美联储连续第三次维持利率不变：双向风险上升、通胀仍略偏高
2025年5月7日，美联储发布联邦公开市场委员会声明，宣布把联邦基金利率目标区间维持在4.25%至4.50%。这是美联储继2025年1月和3月之后，连续第三次在会议上维持利率不变。声明于美东时间当天下午2时发布。
声明说，尽管净出口的波动影响了数据，近期指标显示经济活动继续以稳健步伐扩张，失业率近几个月稳定在低位，劳动力市场状况保持稳固，通胀仍略偏高。委员会力求在长期实现最大就业和2%的通胀目标。
与3月声明相比，这次声明对风险的表述明显加重。声明说，围绕经济前景的不确定性进一步上升，委员会关注其双重使命两方面所面临的风险，并判断失业上升和通胀上升的风险都已经上升。在关税大幅上调的背景下，美联储同时面对增长放缓与物价上行两个方向的压力，这正是声明措辞变化的由来。
在政策操作上，委员会表示，在考虑对利率目标区间作进一步调整的幅度和时机时，将仔细评估后续数据、前景变化和风险平衡；委员会将继续减持国债、机构债务和机构抵押贷款支持证券，并重申坚定致力于支持最大就业、把通胀降回2%的目标。
这次决定获得投票委员全数赞成，投票者包括主席 Jerome H. Powell、副主席 John C. Williams 等12人，其中 Neel Kashkari 以候补委员身份参加本次会议投票。（来源：美联储）
关联：美联储维持利率不变：联邦基金利率目标区间保持在4.25%至4.50%
Federal Reserve Holds Rates Steady a Third Straight Time as Risks to Both Goals Rise
On May 7, 2025, the Federal Reserve issued the statement of the Federal Open Market Committee, maintaining the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. It was the Committee's third consecutive meeting holding rates steady, after similar decisions in January and March 2025. The statement was released at 2:00 p.m. Eastern time.
The statement said that although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace, the unemployment rate has stabilized at a low level in recent months, labor market conditions remain solid, and inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
Compared with the March statement, the language on risks was notably stronger. Uncertainty about the economic outlook has increased further, the Committee said, and it is attentive to the risks to both sides of its dual mandate, judging that the risks of higher unemployment and higher inflation have risen. Against the backdrop of sharply higher tariffs, the statement captured the two-sided pressure the Fed faced, from slower growth on one side and higher prices on the other.
On policy operations, the Committee said it will carefully assess incoming data, the evolving outlook, and the balance of risks in considering the extent and timing of additional adjustments to the target range. It will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, and it reaffirmed that it is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
The action was approved unanimously by the 12 voting members, including Chair Jerome H. Powell and Vice Chair John C. Williams, with Neel Kashkari voting as an alternate member at this meeting. (Source: Federal Reserve)
Related: Federal Reserve Holds Rates Steady: Target Range Kept at 4.25% to 4.50%
来源：美联储
发布：GSM·美国（发布链接）
图片来源：图：美联储主席鲍威尔2025年5月7日在联邦公开市场委员会会后记者会上答记者问。图：美联储，公共领域，via Wikimedia Commons / Photo: Chair Powell answers reporters' questions at the FOMC press conference on May 7, 2025. Photo: Federal Reserve, Public domain, via Wikimedia Commons
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