Recently, markets widely expect the Federal Reserve to keep interest rates unchanged until the end of Chair Jerome Powell’s current term in May 2026. This outlook is primarily driven by stable U.S. economic data, inflation gradually approaching the Fed’s 2% target, and a desire to avoid overt monetary policy shifts during an election year.Since initiating its rate-hiking cycle in 2023, the Fed has raised the federal funds rate to a range of 5.25%–5.50% to combat high inflation. In 2024, key inflation indicators such as core CPI and PCE have continued to ease, while the labor market remains solid but not overheated. Policymakers now believe the current rate level is sufficient to achieve price stability. Consequently, the Fed has repeatedly emphasized a “patient” stance in official communications, signaling no rush to either cut or hike rates in the near term.Moreover, Powell himself has consistently stated that policy decisions will be data-dependent, not calendar-driven. Given that 2024 is a U.S. presidential election year, the Fed is especially cautious about maintaining policy neutrality to avoid any perception of political interference. Barring a major economic shock, interest rates are therefore likely to remain steady through the remainder of Powell’s term.Overall, the market’s expectation of a “hold” reflects confidence in the effectiveness of current monetary policy and trust in the Fed’s independence and prudence.
近期，市场普遍预期美联储在主席杰罗姆·鲍威尔当前任期结束前（即2026年5月之前）将维持利率不变。这一判断主要基于当前美国经济数据的稳定表现、通胀逐步趋近2%目标，以及避免在大选年过度干预货币政策的政治考量。自2023年加息周期启动以来，美联储已将联邦基金利率提升至5.25%-5.50%区间，以抑制高企的通胀。进入2024年后，随着核心CPI和PCE等关键通胀指标持续回落，劳动力市场也保持稳健但不过热，决策层认为当前利率水平已足以实现物价稳定目标。因此，美联储多次在公开声明中强调“耐心观察”的立场，暗示短期内不会急于降息或进一步加息。此外，鲍威尔本人也多次表示，政策制定将完全基于数据而非日程表。考虑到2024年为美国总统大选年，美联储更倾向于保持政策中立，避免被外界解读为政治干预。因此，在其任期结束前，除非出现重大经济冲击，否则利率大概率将维持现状。总体而言，市场对“利率不变”的预期反映了对当前货币政策效果的认可，也体现了对美联储独立性和审慎态度的信任。
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