香港万得通讯社报道，北京时间10月30日凌晨，美联储宣布降息25个基点，将联邦基金利率下调至3.75%-4.00%，符合预期。美联储宣布将于12月1日起停止缩表，届时，到期的机构债务将被再投资于国库券。
美联储声明继续沿用此前对劳动力市场的描述，称“就业增长已放缓，失业率有所上升，但截至8月仍处于低位”。声明补充称，“近期指标与上述变化一致”，“就业面临的下行风险在近几个月有所上升”。
美联储表示，现有指标表明经济活动以温和速度扩张，重申通胀自年初以来有所上升，目前仍处在相对高位。
本次美联储利率决议遭遇“鹰鸽双飞”的罕见局面：理事斯蒂芬·米兰连续第二次会议主张更激进的降息幅度，认为应一次性降息50个基点而非实际落地的25个基点；与此同时，堪萨斯城联储主席施密德则站在鹰派立场反对任何降息举措，主张维持利率不变。这种出现双向异议的会议上次出现在2019年9月，反映出美联储内部对经济前景的判断正出现显著分化。
交易员下调对美联储12月降息的押注，目前预计降息概率为71%，低于此前的90%。
联邦公开市场委员会声明全文：
现有指标表明，经济活动正以温和的速度扩张。今年就业增长放缓，失业率略有上升，但截至8月份仍保持在较低水平；近期指标也与这些趋势相符。通胀率自年初以来有所上升，目前仍处于较高水平。
委员会的目标是在长期内实现充分就业和2%的通胀率。经济前景的不确定性依然很高。委员会密切关注其双重使命所面临的风险，并认为近几个月来就业下行风险有所上升。
为支持其目标并鉴于风险平衡的变化，委员会决定将联邦基金利率目标区间下调0.25个百分点至3.75%至4%。在考虑对联邦基金利率目标区间进行进一步调整时，委员会将仔细评估最新数据、不断变化的经济前景以及风险平衡。委员会决定于12月1日结束其证券持仓总量的减持。委员会坚定致力于支持充分就业，并将通胀率恢复至2%的目标水平。
在评估适当的货币政策立场时，委员会将继续监测即将发布的信息对经济前景的影响。如果出现可能阻碍委员会目标实现的风险，委员会将准备酌情调整货币政策立场。委员会的评估将考虑广泛的信息，包括劳动力市场状况、通胀压力和通胀预期，以及金融和国际形势发展。
投票支持货币政策行动的有：主席杰罗姆·H·鲍威尔；副主席约翰·C·威廉姆斯；迈克尔·S·巴尔；米歇尔·W·鲍曼；苏珊·M·柯林斯；丽莎·D·库克；奥斯坦·D·古尔斯比；菲利普·N·杰斐逊；阿尔贝托·G·穆萨莱姆；以及克里斯托弗·J·沃勒。投票反对该行动的有：斯蒂芬·I·米兰，他倾向于在本次会议上将联邦基金利率目标区间下调0.5个百分点；以及杰弗里·R·施密德，他倾向于在本次会议上维持联邦基金利率目标区间不变。
关于货币政策实施的决定
为落实联邦公开市场委员会于2025年10月29日发表的货币政策声明，美联储已做出以下决定：
美国联邦储备系统理事会一致投票决定将准备金余额利率下调至3.90%，自2025年10月30日起生效。
作为其政策决定的一部分，联邦公开市场委员会投票决定指示纽约联邦储备银行公开市场交易台，在另行指示之前，按照以下国内政策指令在系统公开市场账户中执行交易。
自2025年10月30日起，联邦公开市场委员会指示交易台：
必要时进行公开市场操作，以维持联邦基金利率在3.75%至4%的目标范围内。
进行隔夜回购协议操作，最低投标利率为4.0%，总操作限额为5000亿美元。
以3.75%的利率进行隔夜逆回购协议操作，每日单笔交易限额为1600亿美元。
将美联储持有的10月和11月到期的国债本金支付额超过每月50亿美元上限的部分，通过拍卖进行展期。赎回不超过每月上限的国债息票，以及本金支付额低于每月上限的国库券。自12月1日起，将美联储持有的所有国债本金支付额，通过拍卖进行展期。
将美联储10月和11月收到的机构债券和机构抵押贷款支持证券（MBS）本金支付中超过每月350亿美元上限的部分再投资于国债，以大致匹配未偿国债的到期日构成。自12月1日起，将美联储持有的所有机构证券本金支付再投资于国库券。
如因运营需要，允许再投资金额与规定金额略有偏差。
在相关行动中，美联储理事会一致投票通过将基准信贷利率下调0.25个百分点至4.0%，自2025年10月30日起生效。在采取这项行动时，理事会批准了波士顿、纽约、费城、里士满、亚特兰大、芝加哥、达拉斯和旧金山联邦储备银行董事会提交的设定该利率的请求。
Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months.
In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee decided to conclude the reduction of its aggregate securities holdings on December 1. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Alberto G. Musalem; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting.
The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on October 29, 2025:
The Board of Governors of the Federal Reserve System voted unanimously to lower the interest rate paid on reserve balances to 3.90 percent, effective October 30, 2025.
As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:
"Effective October 30, 2025, the Federal Open Market Committee directs the Desk to:
Undertake open market operations as necessary to maintain the federal funds rate in a target range of 3-3/4 to 4 percent.
Conduct standing overnight repurchase agreement operations with a minimum bid rate of 4.0 percent and with an aggregate operation limit of $500 billion.
Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.75 percent and with a per-counterparty limit of $160 billion per day.
Roll over at auction the amount of principal payments from the Federal Reserve's holdings of Treasury securities maturing in October and November that exceeds a cap of $5 billion per month. Redeem Treasury coupon securities up to this monthly cap and Treasury bills to the extent that coupon principal payments are less than the monthly cap. Beginning on December 1, roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities.
Reinvest the amount of principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities (MBS) received in October and November that exceeds a cap of $35 billion per month into Treasury securities to roughly match the maturity composition of Treasury securities outstanding. Beginning on December 1, reinvest all principal payments from the Federal Reserve's holdings of agency securities into Treasury bills.
Allow modest deviations from stated amounts for reinvestments, if needed for operational reasons."
In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve a 1/4 percentage point decrease in the primary credit rate to 4.0 percent, effective October 30, 2025. In taking this action, the Board approved requests to establish that rate submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, Atlanta, Chicago, Dallas, and San Francisco.
This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve's operational tools and approach used to implement monetary policy.
More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website.
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