美联储再次降息，暗示可能暂停降息行动

Fed Cuts Rates Again, Signals It May Be Done for Now美联储再次降息，暗⽰可能暂停降息⾏动 Three officials dissented in opposite directions. Stalled progress on inflation and a cooling job market made for one ofthe most divided meetings in years. 三名官员以相反⽅向持不同意⻅。通胀进展停滞和就业市场降温导致这成为近年来最分裂的会议之⼀。 ByNick Timiraos作者：Nick TimiraosFollow关注UpdatedDec. 10, 2025 6:18 pmET美国东部时间更新 美联储主席杰罗姆·鲍威尔在央⾏作出决定后回答提问。KEVIN LAMARQUE/REUTERS Quick Summary快速摘要 The Fed cut the benchmark federal-funds rate by a quarter point to between 3.5% and 3.75%. View more美联储将基准联邦基⾦利率下调25个基点⾄3.5%⾄3.75%之间。查看更多 Federal Reserve officials cut interest rates for a third straight meeting but signaled they might be done for now in the midst of unusual divisions over the path forward.美联储官员连续第三次降息，但表⽰他们可能暂时不会继续降息，同时对未来政策⽅向存在不寻常的分歧。 The decision Wednesday to reduce the benchmark federal-funds rate by a quarter point—to between 3.5% and 3.75%, a three-year low—isaimed at protecting against a sharper than anticipated slowdown in hiring. 周三降低基准联邦基⾦利率四分之⼀个百分点（⾄3.5%⾄3.75%之间，创三年新低）的决定，旨在防范招聘增速放缓幅度超过预期。 The Fed voted 9-3, thefirst time in six years that three officials cast dissents. Two officials thought the reduction wasn’t warranted, whileanother favored a larger, half-point cut.微信公众号 404K微信公众号 404K 美联储以9⽐3的投票结果作出决定，这是六年来⾸次有三名官员投出反对票。其中两名官员认为不应该降息，另⼀名官员则⽀持更⼤幅度的半个百分点降息。 With progress on inflation stalled, officials had indicated in the run-up to this week’s decision that further reductions could requireevidence of labor-market deterioration. “We’re well-positioned to wait and see how the economy evolves from here,” said Fed ChairJerome Powellat a news conference. 随着通胀进展停滞，官员们在本周决策前⼣表⽰，进⼀步降息可能需要劳动⼒市场恶化的证据。美联储主席杰罗姆·鲍威尔在新闻发布会上表⽰："我们已经做好了充分准备，可以等着看经济如何发展。" On Wednesday, their painstakingly calibratedpostmeeting statementsignaled a higher bar to additional cuts by echoing a similar pivotaftercutting rates one year ago.周三，美联储精⼼制定的会后声明通过重复⼀年前降息后的类似转向，表明进⼀步降息的门槛更⾼。 Still, Powell defended the decision to cut now rather than waiting until the Fed’s next meeting in late January, when it will havesignificantly more data that had been delayed because of this fall’s government shutdown. 不过，鲍威尔为现在降息⽽不是等到美联储1⽉下旬下次会议的决定进⾏了辩护，那时美联储将获得⼤量因今年秋天政府关门⽽被延迟的数据。 He suggested that after adjusting for overcounting, job growth might have been slightly negative since April. “I think you can say that thelabor market has continued to cool gradually, maybe just a touch more gradually, than we thought,” Powell said. 他暗⽰，在调整⾼估因素后，⾃4⽉以来就业增长可能略呈负增长。鲍威尔表⽰："我认为可以说劳动⼒市场持续逐步降温，也许⽐我们想象的速度略快⼀点。" Wall Street cheered the rate cut, in part because Powell didn’t sound as opposed to additional rate cuts as some had feared before themeeting. The Dow Jones Industrial Average added about 1%, or 497 points, notching its best performance on aFed-decision daysince 2023.The S&P 500 rose 0.7%, and the Nasdaq Composite Index gained 0.3%. 华尔街为降息感到欣欣然，部分原因是鲍威尔对进⼀步降息的反对态度不如⼀些⼈在会议前担⼼的那么强硬。道琼斯⼯业平均指数上涨约1%，即497点，创下⾃2023年以来美联储决策⽇的最佳表现。标普500指数上涨0.7%，纳斯达克综合指数上涨0.3%。 The Fed no longer described the unemployment rate, which ticked up to 4.4% in September from 4.1% earlier this year, as having “remained微信公众号 404K微信公众号 404K low” in its statement.美联储在声明中不再说失业率"保持低位"。失业率在9⽉份升⾄4.4%，⽽年初时为4.1%。 Still, officials nudged up their growth estimates for next year, and Powell said he was hopeful that the Fed’s cuts would help support betterhiring conditions.尽管如此，官员们上调了对明年经济增长的预估，鲍威尔表⽰他希望美联储的降息能够帮助改善招聘状况。 Fed governorStephen Mirandissented in favor of a larger reduction, while Chicago Fed PresidentAustan Goolsbeejoined Kansas City FedPresidentJeffSchmidin opposing the cut. 美联储理事斯蒂芬·⽶兰投票⽀持更⼤幅度的降息，⽽芝加哥美联储主席奥斯坦·古尔斯⽐与堪萨斯城美联储主席杰夫·施密德⼀起反对此次降息。 Not every Fed official who participates in the meeting has a vote on the committee because reserve-bank presidents take turns voting. Innew quarterly projections, six of 19 officials penciled in a year-end rate above the level before Wednesday’s cut—a sign that four moreweren’t in favor of cutting. 并⾮参加会议的每位美联储官员都在委员会中拥有投票权，因为各储备银⾏⾏长轮流投票。在新的季度预测中，19位官员中有6位在年底利率预测中⾼于周三降息前的⽔平——这表明另外4位不赞成降息。 The projections also showed a majority of officials penciled in no more than one reduction next year. That was the same as in Septemberand suggests officials see little reason to accelerate the pace of easing. 这些预测还显⽰，⼤多数官员预计明年最多只会进⾏⼀次降息。这与9⽉份的情况相同，表明官员们认为没有理由加快降息步伐。 Public comments from Fed officials in recent weeks revealed acommittee so fracturedthat the decision likely came down to how Powell wanted to proceed.美联储官员近⼏周的公开⾔论表明，该委员会内部分歧如此严重，以⾄于这⼀决定可能最终取决于鲍威尔希望如何推进。 His term as chair expires in May, meaning he will preside over just three more rate-setting meetings. PresidentTrumphas said he is close tonaming a successor—raising questions about whether whoever follows will be able to command the same deference from colleagues.微信公众号 404K微信公众号 404K 他担任美联储主席的任期将在5⽉到期，这意味着他将主持仅仅三次更多的政策会议。特朗普总统表⽰他已经接近宣布⼀位继任者，这引发了⼈们对于继任者是否能够获得同事同样尊重的疑问。 Inflation-wary hawks see a central bank cutting into an economy that is stronger