美联储理事放话:12 月降息底线是 25 个基点,但 50 个基点才最“恰当”

深潮Publicado em 2025-11-10Última atualização em 2025-11-11

这位持续持异议的官员警告:若仅依据当前数据制定政策将陷入“目光短浅”的困境。

作者:金十数据

美联储理事斯蒂芬·米兰(Stephen Miran)周一主张应进一步降息,以防范未来可能出现的经济放缓。

这位央行官员在接受CNBC采访时坚持认为,美联储应当以比传统25个基点更快的节奏推进降息。如同此前两次联邦公开市场委员会(FOMC)会议上的立场,他再次倡导降息50个基点,不过他表示至少也应实施25个基点的宽松政策。

“没有什么是确定的。我们可能会获得新的数据,促使我在当前至议息会议期间改变看法,”米兰表示,“但若未有新信息促使我修正预测,从时效性考量,我认为50个基点是恰当的——正如我一贯主张,但最低限度也应是25个基点。”

尽管米兰持续呼吁加大行动力度,FOMC在9月和10月均选择了25个基点的降息幅度。米兰对这两次决策均投下反对票,但未获得其他委员附议。堪萨斯城联储主席杰弗里·施密德(Jeffrey Schmid)在10月会议上投出反对票,但其理由是他希望维持利率不变。

尽管10月降息决议仅遭遇两票反对,但多位官员的公开声明显示政策制定者之间存在显著意见分歧。

美联储主席鲍威尔在最近一次新闻发布会上提及这些分歧,并暗示12月再次降息并非既定事实。部分政策制定者基于通胀率仍远高于美联储2%目标的数据表现对降息持犹豫态度,而支持降息的官员则担忧劳动力市场可能进一步恶化。

米兰指出,若持续停止宽松政策将显得目光短浅。“如果你仅根据当前数据制定政策,那就是在向后看——因为政策影响需要12至18个月才能传导至经济层面。因此必须根据对未来一年至一年半的经济预测来制定当前政策。”

在政府停摆期间,政策制定者因缺乏官方经济数据而陷入决策困境。米兰表示,现有数据显示通胀与劳动力市场均已出现疲软,这本身应促使美联储较其9月预测(当时预示今年共降息三次)至少释放更温和的政策倾向。

根据CME集团FedWatch工具监测,市场目前定价显示12月实施第三次降息的概率约为63%,该概率自10月美联储会议以来已逐步下降。

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