<p>當通貨膨脹在 2022 年達到數十年來的最高水平時，美聯儲開始通過加息來應對這一問題。在其峯值時，聯邦基金利率達到了 5.5%，是自 2001 年以來的最高水平。9 月 17 日，美聯儲將利率下調了 0.25 個百分點，目標區間為 4% 至 4.25%。</p>
<p>這一降息並沒有讓大多數人感到意外，最新的 “點陣圖”（顯示每位美聯儲決策者對未來利率預期的圖表）顯示，美聯儲可能在今年再降息一到兩次。</p>
<p>利率對美國經濟有深遠的影響。較高的利率使借款變得更加昂貴，旨在減緩經濟增長並抑制通貨膨脹。較低的利率則使借款變得更便宜，有助於企業擴張和消費者支出。這將影響許多企業，但我特別想關注三家。</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>圖片來源：Getty Images。</p>
<h2>1. Realty Income</h2>
<p><strong>Realty Income</strong>（O 0.17%）是一家房地產投資信託（REIT），意味着它彙集投資者的資金來購買和管理產生收入的房地產，然後將大部分利潤以股息的形式分配給股東。</p>
<p>它是全球第六大 REIT，在九個國家擁有價值約 610 億美元的房地產。Realty Income 的商業模式是購買單租户物業，並將其出租給負責租金、維護和税費的租户。</p>
<p>最近和預期中的降息將通過降低 Realty Income 的資本成本來影響其業務，使其借款用於新收購和再融資現有貸款變得更便宜。這增加了融資物業的成本與從租户那裏收取的收入之間的差額。這對 Realty Income 的投資者來説無疑是個好消息，因為這支持了增長和股息的穩定性。</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 股息收益率數據來源於 YCharts</p>
<p>Realty Income 已經擁有吸引人的股息，但較低的利率可能使其收益率相對於債券看起來更具吸引力，從而可能吸引更多投資者。</p>
<h2>2. 美國銀行</h2>
<p><strong>美國銀行</strong>（BAC 0.23%）是全球最大的銀行之一，在 36 個國家（包括美國）運營。美國銀行幾乎涉及金融世界的所有領域，但其主要收入來源是淨利息收入（NII）。</p>
<p>當你在銀行賬户中存錢時，銀行會支付你存款的利息。然而，銀行通常會將這些錢以抵押貸款、汽車貸款和其他消費者及商業貸款的形式借出。如果你曾經申請過這些貸款，你就會清楚你所支付的利率遠高於銀行支付給你存款的利息。這就是淨利息收入（NII）。</p>
<p>在利率降低的情況下，美國銀行從其發放的貸款中收取的利息減少，但它仍需支付存款的利息。這意味着其淨利息收入在短期內可能會縮小，因為貸款收益率下降的速度快於存款成本的下降。</p>
<p>在第二季度，美國銀行的淨利息收入同比增長 7%，達到 147 億美元（佔總收入的 55%）。我不認為短期內會出現劇烈下降，但值得關注降息對這一增長的影響。</p>
<h2>3. Visa</h2>
<p><strong>Visa</strong>（V 1.19%）是全球最大的支付網絡，全球超過 150 家商户接受其服務，處理數千億筆交易，交易總額達數萬億美元。</p>
<p>與 Realty Income 和美國銀行不同，降息對 Visa 的業務影響更為間接，這與其商業模式有關。Visa 的商業模式相對簡單：它從其網絡上每筆交易中提取一定比例的費用。這一簡單的模式使 Visa 賺取了大量資金，其收入在過去五年幾乎翻了一番。</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）數據來源於 YCharts</p>
<p>如果利率降低使借款變得更便宜，並如預期那樣刺激消費者和商業支出，Visa 的交易量可能會增加。更多的交易量意味着更多的收入，因為其網絡上發生的交易更多。</p>
<p>在其財政第三季度，Visa 的總支付交易量同比增長 8%，處理的交易量同比增長 10%。考慮到 Visa 的規模，這已經是相當可觀的增長，但一旦新的利率開始反映在支出中，這一增長可能會進一步加大。</p>

<p>美聯儲最近將利率下調了 0.25 個百分點，目標區間為 4% 至 4.25%。這一決定預計將對各類企業產生影響，特別是 Realty Income、美國銀行和 Visa。Realty Income 可能會受益於較低的借貸成本，從而增強其增長和股息穩定性。美國銀行可能會因貸款收益率下降而看到淨利息收入減少。Visa 的收入可能會增加，因為較低的利率鼓勵消費者支出，從而導致其網絡上的交易量增加</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>當通貨膨脹在 2022 年達到數十年來的最高水平時，美聯儲開始通過加息來應對這一問題。在其峯值時，聯邦基金利率達到了 5.5%，是自 2001 年以來的最高水平。9 月 17 日，美聯儲將利率下調了 0.25 個百分點，目標區間為 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>這一降息並沒有讓大多數人感到意外，最新的 “點陣圖”（顯示每位美聯儲決策者對未來利率預期的圖表）顯示，美聯儲可能在今年再降息一到兩次。</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>利率對美國經濟有深遠的影響。較高的利率使借款變得更加昂貴，旨在減緩經濟增長並抑制通貨膨脹。較低的利率則使借款變得更便宜，有助於企業擴張和消費者支出。這將影響許多企業，但我特別想關注三家。</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>圖片來源：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%）是一家房地產投資信託（REIT），意味着它彙集投資者的資金來購買和管理產生收入的房地產，然後將大部分利潤以股息的形式分配給股東。</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，在九個國家擁有價值約 610 億美元的房地產。Realty Income 的商業模式是購買單租户物業，並將其出租給負責租金、維護和税費的租户。</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>最近和預期中的降息將通過降低 Realty Income 的資本成本來影響其業務，使其借款用於新收購和再融資現有貸款變得更便宜。這增加了融資物業的成本與從租户那裏收取的收入之間的差額。這對 Realty Income 的投資者來説無疑是個好消息，因為這支持了增長和股息的穩定性。</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 股息收益率數據來源於 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 已經擁有吸引人的股息，但較低的利率可能使其收益率相對於債券看起來更具吸引力，從而可能吸引更多投資者。</p>
</div><h2>2. Bank of America</h2>
<div class="lb-trans"><h2>2. 美國銀行</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>美國銀行</strong>（BAC 0.23%）是全球最大的銀行之一，在 36 個國家（包括美國）運營。美國銀行幾乎涉及金融世界的所有領域，但其主要收入來源是淨利息收入（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>當你在銀行賬户中存錢時，銀行會支付你存款的利息。然而，銀行通常會將這些錢以抵押貸款、汽車貸款和其他消費者及商業貸款的形式借出。如果你曾經申請過這些貸款，你就會清楚你所支付的利率遠高於銀行支付給你存款的利息。這就是淨利息收入（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>在利率降低的情況下，美國銀行從其發放的貸款中收取的利息減少，但它仍需支付存款的利息。這意味着其淨利息收入在短期內可能會縮小，因為貸款收益率下降的速度快於存款成本的下降。</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，美國銀行的淨利息收入同比增長 7%，達到 147 億美元（佔總收入的 55%）。我不認為短期內會出現劇烈下降，但值得關注降息對這一增長的影響。</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%）是全球最大的支付網絡，全球超過 150 家商户接受其服務，處理數千億筆交易，交易總額達數萬億美元。</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>與 Realty Income 和美國銀行不同，降息對 Visa 的業務影響更為間接，這與其商業模式有關。Visa 的商業模式相對簡單：它從其網絡上每筆交易中提取一定比例的費用。這一簡單的模式使 Visa 賺取了大量資金，其收入在過去五年幾乎翻了一番。</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）數據來源於 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變得更便宜，並如預期那樣刺激消費者和商業支出，Visa 的交易量可能會增加。更多的交易量意味着更多的收入，因為其網絡上發生的交易更多。</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>在其財政第三季度，Visa 的總支付交易量同比增長 8%，處理的交易量同比增長 10%。考慮到 Visa 的規模，這已經是相當可觀的增長，但一旦新的利率開始反映在支出中，這一增長可能會進一步加大。</p>
</div>

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

- 2022 年通脹高企，美聯儲提高利率至 5.5%。  
- 9 月 17 日，美聯儲將利率下調 0.25 個百分點至 4% 至 4.25%。  
- 降息將影響房地產、銀行和支付網絡等多個行業。  

美聯儲決策：在傑羅姆·鮑威爾最新行動後值得關注的三隻股票