#美联储FOMC会议

The Federal Open Market Committee (FOMC) of the United States held its most recent meeting from May 6 to 7, 2025. Despite an unexpected contraction of 0.3% in GDP in the first quarter and inflation concerns raised by President Trump's tariff policies, Federal Reserve officials indicated support for temporarily maintaining the current interest rates. The latest data shows a strong employment report for April, but an increase in unemployment claims presents mixed signals for the economic outlook, prompting the Fed to adopt a cautious stance. Market expectations for a rate cut in June have diminished, shifting towards a potential cut in July. Despite President Trump's public criticism of Fed Chair Powell and calls for an immediate rate cut, the Fed remains focused on balancing inflation and employment risks.

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🇺🇸 Summary of FOMC Meeting Highlights

• Interest Rate Policy: The Fed maintains the federal funds rate target range at 5.25% to 5.5%. Despite disappointing inflation data in the first quarter, some officials express concerns about persistent inflationary pressures, but most officials still expect inflation to gradually ease in the medium term.

• Quantitative Tightening (QT) Plan: Starting in June, the Fed will reduce the monthly limit on Treasury redemptions from $60 billion to $25 billion to slow the pace of balance sheet reduction. However, some officials expressed objections to this plan, arguing that the current redemption limit should be maintained or slightly increased.

• Inflation and Policy Stance: Although some officials were disappointed with the inflation data, the Fed remains confident that inflation will return to the 2% target in the medium term. However, officials also stated that if inflation remains high, further rate hikes may be necessary.

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📊 Market Reactions and Outlook

• Market Expectations: With the labor market still strong, the Fed currently has no urgent reason to cut rates. Market expectations for a rate cut in June have diminished, shifting towards a potential cut in July.

• Political Pressure: President Trump has once again called for a rate cut, but the Fed emphasizes that decisions will be based on economic data rather than political pressure.

• Future Watch Points: The Fed will closely monitor inflation data and changes in the labor market to assess the need for monetary policy adjustments. The next FOMC meeting is scheduled for June 17 to 18, 2025.