## 1. 原文连结 https://www.cnbc.com/2026/10/28/fed-interest-rate-decision-october-2026.html ## 2. 原文内容（英文全文） **Fed holds rates steady despite concerns over inflation** Published Wed, Oct 28 2026 2:00 PM EDT Jeff Cox / CNBC The Federal Reserve voted Wednesday to keep benchmark interest rates on hold, op ting to take a patient approach in its fight against inflation despite mounting evidence that price pressures are proving more nettlesome than policymakers had hoped. In a widely expected decision, the Federal Open Market Committee kept the overni ght funds rate in a range between 3.75%-4%, where it has been since the central bank approved a quarter percentage-point increase in September. “Inflation remains elevated,” the post-meeting statement said. “The accumulat ion of more information will help the Committee determine the policy stance appr opriate to ensure a timely return of inflation to the Committee’s 2 percent goa l. The Committee will deliver price stability.” Two of the 12 FOMC voters dissented from the decision – Governor Lisa Cook and Cleveland Fed President Beth Hammack, both of whom wanted the committee to raise rates by a quarter percentage point. Cook has been at the center of a continuing controversy in which President Donal d Trump has tried to remove her from office over allegations concerning informat ion she provided on home loan applications. While the Supreme Court stopped the president’s attempts, the administration has restarted the move, with a hearing scheduled in early November. This was Cook’s first dissent since joining the Fed in 2022 as a Joe Biden appo intee. Dallas President Lorie Logan and Minneapolis President Neel Kashkari both joined Hammack in voting no the last time the committee held, in July, and both have e xpressed the need for higher rates. However, they fell in with the majority Wedn esday. The midterm elections have lingered over the decision. Pivotal votes take place nationwide on Nov. 3, with control of Congress at stake. Fed officials consider political independence to be a cornerstone of the central bank, but some observe rs have speculated that officials won’t want to raise rates this close to an el ection. Trump, who nominated Warsh to the position, has been at odds with the Fed for ye ars. Trump has charged that the funds rate should be much lower. The dissents reflected underlying conflict on the committee over how aggressivel y it needs to raise rates to combat rising prices. Inflation has been above the Fed’s 2% target for more than five years, and the pace of price increases has o nly picked up since the September meeting. Statements over the past several weeks, though, have reflected a desire to wait for additional data to come in before tightening policy further. Fed Vice Chair Philip Jefferson and New York Fed President John Williams both said current econ omic conditions allow policymakers time to evaluate their next move. The statement characterized economic activity as “expanding at a strong pace,” a seeming upgrade from “solid” in September. There were no other substantial changes to the statement other than the removal of a sentence that explained the September increase. The decision came as little surprise as markets had been pricing in a less than 10% chance of a hike. However, it raises fresh questions about how long policymakers are willing to wa it before tightening again. Futures market pricing indicates a strong possibilit y of another hike at the next FOMC meeting in December, and perhaps another hike or two in 2027. Markets will be waiting to hear from Fed Chairman Kevin Warsh at his 2:30 p.m. E T news conference for further hints about what comes next. The policy questions come against a complicated economic and political picture. Inflation as measured by the Fed’s preferred gauge is expected to be above 3% f or September, even when excluding volatile food and energy prices. Economists ar e concerned that inflation has broadened beyond the energy sector and the impact from the Iran war. At the same time, the unemployment rate has remained low and economic growth has been strong. The Atlanta Fed’s GDPNow tracker is pointing to 3.4% annualized g rowth in the third quarter, which would be the strongest in a year. Consumer spe nding also has been solid, and investment tied to the artificial intelligence bo om has helped keep the U.S. economic engine running. The combination, though, has added to debate about how much restriction the Fed ’s current interest rate is actually exerting on the economy, and whether polic ymakers will need to move more aggressively if the price data doesn’t improve. While markets expect additional hikes, Warsh has avoided providing so-called for ward guidance about the FOMC’s intentions. In June, his fellow committee member s, through the “dot plot” grid, indicated the likelihood of another increase t his year. --- ## 3. 中文翻译（完整繁体中文版） **联准会维持利率不变，尽管通膨问题仍令人担忧** 发布时间：2026年10月28日，美东时间下午2时 记者：Jeff Cox／CNBC 美国联准会（Fed）周三投票决定维持基准利率不变。尽管越来越多证据显示，物价压力比 决策官员原先预期的更加棘手，联准会仍选择采取耐心观望的方式来对抗通膨。 这项决定符合市场普遍预期。联邦公开市场委员会（FOMC）决议将隔夜联邦基金利率目标区 间维持在3.75%至4%。自联准会9月批准升息1码（0.25个百分点）以来，利率一直维持在这 个水准。 会後声明指出： 「通膨仍然处於偏高水准。随着更多资讯的累积，将有助於委员会判断适当的政策立场，以 确保通膨能及时回到委员会设定的2%目标。委员会将实现物价稳定。」 在12名拥有投票权的FOMC官员中，有2人反对这项决定，分别是联准会理事丽莎．库克（Lis a Cook）及克里夫兰联准银行总裁贝丝．哈马克（Beth Hammack）。两人均主张委员会应再 升息1码。 库克一直处於一场持续发展的争议中心。美国总统川普（Donald Trump）试图以她在房屋贷 款申请文件中所提供的资讯涉及不当行为的指控为由，将她免职。 虽然美国最高法院阻止了川普先前的免职行动，但川普政府已重新启动相关程序，并预定於 11月初举行听证会。 这是库克自2022年由前总统拜登（Joe Biden）任命加入联准会以来，首次在利率决策中投 下反对票。 达拉斯联准银行总裁洛根（Lorie Logan）与明尼亚波利斯联准银行总裁卡什卡里（Neel Ka shkari），在7月联准会上一次决定维持利率不变时，都曾与哈马克一同投下反对票。两人 也都曾表达需要更高利率的立场。 然而，在周三的会议中，两人最终都支持多数派的决定。 即将到来的美国期中选举，也为此次利率决策增添了政治因素。 美国将於11月3日在全国各地举行关键投票，国会控制权将成为选举焦点。 联准会官员一向认为，政治独立性是中央银行的基石。不过，部分观察人士推测，官员可能 不愿意在如此接近选举的时间点升息。 川普当初提名华许（Kevin Warsh）担任联准会主席，但川普多年来一直与联准会存在政策 分歧。 川普认为，联邦基金利率应该远低於目前的水准。 此次出现的反对票，反映出委员会内部对於应采取多积极的升息措施来抑制物价上涨，仍存 在根本性的分歧。 美国通膨率已连续超过5年高於联准会设定的2%目标，而且自9月会议以来，物价上涨的速度 甚至进一步加快。 不过，过去几周联准会官员的公开谈话，普遍反映出他们希望在进一步紧缩货币政策之前， 先等待更多经济数据出炉。 联准会副主席杰佛森（Philip Jefferson）与纽约联准银行总裁威廉斯（John Williams） 均曾表示，目前的经济情势允许决策官员有时间评估下一步行动。 此次政策声明将经济活动描述为「以强劲的速度扩张」（expanding at a strong pace）。 相较於9月声明使用的「稳健」（solid）一词，这似乎代表联准会上调了对经济成长的评估 。 除此之外，声明内容并没有其他重大变动，仅删除了先前用来说明9月升息决策的一段文字 。 这次利率决议并未让市场感到意外，因为在会议之前，市场反映出的升息机率就已低於10% 。 然而，这项决定也再次引发市场疑问：决策官员究竟愿意等待多久，才会再次收紧货币政策 ？ 期货市场的定价显示，联准会在12月下一次FOMC会议上再次升息的可能性相当高，而且2027 年可能还会再升息1至2次。 市场接下来将关注联准会主席华许（Kevin Warsh）於美东时间下午2时30分举行的记者会， 希望从中获得更多有关未来政策方向的线索。 目前联准会面临的货币政策问题，正处於复杂的经济与政治环境之中。 根据联准会最偏好的通膨衡量指标，市场预估9月通膨率将高於3%。即使排除价格波动较大 的食品及能源项目，通膨率仍预计高於3%。 经济学家担心，通膨压力已不再局限於能源部门，也不只是伊朗战争造成的影响，而是已经 扩散到更广泛的经济领域。 与此同时，美国失业率仍维持在低档，经济成长也相当强劲。 亚特兰大联准银行的GDPNow即时经济成长预测模型显示，美国第三季国内生产毛额（GDP） 折合年率成长率可能达到3.4%。 如果最终数据符合预测，将创下一年以来最强劲的经济成长表现。 消费者支出同样保持稳健，而与人工智慧（AI）热潮相关的投资，也持续支撑美国经济成长 动能。 然而，这些因素的结合，也加深了市场对一项问题的讨论： 联准会目前的利率水准，究竟对经济产生了多大程度的紧缩效果？ 如果未来通膨数据没有改善，决策官员是否需要采取更加积极的升息措施？ 尽管市场预期未来还会继续升息，但华许一直避免针对FOMC未来的政策意图提供所谓的「前 瞻指引」（Forward Guidance）。 在今年6月，其他FOMC委员曾透过利率预测「点阵图」（Dot Plot）表示，今年仍有可能再 升息一次。 --- ## 4. 心得／评论 速速请GPT翻译 现在要走A路线还是V路线不知道 大家加油，小心风险 12月感觉加息加定了？ --

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