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北京時間5月8日凌晨2時，美聯(lián)儲發(fā)布議息決議聲明，美聯(lián)儲宣布將 聯(lián)邦基金利率 目標區(qū)間維持在4.25%至4.50%之間，符合市場預期。這是今年1月以來美聯(lián)儲連續(xù)第三次維持利率不變。聲明顯示，美國經(jīng)濟前景不確定性進一步增加。美聯(lián)儲重申關(guān)注其雙重使命中兩方面的風險。盡管凈出口波動影響了數(shù)據(jù)，但經(jīng)濟活動仍繼續(xù)以“穩(wěn)健的速度”擴張。美聯(lián)儲利率決議公布后，交易員繼續(xù)認為美聯(lián)儲將在七月之前降息，仍然預期今年將有三次降息。

以下是利率決議全文：

盡管凈出口的波動影響了相關(guān)數(shù)據(jù)，但近期指標顯示，美國經(jīng)濟活動持續(xù)穩(wěn)健擴張。近幾個月來，失業(yè)率穩(wěn)定在較低水平，勞動力市場狀況依舊穩(wěn)固，不過通貨膨脹率仍處于略高狀態(tài)。

聯(lián)邦公開市場委員會致力于在長期內(nèi)實現(xiàn)充分就業(yè)，并將通貨膨脹率維持在2%的目標水平。目前，美國經(jīng)濟前景的不確定性進一步加劇。委員會密切關(guān)注其雙重使命（充分就業(yè)與穩(wěn)定物價）所面臨的風險，認為失業(yè)率上升和通貨膨脹加劇的風險均有所增加。

為實現(xiàn)上述目標，委員會決定將 聯(lián)邦基金利率 目標區(qū)間維持在4.25%至4.50%。在考慮對 聯(lián)邦基金利率 目標區(qū)間進行進一步調(diào)整的幅度和時機時，委員會將仔細評估新出爐的數(shù)據(jù)、不斷變化的經(jīng)濟前景以及風險狀況。委員會還將繼續(xù)減持美國國債、機構(gòu)債務以及機構(gòu)抵押貸款支持證券。委員會堅定致力于推動充分就業(yè)，并使通貨膨脹率回歸2%的目標。

在評估合適的貨幣政策立場時，委員會將持續(xù)監(jiān)測新獲取信息對經(jīng)濟前景的影響。一旦出現(xiàn)可能阻礙委員會實現(xiàn)目標的風險，委員會將做好準備，適時調(diào)整貨幣政策立場。委員會在評估時會綜合考慮多方面信息，包括勞動力市場狀況、通貨膨脹壓力、通脹預期，以及金融和國際形勢的發(fā)展變化。

對此次貨幣政策行動投贊成票的有：主席杰羅姆·鮑威爾（JeromeH.Powell）、副主席約翰·威廉姆斯（JohnC.Williams）、邁克爾·巴爾（MichaelS.Barr）、米歇爾·鮑曼（MichelleW.Bowman）、蘇珊·柯林斯（SusanM.Collins）、麗莎·庫克（LisaD.Cook）、奧斯坦·古爾斯比（AustanD.Goolsbee）、菲利普·杰斐遜（PhilipN.Jefferson）、尼爾·卡什卡利（NeelKashkari）、阿德里亞娜·庫格勒（AdrianaD.Kugler）、阿爾貝托·穆薩勒姆（AlbertoG.Musalem）和克里斯托弗·沃勒（ChristopherJ.Waller）。尼爾·卡什卡利（NeelKashkari）本次會議作為候補成員參與投票。

關(guān)于貨幣政策實施的決定

為落實聯(lián)邦公開市場委員會在2025年5月7日聲明中宣布的貨幣政策立場，美聯(lián)儲做出以下決定：

美聯(lián)儲理事會一致投票決定，自2025年5月8日起，將準備金余額的付息利率維持在4.4%。

作為政策決定的一部分，聯(lián)邦公開市場委員會投票指示紐約聯(lián)邦儲備銀行公開市場交易臺，在未收到其他指示前，依據(jù)以下國內(nèi)政策指令開展系統(tǒng)公開市場賬戶的交易操作：

自2025年5月8日起，聯(lián)邦公開市場委員會指示交易臺：

根據(jù)需要開展公開市場操作，將 聯(lián)邦基金利率 維持在4.25%至4.50%的目標區(qū)間。

開展常備隔夜回購協(xié)議操作，最低投標利率為4.5%，總操作限額為5000億美元。

開展常備隔夜逆回購協(xié)議操作，投標利率為4.25%，每個交易對手的單日限額為1600億美元。

對美聯(lián)儲持有的每月到期美國國債本金支付金額中超出50億美元月度上限的部分，通過拍賣進行展期。贖回美國國債附息證券，贖回金額最高可達該月度上限；若附息證券本金支付金額低于月度上限，則相應贖回國庫券。

將美聯(lián)儲持有的機構(gòu)債務和機構(gòu)抵押貸款支持證券（MBS）每月收到的本金支付金額中超出350億美元月度上限的部分，再投資于美國國債，使再投資國債的期限結(jié)構(gòu)大致與未償美國國債的期限結(jié)構(gòu)相匹配。

若因操作需要，允許再投資金額與規(guī)定金額存在適度偏差。

在相關(guān)行動中，美聯(lián)儲理事會一致投票批準將一級信貸利率維持在現(xiàn)行的4.5%水平。

上述信息將適時更新，以反映聯(lián)邦公開市場委員會或美聯(lián)儲理事會對美聯(lián)儲實施貨幣政策所使用的操作工具和操作方法做出的決策細節(jié)。

Federal Reserve issues FOMC statement

Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has increased further. The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage?backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Neel Kashkari; Adriana D. Kugler; Alberto G. Musalem; and Christopher J. Waller. Neel Kashkari voted as an alternate member at this meeting.

Decisions Regarding Monetary Policy Implementation

The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on May 7, 2025:

The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 4.4 percent, effective May 8, 2025.

As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

"Effective May 8, 2025, the Federal Open Market Committee directs the Desk to:

Undertake open market operations as necessary to maintain the federal funds rate in a target range of 4-1/4 to 4?1/2 percent.

Conduct standing overnight repurchase agreement operations with a minimum bid rate of 4.5 percent and with an aggregate operation limit of $500 billion.

Conduct standing overnight reverse repurchase agreement operations at an offering rate of 4.25 percent and with a per?counterparty limit of $160 billion per day.

Roll over at auction the amount of principal payments from the Federal Reserve's holdings of Treasury securities maturing in each calendar month that exceeds a cap of $5 billion per month. Redeem Treasury coupon securities up to this monthly cap and Treasury bills to the extent that coupon principal payments are less than the monthly cap.

Reinvest the amount of principal payments from the Federal Reserve's holdings of agency debt and agency mortgage?backed securities (MBS) received in each calendar month that exceeds a cap of $35 billion per month into Treasury securities to roughly match the maturity composition of Treasury securities outstanding.

Allow modest deviations from stated amounts for reinvestments, if needed for operational reasons."

In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 4.5 percent.

This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve's operational tools and approach used to implement monetary policy.