美联储年内第三次降息25个基点，联邦基金利率降至3.50%至3.75%
美国联邦储备委员会12月10日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以9票赞成、3票反对，决定将联邦基金利率目标区间下调25个基点，至3.50%至3.75%。这是美联储2025年内第三次降息，此前两次降息分别在9月17日和10月29日。
委员会在声明中表示，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，失业率到9月为止略有上升，近期指标与这一态势一致；通胀自今年早些时候以来有所上升，仍处在略高的水平。委员会判断，就业面临的下行风险近几个月有所上升。
声明说，考虑到风险平衡的变化，委员会决定降息25个基点；在考虑对利率目标区间作进一步调整的幅度和时机时，委员会将仔细评估后续数据、不断变化的前景和风险平衡。委员会还判断，准备金余额已经下降到充裕水平，将按需要开始购买较短期国债，以持续维持充裕的准备金供应。
三位投反对票的委员中，理事 Stephen Miran 主张本次降息50个基点，芝加哥联储主席 Austan Goolsbee 与堪萨斯城联储主席 Jeffrey Schmid 主张维持利率不变。投赞成票的包括主席 Jerome Powell、副主席 John Williams 等九人。
关联：美联储降息25个基点至3.75%到4% 12月1日结束缩表
关联：美联储降息25个基点至4%至4.25% 为2025年首次降息
Federal Reserve Cuts Rates for a Third Time in 2025, Lowering the Target Range to 3.50% to 3.75%
The Federal Reserve concluded a two-day policy meeting in Washington on December 10, 2025, with the Federal Open Market Committee voting 9 to 3 to lower the target range for the federal funds rate by a quarter of a percentage point, to 3.50 to 3.75 percent. It was the Fed's third rate cut of 2025, following cuts on September 17 and October 29.
In its statement, the Committee said available indicators suggested economic activity had been expanding at a moderate pace, job gains had slowed this year and the unemployment rate had edged up through September, while inflation had moved up since earlier in the year and remained somewhat elevated. The Committee judged that downside risks to employment had risen in recent months.
In light of the shift in the balance of risks, the Committee said it would 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. The Committee also judged that reserve balances had declined to ample levels and said it would initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis.
Of the three dissenters, Governor Stephen Miran preferred a half-point cut, while Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid preferred no change. Voting for the action were Chair Jerome Powell, Vice Chair John Williams and seven other members.
Related: Fed Cuts Rates by a Quarter Point to 3.75% to 4% and Will End Balance Sheet Runoff on December 1
Related: Federal Reserve Cuts Rates by a Quarter Point to 4% to 4.25%, Its First Reduction of 2025
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：位于美国华盛顿的美联储总部马里纳·埃克尔斯大楼（Eccles Building）北侧立面。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The north side of the Marriner S. Eccles Building, headquarters of the Federal Reserve in Washington, D.C. By AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
GSM Global · 本篇英文版 English edition of this story
- 2025-09-17 22:51美联储降息25个基点至4%至4.25% 为2025年首次降息
- 2025-12-10 19:25美联储年内第三次降息25个基点，联邦基金利率降至3.50%至3.75%本篇
