Core Viewpoint - The euro zone aims for self-sufficiency in payment handling, with the digital euro providing essential infrastructure for retail transactions [1][2]. Group 1: Digital Euro Development - The European Central Bank (ECB) is developing a digital euro to maintain its core role in a digital economy and protect monetary sovereignty [1]. - The digital euro, along with two other wholesale payment projects, will equip the euro zone with necessary tools to enhance its financial stability [2]. - The ECB believes the digital euro will help counter the influence of stablecoins, which are primarily pegged to the U.S. dollar [3]. Group 2: Payment Infrastructure - The ECB's digital euro initiative aims to create a unified payments infrastructure that the euro zone currently lacks, while ensuring commercial banks remain central to the payment system [4]. - Commercial banks will manage digital wallets for users to store their digital euros, facilitating payments through mobile applications [4]. - The ECB's approach has faced criticism for potentially competing with commercial lenders, but it emphasizes the importance of retaining banks' access to client payment data [3][4].

更引人注意的是，就业增长被描述为"持续低迷"。在美国宏观叙事中，就业一向是货币政策的核心锚 点。当通胀尚未完全回落，而就业动能开始减弱，政策选择就不再是简单的二选一，而是一场关于节 奏、耐心与风险分配的博弈。两张反对票，正是这种博弈的直接体现。 从机制上看，美联储仍然坚持数据依赖原则。鲍威尔反复强调，是否降息取决于劳动力市场的真实走 向，而非市场预期或政治诉求。这种表态在技术层面无可指摘，却也暴露了现实困境：数据正在给出相 互矛盾的信号。通胀尚未彻底驯服，经济却在边际放缓，任何过早转向都可能被视为放弃长期目标。 文︱陆弃 当市场已经习惯用"预期兑现"来形容美联储的决策时，这次看似平淡的利率会议，却意外留下了耐人寻 味的注脚。联邦基金利率维持在3.5%至3.75%区间不变，几乎没有引发市场波动，但两名理事明确投下 反对票，主张降息25个基点。这一细节，让本应例行公事的政策声明，多了一层不安的回响。 表面上，美国经济仍在扩张，美联储的措辞依旧谨慎而克制。经济"稳健增长"，通胀"仍处高位"，失业 率"出现企稳迹象"，这些表述延续了过去一年的官方叙事。但细看其中的逻辑结构，不难发现，美联储 已不再强调强劲，而是反复强 ...

正如市场所料，美联储在连续第三次降息25个基点后，按下降息"暂停键"。 与前次美联储声明比较，本次美联储声明删除了就业风险增加的表述，指出经济形势有改善，尤其在失 业率上升方面已有企稳迹象，暗示联储决策者更谨慎，并不急于继续行动。经济活动方面，本次声明表 述为"经济活动在以稳固的速度扩张"，前次的表述为"经济活动在以温和的速度扩张"。 在利率决定发布后，美联储主席鲍威尔举行了发布会，并就美国当前经济状况及美联储下任主席等问题 接受记者提问，总体而言，他对经济前景做出了略为乐观的评估。 鲍威尔表示，过去一年关税上涨对消费价格的影响已基本传导完毕，"我们预计，关税对商品价格的影 响将达到峰值，然后开始下降，前提是没有新的重大关税上调措施出台，这也是我们预计今年将会看到 的情况。"他表示，美国今年通胀表现大致符合预期，但就任何进一步宽松政策的时间或节奏而言，美 联储还没有做出任何决定。 鲍威尔还表示，他和美联储其他官员致力于维护美联储的独立性。他还对上周出席最高法院的口头辩论 表示，此案"或许是美联储113年历史上最重要的法律案件"，"我仔细考虑后认为，如果我不出席，可能 很难解释清楚原因。" 当地时间1月28日， ...

The bank's monetary policy committee kept the nation's benchmark rate at 15%, while indicating it may start cutting at its next meeting in March. ...

Core Viewpoint - The Federal Reserve has decided to maintain interest rates between 3.5% to 3.75%, despite external pressure for a cut, citing solid economic expansion [1] Group 1: Federal Reserve's Decision - The Fed's decision to keep interest rates unchanged follows three rate cuts last year amid pressure from the White House [1] - The Fed noted that job gains have remained low and the unemployment rate shows signs of stabilization, while inflation is still somewhat elevated [2] Group 2: Political Context - President Trump is expected to announce a replacement for Fed chair Jerome Powell, who has faced criticism for not cutting rates quickly enough [3] - Christopher Waller, a Fed official who voted for a rate cut, is considered a potential replacement for Powell [4] Group 3: Legal and Investigative Issues - Powell has received subpoenas from the Justice Department related to a criminal investigation concerning his congressional testimony about a $2.5 billion building renovation [5] - The White House previously attempted to remove Fed board member Lisa Cook, alleging mortgage fraud, which she has denied [6] Group 4: Market Reactions and Economic Independence - Economists suggest that Trump's pressure on the Fed may have backfired, as Senate Republicans have shown support for Powell and threatened to block any replacement [7] - Recent weeks have been viewed positively for Fed independence, according to Patricia Zobel from Guggenheim Investments [7]

The Federal Reserve chose to pause rate cuts, even as it faces relentless attacks from President Trump for not cutting borrowing costs fast enough. ...

Core Viewpoint - The Federal Reserve's decision to maintain interest rates amidst market uncertainty is seen as a prudent move, reflecting a lack of consensus among committee members [1] Group 1 - The Federal Reserve's cautious approach helps alleviate pressure on the US dollar, which has been under strain since January 20 [1] - The policy path of the Federal Reserve is expected to remain difficult to predict [1]

The Federal Reserve held its benchmark interest rate steady on Wednesday, formalizing a data-dependent approach to balancing the U.S. labor market against inflationary risks, amid ongoing White House pressure to accelerate monetary easing. The decision, which was widely expected, kept the federal funds rate at a target range of 3.50% to 3.75%. The move followed three consecutive 25-basis-point cuts late last year that had sought to engineer a “soft landing” for the economy. “Uncertainty about the economic ...

2 Committee Members Dissented at the January FOMC MeetingCONCLUDED[The Fed Holds Interest Rates Steady. Powell Steers Clear of Politics.]Last Updated:---6 hours ago# 2 Committee Members Dissented at the January FOMC MeetingBy[Sabrina Escobar]There was more than one dissenting vote at the FOMC's January meeting, marking the third meeting in a row in which more than one member disagreed with the committee's rate decision.Fed governors Stephen Miran and Christopher Waller voted against the decision to keep rat ...

The Fed on Wednesday kept interest rates in the current range, a move that was widely expected in spite of intensifying pressure from President Trump and the criminal probe into Fed Chair Jerome Powell.After three consecutive quarter-point cuts in 2025, the central bank maintained rates in the 3.5% to 3.75% range at its first meeting of the year, in a 10-2 vote.Policymakers opted to take a wait-and-see approach after months of weighing inflation risks against unemployment — likely assuaged by recent economi ...