美联储按兵不动，联邦基金利率维持在3.50%至3.75%
美联储联邦公开市场委员会1月28日在华盛顿结束为期两天的会议，决定将联邦基金利率目标区间维持在3.50%至3.75%不变。这是2026年的首次利率决定，也是2025年连续三次降息之后的首次暂停。决定以10票对2票通过：理事 Stephen Miran 与 Christopher Waller 投下反对票，主张本次会议降息25个基点。
委员会在声明中说，现有指标显示经济活动正以稳健步伐扩张，就业增长保持低位，失业率已显示出一些企稳迹象，通胀仍略显偏高。委员会表示，其目标是实现最大就业与长期2%的通胀，在考虑进一步调整的幅度与时机时，将仔细评估新公布的数据、不断变化的前景与风险平衡。
配套的实施决定自1月29日起生效：准备金余额利率维持在3.65%，一级信贷利率维持在3.75%；常备隔夜回购操作利率为3.75%，常备隔夜逆回购操作利率为3.50%，每家交易对手的每日限额为1600亿美元。
关联：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%
Federal Reserve Holds Rates Steady at 3.50% to 3.75% in First Decision of 2026
The Federal Open Market Committee concluded its two-day meeting in Washington on January 28 and decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, the first rate decision of 2026 and the first pause after three consecutive cuts in 2025. The action was approved by a vote of 10 to 2: Governors Stephen I. Miran and Christopher J. Waller voted against it, preferring to lower the target range by one-quarter percentage point at this meeting.
In its statement, the Committee said available indicators suggest economic activity has been expanding at a solid pace, job gains have remained low, the unemployment rate has shown some signs of stabilization, and inflation remains somewhat elevated. The Committee said it seeks maximum employment and inflation of 2 percent over the longer run, and that in considering the extent and timing of additional adjustments it will carefully assess incoming data, the evolving outlook and the balance of risks.
In the related implementation decisions, effective January 29, the interest rate paid on reserve balances is maintained at 3.65 percent and the primary credit rate at 3.75 percent; standing overnight repurchase agreement operations are to be conducted at 3.75 percent and standing overnight reverse repurchase agreement operations at an offering rate of 3.50 percent, with a per-counterparty limit of $160 billion per day.
Related: Federal Reserve Cuts Rates for a Third Time in 2025, Lowering the Target Range to 3.50% to 3.75%
来源：美联储
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%
- 2026-01-28 05:35美联储按兵不动，联邦基金利率维持在3.50%至3.75%本篇
