美联储降息25个基点至3.75%到4% 12月1日结束缩表
2025年10月29日，美国华盛顿，美联储联邦公开市场委员会宣布，将联邦基金利率目标区间下调25个基点，至3.75%到4%。这是该委员会2025年的第二次降息。
委员会在声明中说，现有指标显示经济活动正以温和步伐扩张，今年以来就业增长放缓，失业率有所上升，但截至8月仍保持低位，通货膨胀自年初以来上升，仍略高于目标。委员会说，经济前景的不确定性仍然较高，就业面临的下行风险近几个月有所上升，风险平衡的变化是本次降息的依据之一。
委员会还决定，12月1日结束缩减其持有的证券总规模，也就是结束缩表。委员会表示，在考虑进一步调整利率目标区间时，将仔细评估后续数据、前景变化与风险平衡，并重申坚定致力于支持充分就业、让通胀回落到2%的目标。
这次决定以10票赞成、2票反对通过。理事 Stephen I. Miran 投反对票，主张本次降息50个基点，堪萨斯城联邦储备银行行长 Jeffrey R. Schmid 也投反对票，主张维持利率不变。配套的实施决定自10月30日起生效，准备金余额利率降至3.90%，一级信贷利率降至4.0%。
（来源：美联储）
Fed Cuts Rates by a Quarter Point to 3.75% to 4% and Will End Balance Sheet Runoff on December 1
On October 29, 2025, in Washington, the Federal Reserve's Federal Open Market Committee announced it was lowering the target range for the federal funds rate by a quarter of a percentage point, to 3.75 to 4 percent. It was the committee's second rate cut of 2025.
In its statement, the committee said available indicators suggested economic activity had been expanding at a moderate pace, that job gains had slowed during the year, and that the unemployment rate had edged up but remained low through August, while inflation had moved up since earlier in the year and remained somewhat elevated. Uncertainty about the economic outlook remained elevated, the committee said, and it judged that downside risks to employment had risen in recent months, a shift in the balance of risks that it cited in support of the cut.
The committee also decided to conclude the reduction of its aggregate securities holdings on December 1, ending its balance sheet runoff. It said it would carefully assess incoming data, the evolving outlook and the balance of risks in considering additional adjustments to the target range, and reaffirmed that it is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
The decision passed by a vote of 10 to 2. Governor Stephen I. Miran voted against the action, preferring a cut of half a percentage point, and Jeffrey R. Schmid, president of the Federal Reserve Bank of Kansas City, also voted against it, preferring no change. Under the accompanying implementation note, effective October 30, the interest rate paid on reserve balances was lowered to 3.90 percent and the primary credit rate to 4.0 percent.
(Source: Federal Reserve)
来源：美联储
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 Eccles 大楼。公共领域，经 Wikimedia Commons。 / Photo: The Marriner S. Eccles Federal Reserve Board Building in Washington. Public domain, via Wikimedia Commons.
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