现有指标显示，经济活动正以稳健步伐扩张。就业岗位新增数量维持低位，失业率呈现企稳迹象。通胀 水平仍处于偏高状态。 委员会致力于在长期内实现充分就业，并将通胀率维持在 2% 的目标水平。经济前景的不确定性依然较 高，委员会正密切关注其双重使命面临的双向风险。 为实现上述目标，委员会决定将联邦基金利率目标区间维持在 3.5% 至 3.75% 不变。在考量联邦基金利 率目标区间后续调整的幅度和时机时，委员会将审慎评估最新经济数据、不断演变的经济前景以及风险 平衡状况。委员会坚定致力于推动充分就业实现，并促使通胀率回归 2% 的目标。 在评估货币政策的适当立场时，委员会将持续关注最新信息对经济前景的影响。若出现可能阻碍委员会 目标实现的风险，委员会将准备适时调整货币政策立场。委员会的评估将综合考量各类信息，包括劳动 力市场状况、通胀压力与通胀预期指标，以及金融和国际经济发展态势。 本次货币政策行动的赞成者为：主席杰罗姆・鲍威尔、副主席约翰・威廉姆斯、迈克尔・巴尔、米歇 尔・鲍曼、莉萨・库克、贝丝・哈马克、菲利普・杰斐逊、尼尔・卡什卡里、洛里・洛根、安娜・保尔 森。 反对者为斯蒂芬・米兰和克里斯托弗・沃勒，二人主张在本 ...

Core Viewpoint - The decision to lower interest rates by the Federal Reserve was challenging, but ultimately supported by the President of the San Francisco Federal Reserve Bank, Mary Daly [1] Group 1: Economic Expansion - Real wage growth is derived from long-term stable economic expansion, which is still in the relatively early stages [1] - The Federal Reserve must continue to reduce inflation to the target level of 2% while being cautious to protect the labor market [1] Group 2: Policy Implications - Overly tight policies could unnecessarily harm American households, leading to two issues: inflation above the target level and a weak labor market [1]

Core Points - The Federal Reserve's September meeting minutes indicate a consensus among members that economic indicators show a slowdown in job growth and a slight increase in the unemployment rate, reflecting signs of weakness in the labor market [3] - Inflation remains slightly above the 2% target, prompting nearly all members to agree on a 25 basis point reduction in the federal funds rate target range to between 4% and 4.25% [3] - Due to stronger-than-expected consumer spending and business investment data, the Fed has slightly upgraded its economic growth forecasts for this year through 2028 [3] - The Fed anticipates that tariff increases will continue to elevate inflation this year and exert further upward pressure on inflation until 2027, when the 2% target may finally be reached [3]

Core Insights - The Federal Reserve's Jefferson stated that allowing the inflation rate to exceed the target level to compensate for past shortfalls has proven to be unrealistic [1] Group 1 - The statement reflects a critical perspective on inflation management strategies [1]

Core Viewpoint - The Federal Reserve's decision to lower interest rates amid high inflation raises questions about maintaining public trust and requires clear communication regarding the rationale behind this move [1] Group 1: Interest Rate Decision - The Federal Reserve, represented by Kashkari, has chosen to lower interest rates despite inflation rates being above target levels [1] - Kashkari emphasizes the need to explain the reasons for the rate cut, particularly in the context of four consecutive years of high inflation [1] Group 2: Inflation and Labor Market - Kashkari indicates that a weak labor market supports the decision to lower interest rates, suggesting that inflation levels are likely to decrease as a result [1] - He expresses confidence in bringing the inflation rate back to the target level of 2% [1]

Core Viewpoint - The Central Bank of Russia will maintain a tight monetary policy until 2026 to restore the inflation rate to its target level [1] Group 1 - The Central Bank's decision reflects a commitment to controlling inflation, indicating a proactive approach to monetary policy [1] - The target inflation rate is not specified, but the emphasis on returning to this level suggests current inflation is above acceptable limits [1] - The timeline of 2026 indicates a long-term strategy, which may impact economic growth and investment decisions in the region [1]