美联储7月议息会议要点速览：连续第五次维持利率不变，尚未就9月利率做出任何决定

Monetary Policy - The Federal Reserve has maintained the federal funds rate target range at 4.25% to 4.5%, marking the fifth consecutive time this year it has held rates steady [1] - The voting results for the rate decision were 9 in favor, 2 against, with one member absent; this is the first time since 1993 that two members have opposed the rate decision [1] - Powell stated that no decision has been made regarding the September rate, and they will consider economic information before the next meeting [1] Inflation - Core inflation is influenced by tariffs, with estimates suggesting that 30% to 40% of core inflation may stem from these tariffs [2] - The inflation rate is slightly above the target, but the economy remains solid despite uncertainties [3] - The committee is committed to achieving maximum employment and restoring inflation to the 2% target [4] Economic Outlook - Recent indicators suggest a slowdown in U.S. economic activity during the first half of the year, influenced by fluctuations in net exports [5] - Economic growth is projected to slow to 1.2% in the first half of 2025, down from 2.5% last year [6] - The Federal Reserve reiterated that uncertainty regarding the economic outlook remains high, having removed previous language indicating that uncertainty had diminished [7] Financial Markets - The committee will continue to reduce its holdings of Treasury securities, agency debt, and agency mortgage-backed securities [8] Tariffs - Some prices of goods have begun to reflect the impact of higher tariffs more clearly, but the overall effect of tariffs on economic activity and inflation is still under observation [9] - Core PCE in June may have increased by 2.7% year-over-year, with tariffs pushing up prices of certain goods, while long-term inflation expectations remain aligned with the 2% target [10]