美國聯準會宣布降息1碼，連續2次會議降息

美國聯準會11月7日決策會議決議降息1碼(0.25%)，調降後指標聯邦基金利率區間降到4.5%~4.75%，連續2次會議降息。上回宣布降息是在9月19日，調降幅度為2碼，至今合計降息3碼(0.75%)。

聯準會主席鮑威爾受訪表示，致力於維持經濟強勁，聯準會官員有信心透過適當調校政策立場，在保持經濟穩健同時繼續降低通膨。

聯準會在聲明中表示，最近的經濟指標顯示經濟活動持續穩定擴張，自今年稍早以來勞動市場狀況總體有所緩解，失業率有上升的情況，但仍處於較低水準，通貨膨脹率已朝委員會2%的目標上取得進展，但仍處於較高水準。

委員會力求在長期內達到最大就業與2%的通貨膨脹率，會判斷實現就業與通膨目標的風險大致平衡。經濟前景不確定，委員會將關注雙重使命與雙方面面臨的風險。為支持這項目標，決定將聯邦基金利率區間調降0.25%，到4.5%~4.75%，後續考慮進一步調整時，將仔細評估經濟數據，與持續變化的經濟前景及風險平衡。委員會將會繼續減少持有的國債、機構債務與抵押貸款證券(MBS)。

關於縮減資產負債表(QT)的行動，對於先前購入的美國公債每月到期不續購(回收)上限維持250億美元(6月之前的上限為600億美元)，機構債務與抵押貸款證券(MBS)每月到期不續購(回收)上限維持350億美元，超過上限的部分再投資到美國公債，合計上限為600億美元。

Federal Reserve issues FOMC statement (November 07, 2024)

Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 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 will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller.

Implementation Note issued November 7, 2024 (November 07, 2024)

Decisions Regarding Monetary Policy Implementation

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 November 7, 2024:

• The Board of Governors of the Federal Reserve System voted unanimously to lower the interest rate paid on reserve balances to 4.65 percent, effective November 8, 2024.
• 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 November 8, 2024, 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 4-1/2 to 4‑3/4 percent.
• Conduct standing overnight repurchase agreement operations with a minimum bid rate of 4.75 percent and with an aggregate operation limit of $500 billion.
• Conduct standing overnight reverse repurchase agreement operations at an offering rate of 4.55 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 each calendar month that exceeds a cap of $25 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.
• Reinvest the amount of principal payments from the Federal Reserve's holdings of agency debt and agency mortgage‑backed securities (MBS) received in each calendar month that exceeds a cap of $35 billion per month into Treasury securities to roughly match the maturity composition of Treasury securities outstanding.
• Allow modest deviations from stated amounts for reinvestments, if needed for operational reasons.
• Engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency MBS transactions."

• 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 4.75 percent, effective November 8, 2024. 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, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, 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.