<p>儘管有兩位官員呼籲降息，但美聯儲政策制定者在決定維持利率不變方面大致達成一致，儘管幾位官員表示如果通脹持續高企，可能會考慮加息。</p>
<p>美聯儲貨幣政策委員會（FOMC）1 月份會議的紀要於週三發佈，顯示一些政策制定者支持在公告中加入表明未來可能加息的語言，以應對頑固的通脹。</p>
<p>FOMC 以 10 票對 2 票的結果投票決定將基準聯邦基金利率維持在 3.5% 至 3.75% 的當前區間，聯邦儲備委員會成員克里斯托弗·沃勒和斯蒂芬·米蘭對此表示異議，擔心勞動力市場。通脹仍高於美聯儲 2% 的目標，這讓其他人對進一步降息感到猶豫。</p>
<p>&#34;幾位與會者表示，他們會支持對委員會未來利率決策的雙向描述，反映出如果通脹持續高於目標水平，可能適當提高聯邦基金利率目標區間，&#34; FOMC 紀要指出。</p>
<p><strong>鮑威爾表示，因頑固的通脹迫使美國人 “節省開支”，家庭預算受到擠壓</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/jerome-powell-fomc-oct.png/query-dGw9MSZ2ZT0x?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://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/jerome-powell-fomc-oct.png/query-dGw9MSZ2ZT0x"/></p>
<p>美聯儲主席傑羅姆·鮑威爾表示，如果不是關税的影響，通脹將更接近 2%。(Jim Watson/AFP/Getty Images)</p>
<p>紀要還指出，幾位政策制定者&#34;評論稱，如果通脹按預期下降，進一步下調聯邦基金利率目標區間可能是合適的。&#34;</p>
<p>&#34;一些與會者評論稱，考慮到委員會仔細評估即將到來的數據，維持政策利率穩定一段時間可能是合適的，其中一些與會者認為，直到有明確跡象表明去通脹的進展穩步迴歸正軌，額外的政策寬鬆可能不必要，&#34; 紀要中提到。</p>
<p><strong>美聯儲維持利率不變，在經濟不確定性中暫停降息</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/09/931/523/stephen-miran-fed-governor.png/query-dGw9MSZ2ZT0x?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://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/09/931/523/stephen-miran-fed-governor.png/query-dGw9MSZ2ZT0x"/></p>
<p>美聯儲理事斯蒂芬·米蘭是兩位對美聯儲決定維持利率不變表示異議的政策制定者之一。(Michael Nagle/Bloomberg/Getty Images)</p>
<p>美聯儲首選的通脹指標——個人消費支出（PCE）指數在去年年底時遠高於中央銀行 2% 的長期通脹目標。</p>
<p>2025 年 4 月，PCE 通脹年同比降至 2.2%，為 2025 年最低水平，也是自 2024 年 9 月以來的最低讀數。核心 PCE（不包括波動較大的食品和能源價格）在 2025 年 4 月為 2.6%，為自 2024 年 6 月以來的最低水平。</p>
<p><strong>美聯儲的米蘭堅持呼籲今年大幅降息</strong></p>
<p>特朗普政府在 4 月初的 “解放日” 宣佈的關税以及這些進口税的實施導致去年通脹上升，推動 PCE 上升。</p>
<p>最新的 PCE 通脹讀數為 11 月份，達到了 2.8%，與 9 月份的讀數相同，成為自 2023 年 10 月以來的最高水平。核心 PCE 在 11 月份也為 2.8%。</p>
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<p>美聯儲主席傑羅姆·鮑威爾在 FOMC 決定後的 1 月新聞發佈會上表示，如果不是關税對商品價格的影響，核心 PCE 通脹將&#34;略高於 2%&#34;。</p>

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<p>美聯儲官員基本一致同意將利率維持在 3.5%-3.75% 不變，但有些官員表示如果通脹持續高企，可能會加息。1 月份的聯邦公開市場委員會（FOMC）會議紀要顯示兩名成員存在分歧，他們對勞動力市場和通脹超過 2% 目標表示擔憂。一些政策制定者建議在未來的利率決策中採取雙向方法，而另一些則認為如果通脹下降，降息可能是合適的。最新的個人消費支出（PCE）通脹率報告為 2.8%，核心 PCE 也為 2.8%。美聯儲主席鮑威爾指出，關税對通脹水平產生了影響</p>

<p>Federal Reserve policymakers were mostly in agreement on the decision to leave interest rates unchanged despite two calling for cuts, though several signaled that rate hikes could be on deck if inflation remains elevated.</p>
<div class="lb-trans"><p>儘管有兩位官員呼籲降息，但美聯儲政策制定者在決定維持利率不變方面大致達成一致，儘管幾位官員表示如果通脹持續高企，可能會考慮加息。</p>
</div><p>The minutes for the January meeting of the Federal Open Market Committee (FOMC), the Fed's monetary policy-setting panel, were released on Wednesday and showed that some policymakers were in favor of including language signaling the possibility of future rate hikes to tame stubborn inflation in the announcement.</p>
<div class="lb-trans"><p>美聯儲貨幣政策委員會（FOMC）1 月份會議的紀要於週三發佈，顯示一些政策制定者支持在公告中加入表明未來可能加息的語言，以應對頑固的通脹。</p>
</div><p>The FOMC voted 10-2 to leave the benchmark federal funds rate at its current range of 3.5% to 3.75%, with Fed Governors Christopher Waller and Stephen Miran dissenting over concerns about the labor market. Inflation has remained elevated above the Fed's 2% target, which has given others pause about further rate cuts.</p>
<div class="lb-trans"><p>FOMC 以 10 票對 2 票的結果投票決定將基準聯邦基金利率維持在 3.5% 至 3.75% 的當前區間，聯邦儲備委員會成員克里斯托弗·沃勒和斯蒂芬·米蘭對此表示異議，擔心勞動力市場。通脹仍高於美聯儲 2% 的目標，這讓其他人對進一步降息感到猶豫。</p>
</div><p>&#34;Several participants indicated that they would have supported a two-sided description of the Committee's future interest rate decisions, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation remains at above-target levels,&#34; the FOMC minutes noted.</p>
<div class="lb-trans"><p>&#34;幾位與會者表示，他們會支持對委員會未來利率決策的雙向描述，反映出如果通脹持續高於目標水平，可能適當提高聯邦基金利率目標區間，&#34; FOMC 紀要指出。</p>
</div><p><strong>POWELL SAYS AMERICANS FORCED TO 'ECONOMIZE' AS STUBBORN INFLATION SQUEEZES HOUSEHOLD BUDGETS</strong></p>
<div class="lb-trans"><p><strong>鮑威爾表示，因頑固的通脹迫使美國人 “節省開支”，家庭預算受到擠壓</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/jerome-powell-fomc-oct.png/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/jerome-powell-fomc-oct.png?ve=1&amp;tl=1"/></p>
<p>Federal Reserve Chair Jerome Powell said inflation would be closer to 2% but for the effects of tariffs. (Jim Watson/AFP/Getty Images)</p>
<div class="lb-trans"><p>美聯儲主席傑羅姆·鮑威爾表示，如果不是關税的影響，通脹將更接近 2%。(Jim Watson/AFP/Getty Images)</p>
</div><p>The minutes also noted several policymakers &#34;commented that further downward adjustments to the target range for the federal funds rate would likely be appropriate if inflation were to decline in line with their expectations.&#34;</p>
<div class="lb-trans"><p>紀要還指出，幾位政策制定者&#34;評論稱，如果通脹按預期下降，進一步下調聯邦基金利率目標區間可能是合適的。&#34;</p>
</div><p>&#34;Some participants commented that it would likely be appropriate to hold the policy rate steady for some time as the Committee carefully assesses incoming data, and a number of these participants judged that additional policy easing may not be warranted until there was clear indication that the progress of disinflation was firmly back on track,&#34; the minutes said.</p>
<div class="lb-trans"><p>&#34;一些與會者評論稱，考慮到委員會仔細評估即將到來的數據，維持政策利率穩定一段時間可能是合適的，其中一些與會者認為，直到有明確跡象表明去通脹的進展穩步迴歸正軌，額外的政策寬鬆可能不必要，&#34; 紀要中提到。</p>
</div><p><strong>FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY</strong></p>
<div class="lb-trans"><p><strong>美聯儲維持利率不變，在經濟不確定性中暫停降息</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/09/931/523/stephen-miran-fed-governor.png/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/09/931/523/stephen-miran-fed-governor.png?ve=1&amp;tl=1"/></p>
<p>Fed Governor Stephen Miran was one of two policymakers to dissent from the Fed's decision to leave rates steady. (Michael Nagle/Bloomberg/Getty Images)</p>
<div class="lb-trans"><p>美聯儲理事斯蒂芬·米蘭是兩位對美聯儲決定維持利率不變表示異議的政策制定者之一。(Michael Nagle/Bloomberg/Getty Images)</p>
</div><p>The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) index, was elevated well above the central bank's 2% long-run inflation target at the end of last year.</p>
<div class="lb-trans"><p>美聯儲首選的通脹指標——個人消費支出（PCE）指數在去年年底時遠高於中央銀行 2% 的長期通脹目標。</p>
</div><p>PCE inflation was at its lowest year-over-year level in 2025 when it declined to 2.2% in April, which was the lowest reading since September 2024. Core PCE, which excludes volatile food and energy prices, was 2.6% in April 2025, the lowest level since June 2024.</p>
<div class="lb-trans"><p>2025 年 4 月，PCE 通脹年同比降至 2.2%，為 2025 年最低水平，也是自 2024 年 9 月以來的最低讀數。核心 PCE（不包括波動較大的食品和能源價格）在 2025 年 4 月為 2.6%，為自 2024 年 6 月以來的最低水平。</p>
</div><p><strong>FED'S MIRAN MAINTAINS CALL FOR AGGRESSIVE INTEREST RATE CUTS THIS YEAR</strong></p>
<div class="lb-trans"><p><strong>美聯儲的米蘭堅持呼籲今年大幅降息</strong></p>
</div><p>The Trump administration's tariff announcements on &#34;Liberation Day&#34; in early April and the implementation of those import taxes contributed to a rise in inflation last year, which drove PCE higher.</p>
<div class="lb-trans"><p>特朗普政府在 4 月初的 “解放日” 宣佈的關税以及這些進口税的實施導致去年通脹上升，推動 PCE 上升。</p>
</div><p>The most recent PCE inflation reading was for the month of November, when it reached 2.8%, equaling its September reading, which was the highest level since October 2023. Core PCE was also 2.8% in November.</p>
<div class="lb-trans"><p>最新的 PCE 通脹讀數為 11 月份，達到了 2.8%，與 9 月份的讀數相同，成為自 2023 年 10 月以來的最高水平。核心 PCE 在 11 月份也為 2.8%。</p>
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</div><p>Fed Chair Jerome Powell said at his January press conference following the FOMC decision that core PCE inflation would be running &#34;just a bit above 2%&#34; if not for the effects of tariffs on goods prices.</p>
<div class="lb-trans"><p>美聯儲主席傑羅姆·鮑威爾在 FOMC 決定後的 1 月新聞發佈會上表示，如果不是關税對商品價格的影響，核心 PCE 通脹將&#34;略高於 2%&#34;。</p>
</div>

隨着通脹持續頑固，美聯儲內部的異議正在增加，一些官員正在考慮重新加息