美联储维持利率在4.25%至4.50%不变 称经济前景不确定性仍高
2025年6月18日，美国联邦储备委员会在华盛顿结束为期两天的货币政策会议，联邦公开市场委员会决定把联邦基金利率目标区间维持在4.25%至4.50%不变。这是该委员会连续第四次会议按兵不动。
委员会在声明中说，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，失业率保持低位，劳动力市场状况稳固，通胀仍略显偏高。委员会说，经济前景的不确定性已经减弱，但仍然偏高，委员会对双重使命两方面的风险都保持关注。
委员会重申其长期目标是实现最大就业与2%的通胀率。声明说，在考虑对利率目标区间做进一步调整的幅度与时机时，委员会将仔细评估后续数据、前景变化与风险平衡。委员会将继续减持国债、机构债务与机构抵押贷款支持证券。
这项决定由委员会12名投票委员全数赞成，包括主席 Jerome H. Powell 与副主席 John C. Williams。配套的执行说明显示，美联储理事会全数通过把准备金利率维持在4.4%、一级信贷利率维持在4.5%，均自2025年6月20日起生效，纽约联邦储备银行公开市场操作台受指示把联邦基金利率维持在4.25%至4.50%的目标区间内。
（来源：美国联邦储备委员会）
Federal Reserve Holds Rates at 4.25% to 4.50%, Citing Still-Elevated Uncertainty
On June 18, 2025, the Federal Reserve concluded a two-day policy meeting in Washington, and the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. It was the committee's fourth consecutive meeting with no change.
In its statement, the committee said that although swings in net exports had affected the data, recent indicators suggested economic activity had continued to expand at a solid pace, the unemployment rate remained low, labor market conditions remained solid, and inflation remained somewhat elevated. Uncertainty about the economic outlook had diminished but remained elevated, the committee said, and it was attentive to the risks to both sides of its dual mandate.
The committee restated its longer-run goals of maximum employment and inflation at 2 percent. In considering the extent and timing of additional adjustments to the target range, it said it would carefully assess incoming data, the evolving outlook and the balance of risks. The committee said it would continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities.
The action was approved by all 12 voting members, including Chair Jerome H. Powell and Vice Chair John C. Williams. In the accompanying implementation note, the Board of Governors voted unanimously to maintain the interest rate paid on reserve balances at 4.4 percent and the primary credit rate at 4.5 percent, both effective June 20, 2025, and the Open Market Desk at the Federal Reserve Bank of New York was directed to maintain the federal funds rate in the 4-1/4 to 4-1/2 percent target range.
(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：位于华盛顿的美联储总部 Marriner S. Eccles 大楼。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The Marriner S. Eccles Federal Reserve Board Building in Washington. Photo by AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
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