<p>美联储调整联邦基金利率以应对某些经济状况，例如通货膨胀。9 月 17 日，美联储将利率下调 0.25 个百分点，目标区间为 4% 至 4.25%，此举旨在提振放缓的劳动力市场。</p>
<p>尽管此举旨在帮助更广泛的经济，但并不是所有公司都会对此感到欢欣鼓舞。一家可能面临逆风的数字支付领导者是 <strong>Block</strong>（XYZ -7.48%）（前身为 Square）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MjkvZ2V0dHlpbWFnZXMtMTE0MTQ5MzkyMy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MjkvZ2V0dHlpbWFnZXMtMTE0MTQ5MzkyMy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>Square 的主要收入来源于通过其商户生态系统处理支付，从每笔交易中提取一定比例的费用。然而，它还通过 Square Loans 向商户提供贷款，并通过 Afterpay 进行消费者融资来赚钱。Square Loans 不收取利息（仅收取固定费用），但 Afterpay 在某些情况下会收取利息，因此近期和未来预期的降息可能会影响其业务。</p>
<p>Cash App 余额的功能也类似于银行存款。当客户将资金存放在 Cash App 账户中时，Block 会从这些余额中获得利息收入。这些来自贷款活动和客户余额的利息收入类似于传统银行的净利息收入（NII）。</p>
<p>当利率下降时，Block 在 Cash App 余额和贷款活动上获得的利息减少，这可能会在短期内降低其利息收入，并在存款利率未相应变化的情况下压缩利润率。在 2025 年前六个月，Square 的利息收入约为 1.178 亿美元。</p>

<p>美联储最近将利率下调 0.25 个百分点至 4% 至 4.25% 的目标，旨在刺激经济，但对 Block（前身为 Square）构成挑战。该公司的收入主要来自支付处理，较低的利率可能会影响其 Cash App 余额和贷款活动的收益。这可能导致利息收入减少和利润空间收窄，尽管 Square 在 2025 年上半年获得了约 1.178 亿美元的利息收入</p>

<p>The Federal Reserve adjusts the federal funds interest rate to tackle certain economic conditions, such as inflation. On Sept. 17, the Fed cut the interest rate by 0.25 percentage points to a target of 4% to 4.25%, in a move aimed at boosting a slowing labor market.</p>
<div class="lb-trans"><p>美联储调整联邦基金利率以应对某些经济状况，例如通货膨胀。9 月 17 日，美联储将利率下调 0.25 个百分点，目标区间为 4% 至 4.25%，此举旨在提振放缓的劳动力市场。</p>
</div><p>Although the move is intended to help the broader economy, not all companies will be jumping for joy that it happened. One digital payments leader that could face a headwind from this is <strong>Block</strong>(XYZ -7.48%) (formerly known as Square).</p>
<div class="lb-trans"><p>尽管此举旨在帮助更广泛的经济，但并不是所有公司都会对此感到欢欣鼓舞。一家可能面临逆风的数字支付领导者是 <strong>Block</strong>（XYZ -7.48%）（前身为 Square）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MjkvZ2V0dHlpbWFnZXMtMTE0MTQ5MzkyMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833829%2Fgettyimages-1141493923.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><p>Square's primary revenue stream comes from processing payments through its merchant ecosystem, taking a percentage of each transaction. However, it also makes money by lending to merchants through Square Loans and consumer financing via Afterpay. Square Loans doesn't charge interest (just a flat fee), but Afterpay does come with interest in some cases, so the recent and future anticipated rate cuts could affect the business.</p>
<div class="lb-trans"><p>Square 的主要收入来源于通过其商户生态系统处理支付，从每笔交易中提取一定比例的费用。然而，它还通过 Square Loans 向商户提供贷款，并通过 Afterpay 进行消费者融资来赚钱。Square Loans 不收取利息（仅收取固定费用），但 Afterpay 在某些情况下会收取利息，因此近期和未来预期的降息可能会影响其业务。</p>
</div><p>Cash App balances also function similarly to bank deposits. When customers keep money in their Cash App accounts, Block earns interest income from those balances. This interest income from lending activities and customer balances functions similarly to the net interest income (NII) seen in traditional banks.</p>
<div class="lb-trans"><p>Cash App 余额的功能也类似于银行存款。当客户将资金存放在 Cash App 账户中时，Block 会从这些余额中获得利息收入。这些来自贷款活动和客户余额的利息收入类似于传统银行的净利息收入（NII）。</p>
</div><p>When interest rates fall, Block earns less interest on Cash App balances and its lending activities, which could reduce its interest revenue in the short term and weigh on margins if its deposit rates don't change accordingly. Through the first six months of 2025, Square earned around $117.8 million in interest revenue.</p>
<div class="lb-trans"><p>当利率下降时，Block 在 Cash App 余额和贷款活动上获得的利息减少，这可能会在短期内降低其利息收入，并在存款利率未相应变化的情况下压缩利润率。在 2025 年前六个月，Square 的利息收入约为 1.178 亿美元。</p>
</div>

Here's 1 Way a Fed Rate Cut Could Hurt This Digital Payments Leader

- 美联储于 9 月 17 日将联邦基金利率下调 0.25 个百分点至 4% 至 4.25%。  
- 此举旨在刺激放缓的劳动力市场，但可能对某些公司产生负面影响。  
- Block 的利息收入可能因利率下降而减少，影响其短期收益。  

以下是一种美联储降息可能对这家数字支付领导者造成伤害的方法