美联储年内第三次降息25个基点：联邦基金利率降至4.25%至4.50%
2024年12月18日，美国联邦储备委员会（美联储）在华盛顿结束联邦公开市场委员会（FOMC）会议，于当日下午2时（美东时间）发布声明，宣布将联邦基金利率目标区间下调25个基点（四分之一个百分点），至4.25%至4.50%。这是美联储2024年内的第三次降息。
声明对经济与通胀的评估是：近期指标显示，美国经济活动继续以稳健步伐扩张；今年早些时候以来，劳动力市场状况总体缓和，失业率有所上升、但仍保持在低位；通胀已朝着委员会2%的目标取得进展，但仍略显偏高。
委员会表示，其目标是实现充分就业与2%的长期通胀率，并判断实现就业与通胀目标的风险大致平衡。声明称，经济前景存在不确定性，委员会关注其双重使命两方面面临的风险。
关于后续政策，声明称，在考虑对联邦基金利率目标区间进一步调整的幅度与时机时，委员会将仔细评估后续数据、不断变化的前景与风险平衡；委员会将继续减持美国国债、机构债务与机构抵押贷款支持证券。委员会还表示，将继续监测后续信息对经济前景的影响，如出现可能妨碍实现其目标的风险，将准备适当调整货币政策立场；评估时将考虑劳动力市场状况、通胀压力与通胀预期，以及金融与国际形势等广泛信息。声明重申，委员会坚定致力于支持充分就业，并使通胀回落至2%的目标。
此次货币政策行动以11票赞成、1票反对通过。投赞成票的包括主席 Jerome H. Powell、副主席 John C. Williams，以及 Thomas I. Barkin、Michael S. Barr、Raphael W. Bostic、Michelle W. Bowman、Lisa D. Cook、Mary C. Daly、Philip N. Jefferson、Adriana D. Kugler 与 Christopher J. Waller。投反对票的是 Beth M. Hammack，她主张将联邦基金利率目标区间维持在4.50%至4.75%不变。
美联储同日发布的实施说明显示，理事会一致投票决定将准备金余额利率降至4.40%，自2024年12月19日起生效；联邦公开市场委员会指示纽约联邦储备银行公开市场交易台开展操作，将联邦基金利率维持在4.25%至4.50%的目标区间内，其中常备隔夜回购协议操作的最低投标利率为4.50%、操作总额上限为5,000亿美元，常备隔夜逆回购协议操作利率为4.25%、单个交易对手每日上限为1,600亿美元。
实施说明还显示，美联储将继续缩减证券持有：每月到期的美国国债本金偿付中超过250亿美元上限的部分展期续投，机构债务与机构抵押贷款支持证券的本金偿付中超过每月350亿美元上限的部分再投资于美国国债。此外，理事会一致批准将一级信贷利率下调25个基点至4.50%，自2024年12月19日起生效，该利率由波士顿、纽约、费城、克利夫兰、里士满、亚特兰大、芝加哥与旧金山八家联邦储备银行的董事会提出申请后获批。
关联：美联储再降息25个基点：联邦基金利率降至4.50%至4.75%
（来源：美国联邦储备委员会）
Federal Reserve Cuts Rate by 25 Basis Points to 4.25%-4.50% in Third Cut of 2024
On December 18, 2024, the Federal Reserve concluded a meeting of the Federal Open Market Committee (FOMC) in Washington and issued a statement at 2:00 p.m. EST announcing that it had lowered the target range for the federal funds rate by 25 basis points (1/4 percentage point) to 4.25% to 4.50%. It was the Federal Reserve's third rate cut of 2024.
The statement's assessment of the economy and inflation was that recent indicators suggest U.S. economic activity has continued to expand at a solid pace; since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low; and inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated.
The Committee said it seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run, and judges that the risks to achieving its employment and inflation goals are roughly in balance. The statement said the economic outlook is uncertain and that the Committee is attentive to the risks to both sides of its dual mandate.
On further policy moves, the statement said that, in considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks, and that the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. The Committee said it will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of its goals, taking into account readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. It reiterated that it is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
The monetary policy action was approved by an 11-to-1 vote. Voting in favor were Chair Jerome H. Powell, Vice Chair John C. Williams, and Thomas I. Barkin, Michael S. Barr, Raphael W. Bostic, Michelle W. Bowman, Lisa D. Cook, Mary C. Daly, Philip N. Jefferson, Adriana D. Kugler, and Christopher J. Waller. Voting against the action was Beth M. Hammack, who preferred to maintain the target range for the federal funds rate at 4-1/2 to 4-3/4 percent.
An implementation note issued the same day showed that the Board of Governors voted unanimously to lower the interest rate paid on reserve balances to 4.40 percent, effective December 19, 2024. The FOMC directed the Open Market Desk at the Federal Reserve Bank of New York to undertake operations to maintain the federal funds rate in a target range of 4-1/4 to 4-1/2 percent, including standing overnight repurchase agreement operations with a minimum bid rate of 4.50 percent and an aggregate operation limit of $500 billion, and standing overnight reverse repurchase agreement operations at an offering rate of 4.25 percent with a per-counterparty limit of $160 billion per day.
The implementation note also showed that the Federal Reserve will continue reducing its securities holdings: principal payments from holdings of Treasury securities maturing in each calendar month that exceed a cap of $25 billion per month will be rolled over at auction, and principal payments from agency debt and agency mortgage-backed securities that exceed a cap of $35 billion per month will be reinvested into Treasury securities. In a related action, the Board of Governors voted unanimously to approve a 1/4 percentage point decrease in the primary credit rate to 4.50 percent, effective December 19, 2024, approving requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, and San Francisco.
Related: Federal Reserve Cuts Rate by 25 Basis Points to 4.50%-4.75% Range in Second Cut of 2024
(Source: Board of Governors of the Federal Reserve System)
来源：美国联邦储备委员会
发布：GSM·美国（发布链接）
图片来源：图：位于美国华盛顿的美联储总部马里纳·埃克尔斯大楼（Eccles Building）北侧立面。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The north side of the Marriner S. Eccles Building, headquarters of the Federal Reserve in Washington, D.C. By AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
GSM Global · 本篇英文版 English edition of this story
- 2024-11-07 03:23美联储再降息25个基点：联邦基金利率降至4.50%至4.75%
- 2024-12-18 18:46美联储年内第三次降息25个基点：联邦基金利率降至4.25%至4.50%本篇
