHERE SHE SPOKE TO BOTH THE U.S. ENERGY SECRETARY AND MIKE WORTH THE CEO OF CHEVRON. WHAT CAN YOU TELL US ABOUT WHAT ENERGY COMPANIES ARE DOING TODAY IN VENEZUELA? TYLER: WE JUST FINISHED A SIGNING CEREMONY THAT TOOK LACE IN THE PRESIDENTIAL PALACE WHERE I AM RIGHT NOW WHERE WE SAW A FLURRY OF DEALS FROM THE PRIVATE SECTOR THAT ARE BOOSTING THEIR INVESTMENT TO HELP DRILL MORE AND INCREASE THE OIL OUTPUT IN VENEZUELA.
签署协议的公司，但该国有望迅速扩大原油产量。雪佛龙计划通过合资企业伙伴关系在五年内投资70亿美元，使委内瑞拉的原油产量翻倍以上。泰勒·肯德尔在委内瑞拉，她采访了美国能源部长和雪佛龙首席执行官迈克·沃思。你能告诉我们今天能源公司在委内瑞拉做什么吗？泰勒：我们刚刚完成了一场签约仪式，地点就在我现在所在的总统府，我们看到私营部门 flurry of deals（一系列交易），旨在增加投资以帮助钻探更多油井并增加委内瑞拉的石油产量。
RELATIVELY SPEAKING WE HAVE NOT SEEN PRODUCTION RAMP UP IN THE WAKE OF THE OUSTER OF NICOLAS MADURO. DATA SHOWING VENEZUELA IS AVERAGING 1.1 MILLION BARRELS PER DAY, WELL BELOW THE HEIGHT OF PRODUCTION THREE DECADES AGO AROUND 3.5 MILLION BARRELS. THE BACKDROP IS, SENIOR OFFICIALS, IT IS PART OF THE BID TO MAKE THE INDUSTRY MORE COMFORTABLE IN INVESTING IN VENEZUELA AMID THIS RELATIVE HESITANCY. THE BACKDROP INCLUDES THE U.S.
相对地说，在尼古拉斯·马杜罗被罢免之后，我们尚未看到产量大幅攀升。数据显示，委内瑞拉日均产量平均为110万桶，远低于三十年前约350万桶的峰值。背景情况是，高级官员们，这是为了在相对犹豫不决的氛围中，使行业更有信心在委内瑞拉投资。背景还包括美国政府与……
GOVERNMENT DEAL WHERE THE GOVERNMENT WILL BE TAKING THIS EQUITY STAKE IN A PRIVATE COMPANY THAT HAS BEEN GRANTED A HUNDRED YEAR LEASE TO DEVELOP NEARLY 17 STRATEGIC OIL FIELDS. THERE ARE QUESTIONS ABOUT THE LEGAL DURABILITY AND FEASIBILITY WHEN IT COMES TO SCALE. THE U.S. ENERGY SECRETARY TOLD ME THEY ARE EXPECTING TO RAMP THIS UP AT FULL SPEED.
政府的协议，政府将在一家被授予近17个战略油田开发权、租期长达百年的私营公司中持有股权份额。关于规模和可行性方面存在法律持久性的疑问。美国能源部长告诉我，他们期望以全速推进这一计划。
THERE IS SCALE IN SEVERAL OF THOSE FIELDS. A NUMBER HAVE NOT SEEN MEANINGFUL DEVELOPMENT YET. SOME HAD RUSSIAN OR CHINESE PARTNERSHIPS, FRANKLY CRIMINAL PARTNERSHIPS. THAT IS TO BRING THESE FIELDS INTO REAL COMMERCIAL DEVELOPMENT. WITH THE SPEED OF THINGS. WE HAVE GONE AT TRUMP SPEED IN VENEZUELA. COUNTRY PRODUCTION IS UP 25%, EXPORTS UP 50%. WE THINK EVEN FOR PRODUCTION TODAY, ALREADY ELEVATED, THAT COULD DOUBLE BY THE END OF THIS DECADE.
其中几个油田具有规模效应。许多油田尚未进行实质性开发。坦白说，一些油田曾与俄罗斯或中国有合作伙伴关系，甚至是犯罪性质的合作。目的是将这些油田带入真正的商业开发阶段。事情进展迅速。我们在委内瑞拉的行动遵循“特朗普速度”。该国产量已上升25%，出口量上升50%。我们认为，即使考虑到当前已经较高的产量水平，到本十年末也可能翻倍。
TYLER: THE U.S. GOVERNMENT WILL ALSO BE GRANTED THE RIGHT TO PURCHASE 20% OF THE PRODUCTION OUTPUT FROM THIS JOINT VENTURE AT COST, SO BELOW MARKET PRICE. WE ARE TOLD THAT WILL BE USED TO FILL THE STRATEGIC OIL RESERVE WHICH IS AT RECORD LOWS. I ASKED ENERGY SECRETARY DIRECTLY ABOUT WHETHER VENEZUELAN CRUDE WOULD GO TO THE SPR. HE SAID IT WOULD BE A SWAP MECHANISM BUT IT IS DESIGNED TO BOLSTER THOSE SUPPLIES, SINCE THEY ARE RUNNING PRETTY LOW.
泰勒：美国政府还将获得以成本价（低于市场价格）购买该合资企业20%产量的权利。我们被告知，这些石油将用于补充处于历史低位的战略石油储备。我直接询问能源部长委内瑞拉原油是否会进入战略石油储备（SPR）。他表示这将是一种置换机制，但其设计旨在增强供应，因为目前供应相当紧张。
LISA: YOU HAD A BUSY DAY AND SPOKE WITH THE CHEVRON CEO MIKE WORTH. WHAT DID HE TELL YOU? A LOT OF QUESTIONS AROUND WHAT PROTECTIONS HAS CHEVRON BUILT INTO THIS INVESTING DEAL. TYLER: THAT IS PERHAPS ONE OF THE BIGGEST QUESTIONS. WHAT EXACTLY DID THEY GET FROM THE VENEZUELAN GOVERNMENT OR ASSURANCES FROM THE U.S. GOVERNMENT, WHEN IT COMES TO EXPANDING INVESTMENT IN VENEZUELA ON THE HEELS OF THE LARGEST FINANCIAL EQUIPMENT WE HAVE SEEN FROM A MAJOR OIL COMPANY SINCE THE OUSTER OF NICOLAS MADURO.
丽莎：你度过了忙碌的一天，并与雪佛龙首席执行官迈克·沃思进行了交谈。他告诉了你什么？围绕雪佛龙在此次投资交易中建立了哪些保护措施，存在许多问题。泰勒：这或许是最重大的问题之一。当涉及到在马杜罗被罢免后最大规模的石油公司金融设备之后扩大在委内瑞拉的投资时，他们究竟从委内瑞拉政府获得了什么，或从美国政府获得了什么保证？
I WILL LET HIM ANSWER THAT FOR ME. TAKE A LISTEN TO WHEN I PRESSED HIM ON WHAT THIS CONTRACT WILL LOOK LIKE --
我会让他替我回答。听听当我追问这份合同的具体形态时他的回应——
AS IMPORTANT AS THE COMMERCIAL AND PHYSICAL TERMS WHERE THE LEGAL TERMS AND PROTECTIONS FOR INVESTORS WHICH IS AN ISSUE WE DEAL WITH IN MANY COUNTRIES AROUND THE WORLD. WE HAVE PROVISIONS THAT ARE VERY STRONG RELATIVE TO OTHER CONTRACTS AS IT RELATES TO RESOLVING DISPUTES, ENSURING THE TAX AND ROYALTY REGIME WE HAVE AGREED TO AND WILL INVEST UNDER ISN'T CHANGED ON US. TYLER: WORTH TOLD ME THIS DEVELOPMENT IS EXPECTED TO DOUBLE CHEVRON'S DEVELOPMENT HERE IN VENEZUELA OVER THE COMING YEARS.
与商业和物理条款一样重要，这些是法律条款和对投资者的保护，这是一个我们在世界各地许多国家都处理的问题。我们有非常强有力的规定，相对于其他合同而言，这涉及到解决争议、确保我们同意并将在其下投资的税收和版税制度不会对我们发生改变。泰勒：沃斯告诉我，预计这一发展将使雪佛龙在委内瑞拉的开发在未来几年内翻倍。
HE IS CURRENTLY INSIDE THE PRESIDENTIAL PALACE MEETING WITH OTHER ENERGY CEOS AS WELL AS THE ENERGY SECRETARY, AND INTERIM AS IT INTO OF VENEZUELA, DELCY RODRIGUEZ. TIM: I'M WONDERING WHAT HAPPENS NEXT? THERE ARE A LOT OF QUESTIONS NOT JUST ABOUT THE DURABILITY OF THE DEAL, BUT WHAT IS THE NEXT THING YOU'RE WATCHING OUT FOR TO UNDERSTAND THE FULL EXTENT OF AMERICAN INVESTMENT IN THIS COUNTRY? TYLER: THERE ARE QUESTIONS ABOUT E
他目前正身处总统府与其他能源公司首席执行官以及能源部长会面，还有委内瑞拉临时副总统德尔西·罗德里格斯。蒂姆：我想知道接下来会发生什么？有很多问题，不仅关于协议的持久性，而且你正在关注什么来理解美国在这个国家的投资的全部范围？泰勒：有一些关于E的问题
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更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力