## 1. 原文連結 https://www.cnbc.com/2026/10/28/fed-interest-rate-decision-october-2026.html ## 2. 原文內容（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. 中文翻譯（完整繁體中文版） **聯準會維持利率不變，儘管通膨問題仍令人擔憂** 發布時間：2026年10月28日，美東時間下午2時 記者：Jeff Cox／CNBC 美國聯準會（Fed）週三投票決定維持基準利率不變。儘管越來越多證據顯示，物價壓力比 決策官員原先預期的更加棘手，聯準會仍選擇採取耐心觀望的方式來對抗通膨。 這項決定符合市場普遍預期。聯邦公開市場委員會（FOMC）決議將隔夜聯邦基金利率目標區 間維持在3.75%至4%。自聯準會9月批准升息1碼（0.25個百分點）以來，利率一直維持在這 個水準。 會後聲明指出： 「通膨仍然處於偏高水準。隨著更多資訊的累積，將有助於委員會判斷適當的政策立場，以 確保通膨能及時回到委員會設定的2%目標。委員會將實現物價穩定。」 在12名擁有投票權的FOMC官員中，有2人反對這項決定，分別是聯準會理事麗莎．庫克（Lis a Cook）及克里夫蘭聯準銀行總裁貝絲．哈馬克（Beth Hammack）。兩人均主張委員會應再 升息1碼。 庫克一直處於一場持續發展的爭議中心。美國總統川普（Donald Trump）試圖以她在房屋貸 款申請文件中所提供的資訊涉及不當行為的指控為由，將她免職。 雖然美國最高法院阻止了川普先前的免職行動，但川普政府已重新啟動相關程序，並預定於 11月初舉行聽證會。 這是庫克自2022年由前總統拜登（Joe Biden）任命加入聯準會以來，首次在利率決策中投 下反對票。 達拉斯聯準銀行總裁洛根（Lorie Logan）與明尼亞波利斯聯準銀行總裁卡什卡里（Neel Ka shkari），在7月聯準會上一次決定維持利率不變時，都曾與哈馬克一同投下反對票。兩人 也都曾表達需要更高利率的立場。 然而，在週三的會議中，兩人最終都支持多數派的決定。 即將到來的美國期中選舉，也為此次利率決策增添了政治因素。 美國將於11月3日在全國各地舉行關鍵投票，國會控制權將成為選舉焦點。 聯準會官員一向認為，政治獨立性是中央銀行的基石。不過，部分觀察人士推測，官員可能 不願意在如此接近選舉的時間點升息。 川普當初提名華許（Kevin Warsh）擔任聯準會主席，但川普多年來一直與聯準會存在政策 分歧。 川普認為，聯邦基金利率應該遠低於目前的水準。 此次出現的反對票，反映出委員會內部對於應採取多積極的升息措施來抑制物價上漲，仍存 在根本性的分歧。 美國通膨率已連續超過5年高於聯準會設定的2%目標，而且自9月會議以來，物價上漲的速度 甚至進一步加快。 不過，過去幾週聯準會官員的公開談話，普遍反映出他們希望在進一步緊縮貨幣政策之前， 先等待更多經濟數據出爐。 聯準會副主席傑佛森（Philip Jefferson）與紐約聯準銀行總裁威廉斯（John Williams） 均曾表示，目前的經濟情勢允許決策官員有時間評估下一步行動。 此次政策聲明將經濟活動描述為「以強勁的速度擴張」（expanding at a strong pace）。 相較於9月聲明使用的「穩健」（solid）一詞，這似乎代表聯準會上調了對經濟成長的評估 。 除此之外，聲明內容並沒有其他重大變動，僅刪除了先前用來說明9月升息決策的一段文字 。 這次利率決議並未讓市場感到意外，因為在會議之前，市場反映出的升息機率就已低於10% 。 然而，這項決定也再次引發市場疑問：決策官員究竟願意等待多久，才會再次收緊貨幣政策 ？ 期貨市場的定價顯示，聯準會在12月下一次FOMC會議上再次升息的可能性相當高，而且2027 年可能還會再升息1至2次。 市場接下來將關注聯準會主席華許（Kevin Warsh）於美東時間下午2時30分舉行的記者會， 希望從中獲得更多有關未來政策方向的線索。 目前聯準會面臨的貨幣政策問題，正處於複雜的經濟與政治環境之中。 根據聯準會最偏好的通膨衡量指標，市場預估9月通膨率將高於3%。即使排除價格波動較大 的食品及能源項目，通膨率仍預計高於3%。 經濟學家擔心，通膨壓力已不再侷限於能源部門，也不只是伊朗戰爭造成的影響，而是已經 擴散到更廣泛的經濟領域。 與此同時，美國失業率仍維持在低檔，經濟成長也相當強勁。 亞特蘭大聯準銀行的GDPNow即時經濟成長預測模型顯示，美國第三季國內生產毛額（GDP） 折合年率成長率可能達到3.4%。 如果最終數據符合預測，將創下一年以來最強勁的經濟成長表現。 消費者支出同樣保持穩健，而與人工智慧（AI）熱潮相關的投資，也持續支撐美國經濟成長 動能。 然而，這些因素的結合，也加深了市場對一項問題的討論： 聯準會目前的利率水準，究竟對經濟產生了多大程度的緊縮效果？ 如果未來通膨數據沒有改善，決策官員是否需要採取更加積極的升息措施？ 儘管市場預期未來還會繼續升息，但華許一直避免針對FOMC未來的政策意圖提供所謂的「前 瞻指引」（Forward Guidance）。 在今年6月，其他FOMC委員曾透過利率預測「點陣圖」（Dot Plot）表示，今年仍有可能再 升息一次。 --- ## 4. 心得／評論 速速請GPT翻譯 現在要走A路線還是V路線不知道 大家加油，小心風險 12月感覺加息加定了？ -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 36.227.210.43 (臺灣) ※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1793211233.A.C9D.html