<p>当通货膨胀在 2022 年达到数十年来的最高水平时，美联储开始通过加息来应对这一问题。在其峰值时，联邦基金利率达到了 5.5%，是自 2001 年以来的最高水平。9 月 17 日，美联储将利率下调了 0.25 个百分点，目标区间为 4% 至 4.25%。</p>
<p>这一降息并没有让大多数人感到意外，最新的 “点阵图”（显示每位美联储决策者对未来利率预期的图表）显示，美联储可能在今年再降息一到两次。</p>
<p>利率对美国经济有深远的影响。较高的利率使借款变得更加昂贵，旨在减缓经济增长并抑制通货膨胀。较低的利率则使借款变得更便宜，有助于企业扩张和消费者支出。这将影响许多企业，但我特别想关注三家。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5OTcvZ2V0dHlpbWFnZXMtMTQxNDk4Mjg4OC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5OTcvZ2V0dHlpbWFnZXMtMTQxNDk4Mjg4OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. Realty Income</h2>
<p><strong>Realty Income</strong>（O 0.17%）是一家房地产投资信托（REIT），意味着它汇集投资者的资金来购买和管理产生收入的房地产，然后将大部分利润以股息的形式分配给股东。</p>
<p>它是全球第六大 REIT，在九个国家拥有价值约 610 亿美元的房地产。Realty Income 的商业模式是购买单租户物业，并将其出租给负责租金、维护和税费的租户。</p>
<p>最近和预期中的降息将通过降低 Realty Income 的资本成本来影响其业务，使其借款用于新收购和再融资现有贷款变得更便宜。这增加了融资物业的成本与从租户那里收取的收入之间的差额。这对 Realty Income 的投资者来说无疑是个好消息，因为这支持了增长和股息的稳定性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e23b0877b5732c2526d1cfe8e0d85ee.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e23b0877b5732c2526d1cfe8e0d85ee.png"/></p>
<p>O 股息收益率数据来源于 YCharts</p>
<p>Realty Income 已经拥有吸引人的股息，但较低的利率可能使其收益率相对于债券看起来更具吸引力，从而可能吸引更多投资者。</p>
<h2>2. 美国银行</h2>
<p><strong>美国银行</strong>（BAC 0.23%）是全球最大的银行之一，在 36 个国家（包括美国）运营。美国银行几乎涉及金融世界的所有领域，但其主要收入来源是净利息收入（NII）。</p>
<p>当你在银行账户中存钱时，银行会支付你存款的利息。然而，银行通常会将这些钱以抵押贷款、汽车贷款和其他消费者及商业贷款的形式借出。如果你曾经申请过这些贷款，你就会清楚你所支付的利率远高于银行支付给你存款的利息。这就是净利息收入（NII）。</p>
<p>在利率降低的情况下，美国银行从其发放的贷款中收取的利息减少，但它仍需支付存款的利息。这意味着其净利息收入在短期内可能会缩小，因为贷款收益率下降的速度快于存款成本的下降。</p>
<p>在第二季度，美国银行的净利息收入同比增长 7%，达到 147 亿美元（占总收入的 55%）。我不认为短期内会出现剧烈下降，但值得关注降息对这一增长的影响。</p>
<h2>3. Visa</h2>
<p><strong>Visa</strong>（V 1.19%）是全球最大的支付网络，全球超过 150 家商户接受其服务，处理数千亿笔交易，交易总额达数万亿美元。</p>
<p>与 Realty Income 和美国银行不同，降息对 Visa 的业务影响更为间接，这与其商业模式有关。Visa 的商业模式相对简单：它从其网络上每笔交易中提取一定比例的费用。这一简单的模式使 Visa 赚取了大量资金，其收入在过去五年几乎翻了一番。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/de527c3cc44cab59f5938a7f8233b06f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/de527c3cc44cab59f5938a7f8233b06f.png"/></p>
<p>V 收入（季度）数据来源于 YCharts</p>
<p>如果利率降低使借款变得更便宜，并如预期那样刺激消费者和商业支出，Visa 的交易量可能会增加。更多的交易量意味着更多的收入，因为其网络上发生的交易更多。</p>
<p>在其财政第三季度，Visa 的总支付交易量同比增长 8%，处理的交易量同比增长 10%。考虑到 Visa 的规模，这已经是相当可观的增长，但一旦新的利率开始反映在支出中，这一增长可能会进一步加大。</p>

<p>美联储最近将利率下调了 0.25 个百分点，目标区间为 4% 至 4.25%。这一决定预计将对各类企业产生影响，特别是 Realty Income、美国银行和 Visa。Realty Income 可能会受益于较低的借贷成本，从而增强其增长和股息稳定性。美国银行可能会因贷款收益率下降而看到净利息收入减少。Visa 的收入可能会增加，因为较低的利率鼓励消费者支出，从而导致其网络上的交易量增加</p>

<p>When inflation reached its highest levels in decades in 2022, the Federal Reserve began tackling the issue by raising interest rates. At its peak, the federal funds interest rate reached 5.5%, its highest level since 2001. On Sept. 17, the Fed cut the interest rate by 0.25 percentage points to a target of 4% to 4.25%.</p>
<div class="lb-trans"><p>当通货膨胀在 2022 年达到数十年来的最高水平时，美联储开始通过加息来应对这一问题。在其峰值时，联邦基金利率达到了 5.5%，是自 2001 年以来的最高水平。9 月 17 日，美联储将利率下调了 0.25 个百分点，目标区间为 4% 至 4.25%。</p>
</div><p>The rate cut didn't come as a surprise to most people, and there are thoughts that the Fed may cut rates once or twice again this year, per the latest &#34;dot plot&#34; (a chart showing where each Fed policymaker expects interest rates to be in the future).</p>
<div class="lb-trans"><p>这一降息并没有让大多数人感到意外，最新的 “点阵图”（显示每位美联储决策者对未来利率预期的图表）显示，美联储可能在今年再降息一到两次。</p>
</div><p>Interest rates have ramifications for the U.S. economy. Higher rates make borrowing more expensive, which aims to slow growth and cool inflation. Lower rates make borrowing cheaper, which helps business expansion and consumer spending. This will affect many businesses, but there are three in particular I want to keep an eye on.</p>
<div class="lb-trans"><p>利率对美国经济有深远的影响。较高的利率使借款变得更加昂贵，旨在减缓经济增长并抑制通货膨胀。较低的利率则使借款变得更便宜，有助于企业扩张和消费者支出。这将影响许多企业，但我特别想关注三家。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5OTcvZ2V0dHlpbWFnZXMtMTQxNDk4Mjg4OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833997%2Fgettyimages-1414982888.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Realty Income</h2>
<div class="lb-trans"><h2>1. Realty Income</h2>
</div><p><strong>Realty Income</strong>(O 0.17%) is a real estate investment trust (REIT), meaning it pools investors' money to buy and manage income-producing real estate, then distributes most of the profits back to shareholders as dividends.</p>
<div class="lb-trans"><p><strong>Realty Income</strong>（O 0.17%）是一家房地产投资信托（REIT），意味着它汇集投资者的资金来购买和管理产生收入的房地产，然后将大部分利润以股息的形式分配给股东。</p>
</div><p>It's the sixth-largest REIT in the world, with properties in nine countries worth around $61 billion in real estate value. Realty Income's business model is buying single-tenant properties and renting them out to tenants who are responsible for the rent, maintenance, and taxes.</p>
<div class="lb-trans"><p>它是全球第六大 REIT，在九个国家拥有价值约 610 亿美元的房地产。Realty Income 的商业模式是购买单租户物业，并将其出租给负责租金、维护和税费的租户。</p>
</div><p>The recent and anticipated interest rate cuts will affect Realty Income's business by lowering its cost of capital, making it cheaper to borrow money for new acquisitions and refinancing its current loans. This increases the difference between the costs of financing properties and the income collected from tenants. This should be music to Realty Income investors' ears because it supports growth and dividend stability.</p>
<div class="lb-trans"><p>最近和预期中的降息将通过降低 Realty Income 的资本成本来影响其业务，使其借款用于新收购和再融资现有贷款变得更便宜。这增加了融资物业的成本与从租户那里收取的收入之间的差额。这对 Realty Income 的投资者来说无疑是个好消息，因为这支持了增长和股息的稳定性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e23b0877b5732c2526d1cfe8e0d85ee.png" alt="" original-src="https://media.ycharts.com/charts/4e23b0877b5732c2526d1cfe8e0d85ee.png"/></p>
<p>O Dividend Yield data by YCharts</p>
<div class="lb-trans"><p>O 股息收益率数据来源于 YCharts</p>
</div><p>Realty Income already has an attractive dividend, but lower rates can make its yield look more attractive relative to bonds, potentially drawing in more investors.</p>
<div class="lb-trans"><p>Realty Income 已经拥有吸引人的股息，但较低的利率可能使其收益率相对于债券看起来更具吸引力，从而可能吸引更多投资者。</p>
</div><h2>2. Bank of America</h2>
<div class="lb-trans"><h2>2. 美国银行</h2>
</div><p><strong>Bank of America</strong>(BAC 0.23%) is one of the world's largest banks, operating in 36 countries (including the U.S.). Bank of America operates in virtually all facets of the finance world, but its main income source is net interest income (NII).</p>
<div class="lb-trans"><p><strong>美国银行</strong>（BAC 0.23%）是全球最大的银行之一，在 36 个国家（包括美国）运营。美国银行几乎涉及金融世界的所有领域，但其主要收入来源是净利息收入（NII）。</p>
</div><p>When you hold money in a bank account, the bank pays you interest on the money that's in there. However, the banks typically use this money to loan out in the form of mortgages, auto loans, and other consumer and business loans. If you've ever taken one of these loans, you're well aware of how much more the interest rate you pay on those is than the interest the bank pays on your deposits. This is the NII.</p>
<div class="lb-trans"><p>当你在银行账户中存钱时，银行会支付你存款的利息。然而，银行通常会将这些钱以抵押贷款、汽车贷款和其他消费者及商业贷款的形式借出。如果你曾经申请过这些贷款，你就会清楚你所支付的利率远高于银行支付给你存款的利息。这就是净利息收入（NII）。</p>
</div><p>With a lower interest rate, Bank of America collects less interest on the loans it gives out, yet it still needs to pay interest on the deposits it receives. This means its NII is likely to shrink in the short term because loan yields drop faster than deposit costs.</p>
<div class="lb-trans"><p>在利率降低的情况下，美国银行从其发放的贷款中收取的利息减少，但它仍需支付存款的利息。这意味着其净利息收入在短期内可能会缩小，因为贷款收益率下降的速度快于存款成本的下降。</p>
</div><p>In the second quarter, Bank of America's NII grew 7% year over year to $14.7 billion (55% of total revenue). I wouldn't expect a dramatic drop anytime soon, but it's worth keeping an eye on how lowering interest rates affects this growth.</p>
<div class="lb-trans"><p>在第二季度，美国银行的净利息收入同比增长 7%，达到 147 亿美元（占总收入的 55%）。我不认为短期内会出现剧烈下降，但值得关注降息对这一增长的影响。</p>
</div><h2>3. Visa</h2>
<div class="lb-trans"><h2>3. Visa</h2>
</div><p><strong>Visa</strong>(V 1.19%) is the world's largest payment network, accepted by over 150 merchants worldwide and processing hundreds of billions of transactions worth trillions of dollars.</p>
<div class="lb-trans"><p><strong>Visa</strong>（V 1.19%）是全球最大的支付网络，全球超过 150 家商户接受其服务，处理数千亿笔交易，交易总额达数万亿美元。</p>
</div><p>Unlike Realty Income and Bank of America, interest rate cuts will have more of an indirect effect on Visa's business, and it comes down to its business model. Visa has a fairly simple business model: It takes a percentage of every transaction that happens on its network. It's a simple model that continues to make Visa tons of money, with its revenue nearly doubling in the past five years.</p>
<div class="lb-trans"><p>与 Realty Income 和美国银行不同，降息对 Visa 的业务影响更为间接，这与其商业模式有关。Visa 的商业模式相对简单：它从其网络上每笔交易中提取一定比例的费用。这一简单的模式使 Visa 赚取了大量资金，其收入在过去五年几乎翻了一番。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/de527c3cc44cab59f5938a7f8233b06f.png" alt="" original-src="https://media.ycharts.com/charts/de527c3cc44cab59f5938a7f8233b06f.png"/></p>
<p>V Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>V 收入（季度）数据来源于 YCharts</p>
</div><p>If interest rates make it cheaper to borrow money and boost consumer and business spending as intended, Visa's volume is likely to increase. More volume equals more money because more transactions are happening on its network.</p>
<div class="lb-trans"><p>如果利率降低使借款变得更便宜，并如预期那样刺激消费者和商业支出，Visa 的交易量可能会增加。更多的交易量意味着更多的收入，因为其网络上发生的交易更多。</p>
</div><p>In its fiscal third quarter, Visa's total payment volume increased 8% year over year, and processed transactions increased 10% year over year. This is already impressive growth given Visa's size, but this could increase once the new interest rates begin to reflect in spending.</p>
<div class="lb-trans"><p>在其财政第三季度，Visa 的总支付交易量同比增长 8%，处理的交易量同比增长 10%。考虑到 Visa 的规模，这已经是相当可观的增长，但一旦新的利率开始反映在支出中，这一增长可能会进一步加大。</p>
</div>

Fed Decision: 3 Stocks to Watch After Jerome Powell's Latest Move

- 2022 年通胀高企，美联储提高利率至 5.5%。  
- 9 月 17 日，美联储将利率下调 0.25 个百分点至 4% 至 4.25%。  
- 降息将影响房地产、银行和支付网络等多个行业。  

美联储决策：在杰罗姆·鲍威尔最新行动后值得关注的三只股票