新华财经北京9月26日电（崔凯）9月下旬，全球主要央行密集进入政策调整窗口。在贸易摩擦加剧、地缘政治风险上升与经济增长动能减弱的多重压力下， 货币决策呈现出前所未有的分化：日本央行历史性启动资产减持，美联储开启预防性降息，而欧洲与英国央行则在通胀粘性下选择按兵不动。这一轮政策调 整凸显全球货币政策已从疫情后高度协同，正式转入多速、多向、高不确定性的新周期，政策路径呈"正常化—宽松—观望"三轨并行格局。 | 央行 | 最新政策利率 | 本次决议动作 | 投票结果 | 核心理由 | | --- | --- | --- | --- | --- | | 日本央行 (BOJ) | 0.50% | 维持不变 启动减持 | 7-2 两名委员主张加息 | 通胀部分回落, 潜在通胀仍强劲 | | | | ETF/J-REITs | | | | 美联储 | 4.00%-4.25% | 降息 25bp | 8-1 | 就业放缓, | | (Fed) | | | 1 人反对 | 经济动能减弱,通胀高 | | 欧洲央行 | 2.00% | 维持不变 | 未披露 | 通胁接近目标, | | (ECB) | | | | 经济韧性 | | ...

Group 1 - The Reserve Bank of Australia (RBA) has lowered the cash rate by 25 basis points to 3.6%, marking the third rate cut this year, totaling a reduction of 75 basis points [1][2] - Inflation in Australia has significantly decreased since its peak in 2022, with June inflation at 2.1% and an expected annual inflation of 2.7%, approaching the target range of 2%-3% [2][5] - The RBA emphasizes the importance of maintaining price stability and full employment, considering further monetary easing appropriate as inflation continues to decline [5] Group 2 - The Australian dollar fell to 0.6505 against the US dollar following the RBA's decision, and the yield on three-year Australian government bonds dropped to 3.41% [6] - Global central banks are taking divergent paths in their monetary policies, with the Bank of England cutting rates to 4% while the European Central Bank has opted to keep rates unchanged [7][8] - The Canadian central bank maintained its policy rate at 2.75%, citing uncertainties from US tariff policies, while the Federal Reserve is also under pressure to consider rate cuts [8][9]

Core Viewpoint - The New Zealand shadow committee recommends maintaining the cash rate unchanged this week [1] Group 1 - The recommendation reflects the committee's assessment of current economic conditions [1]