Core Points - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 4.00%-4.25% [1] - The Fed highlighted a slowdown in economic activity and a slight increase in unemployment, while inflation remains relatively high [1] - Fed Chairman Jerome Powell emphasized that the current economic environment presents dual risks, with a weakening labor market and persistent inflation [2] - Powell indicated that the focus of monetary policy is shifting towards employment risks, acknowledging a significant slowdown in job growth [3] - The decision to lower rates by 25 basis points received broad support, with only one official advocating for a larger cut [4] - Powell stated that future policy decisions will be data-dependent and will not follow a predetermined path [4] - The Fed is undergoing organizational changes, including a 10% reduction in staff, returning to levels seen a decade ago [5][10] Economic Indicators - The overall Personal Consumption Expenditures (PCE) price index rose by 2.7% year-on-year in August, with core PCE increasing by 2.9% [2][7] - Commodity inflation accelerated to 1.2% over the past year, while service inflation continues to decline [2] - Job growth has significantly slowed, with hiring fatigue and difficulties for marginalized groups indicating a cooling labor market [3][7] Policy Outlook - The Fed is adopting a "risk management" approach to rate cuts, indicating that future policy will be determined in a step-by-step manner based on evolving data [8] - Powell noted that the current level of reserves is sufficient and does not believe the balance sheet has a significant impact on the economy [9] Institutional Reforms - The Fed is willing to accept constructive criticism but does not see the need for formal reviews of its operations [5] - Powell reaffirmed the importance of the Fed's independence from political influences in its decision-making process [6]
鲍威尔详解降息逻辑：劳动力市场风险成核心考量，否认政治干预决策
Xin Hua Cai Jing·2025-09-17 23:15