Monetary policy is very focused on balancing the downside risks to our maximum employment goal and the upside risk to price stability. My assessment is that downside risks to employment have increased as the labour market has cooled, while the upside risks to inflation are less than somewhat. Underlying inflation continues to trend downward.Absent any evidence of second round effects emanating from tariffs. But for these reasons, I fully supported the FOMC decisions to reduce the target range for the federa ...

By Michael S. Derby (Reuters) -Federal Reserve Bank of Dallas President Lorie Logan said Thursday the time has come for the central bank to modernize how it manages money market conditions to achieve its monetary policy objectives. To do this, Logan said the central bank’s long-standing practice of targeting the federal funds lending market needs to shift, with the Fed instead managing liquidity to control the trading level of the tri-party general collateral rate, or TGCR, given the vibrancy of that mar ...

联邦基金利率基本概念 - 联邦基金利率是银行间相互收取的隔夜贷款目标利率区间 由美联储设定 当前利率范围为4.00%至4.25% [2] - 该利率由联邦公开市场委员会设定 FOMC每年召开八次会议决定是提高、降低还是维持利率不变 [4][5] 联邦基金利率的决定与调整机制 - 美联储通过调整利率来调控美国经济和管理消费者成本 提高利率使借贷成本增加 以减缓经济和缓解通胀 降低利率则为经济提供刺激 [6] - 利率变动会通过银行业传导 银行根据其同业拆借的基准成本来设定对消费者的利率 [7] 联邦基金利率与其他利率的关系及影响 - 联邦基金利率影响最优惠利率 后者通常比联邦基金利率高出约3个百分点 当前最优惠利率为7.50% 预计将因近期降息而下调 [10][11] - 联邦基金利率变动会影响国债和整体债券市场 从而间接影响住房贷款利率 [7] - 贴现率是存款机构直接向美联储借款时支付的利率 与银行间相互收取的联邦基金利率不同 [9] 利率变动的背景与预期 - FOMC于9月17日实施了2025年首次降息 华尔街交易员预计年底前还将有两次降息 [1] - 当前有效联邦基金利率为4.33% 预计将很快降至新的目标区间4.00%至4.25%之内 [8]