美联储降息25个基点至4%至4.25% 为2025年首次降息
2025年9月17日，美国联邦储备委员会在首都华盛顿结束为期两天的货币政策会议，宣布将联邦基金利率目标区间下调25个基点至4%至4.25%。这是美联储自2024年12月以来首次降息，也是2025年的第一次降息。
联邦公开市场委员会在声明中说，今年上半年经济活动增长放缓，就业增长减速，失业率小幅上升但仍处低位；通胀有所上行且仍偏高。委员会认为就业面临的下行风险已经上升，在风险平衡发生变化的情况下决定降息。美联储将继续缩减其持有的国债与机构证券规模。
这次决议以11票赞成、1票反对通过。投反对票的理事 Stephen Miran 主张一次降息50个基点。理事会同日决定，自9月18日起将准备金余额利率下调至4.15%。
值得注意的是，正深陷免职诉讼的理事 Lisa Cook 出席了本次会议并投下赞成票。特朗普8月以房贷指控为由宣布免除她的理事职务，Cook 已起诉要求法院宣告免职违法，案件仍在审理中，她在裁决前继续履职。
美联储主席 Jerome Powell 在会后记者会上回答了记者提问。委员会表示，在考虑后续调整时将仔细评估新公布的数据、经济前景变化与风险平衡。
关联：美联储理事 Cook 起诉特朗普 要求法院宣告免职违法
（来源：美联储）
Federal Reserve Cuts Rates by a Quarter Point to 4% to 4.25%, Its First Reduction of 2025
On September 17, 2025, the Federal Reserve concluded a two-day policy meeting in Washington and announced it was lowering the target range for the federal funds rate by a quarter of a percentage point, to 4 to 4.25 percent. It was the Fed's first rate cut since December 2024, and its first of 2025.
In its statement, the Federal Open Market Committee said growth of economic activity had moderated in the first half of the year, job gains had slowed, and the unemployment rate had edged up but remained low, while inflation had moved up and remained somewhat elevated. Judging that downside risks to employment had risen, and in light of the shift in the balance of risks, the Committee decided to cut rates. The Fed will continue reducing its holdings of Treasury securities and agency securities.
The decision passed 11 to 1. Governor Stephen I. Miran voted against it, preferring a half-point cut. The Board of Governors also voted to lower the interest rate paid on reserve balances to 4.15 percent, effective September 18.
Notably, Governor Lisa Cook, whose attempted removal was being fought in court, attended the meeting and voted in favor. Trump had announced her removal in August over mortgage allegations; Cook has sued to have the removal declared unlawful, and she continued to serve while the case proceeded.
Chair Jerome H. Powell took reporters' questions at a press conference following the meeting. The Committee said that, in considering additional adjustments, it would carefully assess incoming data, the evolving outlook and the balance of risks.
Related: Fed Governor Cook Sues Trump, Asking Court to Declare Her Removal Unlawful
(Source: Federal Reserve)
来源：美联储
发布：GSM·美国（发布链接）
图片来源：图：2025年9月17日，美联储主席 Jerome Powell 在联邦公开市场委员会会议后出席记者会。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 FOMC press conference on September 17, 2025. Federal Reserve photo, public domain, via Wikimedia Commons.
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