美联储维持利率4.25%至4.50%不变 两名理事主张降息投反对票
2025年7月30日，美联储联邦公开市场委员会在华盛顿结束为期两天的会议，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五次会议不调整利率；投票结果为9比2，两名理事主张立即降息、投下反对票。
委员会在会后声明中说，尽管净出口的波动继续影响数据，近来的指标显示上半年经济活动增长放缓；失业率仍保持在低位，劳动力市场状况依然稳固，通货膨胀仍略偏高。委员会说，经济前景的不确定性仍然较高，委员会对实现充分就业与2%通胀这两项目标所面临的双向风险保持关注。
投赞成票的九人是主席 Jerome Powell、副主席 John Williams 以及 Michael Barr、Susan Collins、Lisa Cook、Austan Goolsbee、Philip Jefferson、Alberto Musalem 与 Jeffrey Schmid。投反对票的 Michelle W. Bowman 与 Christopher J. Waller 主张在这次会议上把利率下调25个基点。理事 Adriana Kugler 缺席、没有投票。
按同日公布的实施说明，美联储维持准备金余额利率4.40%与一级信贷利率4.50%不变，自7月31日起生效，并继续缩减其持有的美国国债与机构证券。委员会说，在考虑对利率作进一步调整的幅度与时点时，将仔细评估后续数据、前景变化与风险平衡。
（来源：美联储）
Federal Reserve Holds Rates at 4.25 to 4.50 Percent as Two Governors Dissent
On July 30, 2025, the Federal Open Market Committee ended a two-day meeting in Washington and decided to maintain the target range for the federal funds rate at 4.25 percent to 4.50 percent, the fifth consecutive meeting without a change. The vote was 9 to 2, with two governors dissenting in favor of an immediate rate cut.
In its post-meeting statement, the committee said that while swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year. The unemployment rate remains low and labor market conditions remain solid, while inflation remains somewhat elevated. The committee said uncertainty about the economic outlook remains elevated and that it is attentive to the risks to both sides of its dual mandate of maximum employment and 2 percent inflation.
Voting for the policy action were Chair Jerome Powell, Vice Chair John Williams, and Michael Barr, Susan Collins, Lisa Cook, Austan Goolsbee, Philip Jefferson, Alberto Musalem and Jeffrey Schmid. Voting against were Michelle W. Bowman and Christopher J. Waller, who preferred to lower the target range by one quarter of a percentage point at this meeting. Adriana Kugler was absent and did not vote.
Under the implementation note released the same day, the Federal Reserve maintained the interest rate paid on reserve balances at 4.40 percent and the primary credit rate at 4.50 percent, effective July 31, and will continue reducing its holdings of Treasury securities and agency securities. The committee said that in considering the extent and timing of additional adjustments to the target range, it will carefully assess incoming data, the evolving outlook and the balance of risks.
(Source: Federal Reserve)
来源：美联储
发布：GSM·美国（发布链接）
图片来源：图：2025年7月30日，美联储主席 Jerome Powell 在联邦公开市场委员会会议后的记者会上回答记者提问；美联储当天决定维持联邦基金利率目标区间不变。美联储官方照片，公共领域，经 Wikimedia Commons。 / Photo: Federal Reserve Chair Jerome Powell answers reporters' questions at the post-FOMC press conference on July 30, 2025; the Fed held the federal funds rate target range steady that day. Official Federal Reserve photo, public domain, via Wikimedia Commons.
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