The Fed ignored Trump's calls for rate cuts and raised rates for the first time in three years.
C2🇹🇼 中文 → 🇺🇸 English
September 17th, 2026
The Fed ignored Trump's calls for rate cuts and raised rates for the first time in three years.
C2
Please note: This article has been simplified for language learning purposes. Some context and nuance from the original text may have been modified or removed.
🇺🇸 English
On Wednesday, the Federal Reserve raised its benchmark interest rate—its first such move since 2023—aiming to curb stubbornly persistent inflation, and hinted that it may raise rates again later this year.
聯準會於週三調升基準利率，此乃2023年以降之首度舉措，旨在遏制盤桓不下的通膨，並暗示今年稍晚或將再度升息。
This quarter-point rate hike lifts the Fed's key rate to approximately 3.9%; over time, it is likely to drive up borrowing costs for mortgages, auto loans, and credit cards.
此次升息一碼，將聯準會之關鍵利率推升至約3.9%；假以時日，恐致房貸、車貸及信用卡之借貸成本攀升。
In a series of quarterly projections, the Fed also signaled that its rate-setting committee may raise rates further, to 4.1%.
於一系列季度預測中，聯準會亦暗示其利率決策委員會或將利率進一步上調至4.1%。
This move comes at a time when Americans are already weary of grappling with the exorbitant costs of groceries, gasoline, and housing.
此舉恰逢美國民眾業已疲於應付食品雜貨、汽油與住房之高昂成本。
With only seven weeks remaining until the midterm elections, affordability has already surged to become a central campaign issue.
距中期選舉僅餘七週，負擔能力已然躍居選戰主要議題。
This undoubtedly introduces an additional potential and thorny economic variable for Republicans and President Donald Trump.
這無疑為共和黨人與總統唐納·川普平添了一項潛在且棘手的經濟變數。
On Wednesday, Trump excoriated this decision, accusing the Federal Reserve's top policymaker of seeking to inflict political damage upon him.
川普於週三嚴詞抨擊此一決定，指控聯準會最高決策者意圖在政治上對其加以戕害。
Kevin Warsh, the chairman nominated by Trump, emphasised after the announcement that signs of acceleration in the economy had emerged since the central bank's decision in late July to hold interest rates steady.
由川普提名的主席凱文·沃許於宣布後強調，自央行7月底決議維持利率不變以來，經濟已浮現加速的跡象。
Inflation likewise remained stubbornly entrenched above the Federal Reserve's 2% target, and he noted that there was scarcely any indication that inflation was gradually cooling.
通膨亦仍頑固地盤踞於聯準會2%目標之上，他並指出，幾乎未有跡象顯示通膨正逐步降溫。
"The plain fact is that inflation has been too high for too long," Warsh said.
「顯而易見的事實是，通膨居高不下，且歷時過久，」沃許說道。
"We must be confident that underlying inflation is moving unmistakably toward our goal at an adequate pace.
「我們務須確信，潛在通膨正明確無疑地、以充分的速度朝我們的目標遞進。
As of today, the Federal Open Market Committee has determined that this standard has not yet been met," he added, referring to the Federal Reserve's policy-making body, the Federal Open Market Committee.
時至今日，聯邦公開市場委員會業已認定此一標準尚未獲得滿足，」他補充道，所指者即聯準會之政策制定機構——聯邦公開市場委員會。
"Warsh's hawkish remarks on inflation at the post-meeting press conference suggest that he may push hard for higher interest rates at future meetings," said Preston Caldwell, chief U.S. economist at Morningstar.
「沃許於會後記者會上針對通膨所發表之強硬言論，揭示其或將於日後會議中力促更高利率，」晨星公司首席美國經濟學家普雷斯頓·考德威爾如是表示。
Warsh also noted that the renewed hostilities between the United States and Iran had driven gasoline prices higher, which in turn persuaded Federal Reserve officials to endorse an interest rate hike.
沃許亦指出，美國與伊朗之間戰火重燃，致使汽油價格攀升，進而說服聯準會官員支持升息。
"Across the globe, no hot spot can escape detection," he declared.
「寰宇之內，熱點無所遁形，」他如是說道。
Speaking to reporters on the eve of a midterm election campaign rally in North Carolina, Trump made no mention of his own policies that had shaped the decision; instead, he portrayed the Federal Reserve — an institution that has historically exercised its authority independently — as yet another political player in Washington.
川普於北卡羅來納州一場中期選舉競選集會前夕向記者發表談話，其間對左右此一決策的自身政策隻字未提，反倒將歷來獨立行使職權之聯準會，刻畫為華盛頓政壇中又一政治要角。
"This committee is profoundly hostile, steeped in political bias, and everything it does is fundamentally misguided.
「這個委員會極度敵對，政治色彩濃厚，所作所為皆屬謬誤。
They are nothing more than a bunch of politicians," he remarked, adding, "and the sole reason they are raising interest rates is to make Trump's performance look as poor as possible."
他們無非是一群政客，」他表示，並補充道，「他們之所以升息，無非是要讓川普的表現盡可能地糟糕。」
Warsh pointed out that other central banks have likewise raised interest rates in response to global turmoil and rising gasoline prices.
沃許指出，其他央行亦因應全球動盪與汽油價格攀升而調升利率。
The European Central Bank raised its key interest rate last week, and the Bank of Japan is expected to follow suit on September 18.
歐洲央行已於上週上調關鍵利率，日本央行則預計於9月18日跟進。
The Federal Reserve is scheduled to convene its next meeting at the end of October, and most economists anticipate that officials will hold their fire and leave interest rates unchanged, given that the midterm elections are merely a week away.
聯準會訂於10月底召開下一次會議，多數經濟學家預期，官員屆時將按兵不動，維持利率不變，蓋因距中期選舉僅餘一週之遙。
Yet judging by futures prices, Wall Street analysts now concur that a December rate hike is all but a foregone conclusion.
然就期貨價格觀之，華爾街分析師如今咸認，12月升息幾已底定。
Likewise, during late trading on Wednesday, the yield on 2-year US Treasuries climbed from 4.67% to 4.74%, yet another indication that investors anticipate the Federal Reserve may tighten monetary policy further.
同樣於週三尾盤時段，2年期美國公債殖利率自4.67%攀升至4.74%，此乃投資者預期聯準會或將進一步緊縮貨幣政策之又一佐證。
However, should inflation data over the coming months indeed show signs of cooling, this state of affairs may well shift.
惟倘若未來數月通膨數據確實顯露降溫端倪，則此一格局或將有所轉變。
Since assuming the helm of the Federal Reserve in May, Warsh has affirmed that the Fed is unswervingly committed to taming inflation, and that policymakers will rely on the data to determine whether inflation is progressing along the correct trajectory.
自5月執掌聯準會以來，沃許即申明聯準會矢志不渝地戮力馴服通膨，而政策制定者將依據數據研判通膨是否正循正確軌跡演進。
This rate hike unquestionably marks an abrupt reversal in Warsh's stance.
此次升息無疑標誌著沃許立場的幡然轉向。
Last year, as Trump weighed whether to nominate him, he repeatedly hinted that the Federal Reserve had room to lower its key interest rate, thereby echoing the president's calls to bring down borrowing costs.
去年，當川普權衡是否提名他之際，他屢屢暗示聯準會具備調降關鍵利率的空間，藉此呼應總統籲求壓低借貸成本的立場。
In April, while Warsh's nomination was still under consideration by the Senate Banking Committee, Trump candidly admitted in a television interview that he would be deeply disappointed if Warsh did not cut interest rates.
4月，當沃許的提名尚在參議院銀行委員會審議之際，川普於一次電視採訪中坦言，倘若沃許不降息，他將深感失望。
However, that same day Warsh made clear to the committee that he had made no commitment to Trump to cut rates, and declared that as Fed chair he would be "an independent actor."
然而，同日沃許向該委員會表明，他並未向川普作出任何降息承諾，並宣稱他將以聯準會主席之姿成為「一個獨立的行動者」。
In North Carolina, Trump claimed that he had spoken with Warsh before the vote and told him, "You might as well vote with the committee; after all, the matter is of no great consequence."
川普於北卡羅來納州聲稱，他在投票前曾與沃許交談，並向他表示：「你不妨與委員會一同投票，畢竟此事無關宏旨。」
The disruptions stemming from the protracted conflict in Iran have driven the average gasoline price up by more than 7% compared with a month ago, and their effects threaten to spill over into the broader economy, keeping headline inflation stubbornly elevated.
伊朗戰事綿延所衍生之紊亂，已將平均汽油價格較一個月前推升逾7%，其效應恐外溢至整體經濟，致使總體通膨居高不下。
An inflation report released last week showed that core prices, which exclude food and energy, accelerated slightly in August.
上週一份通膨報告顯示，剔除食品與能源之核心價格於8月略有加速。
According to the gauge favoured by the Federal Reserve, inflation climbed to 3.7% year on year in July, up from 2.3% in April 2025 — a time that immediately preceded Trump's introduction of sweeping tariffs.
根據聯準會所偏好的指標，7月通膨較去年同期攀升至3.7%，高於2025年4月的2.3%——彼時正值川普推出全面關稅前夕。
And once the more volatile food and energy categories are excluded, core inflation came in at 3.3% in July, the latest available figure, which is not only higher than the 3% recorded before the Iran war but also far in excess of the target set by the Federal Reserve.
而排除波動較劇烈的食品與能源類別後，核心通膨於7月錄得3.3%，此為最新可用數據，不僅高於伊朗戰爭前的3%，更遠超聯準會所設定的目標。
Federal Reserve policymakers unanimously supported this rate hike, in stark contrast to the situation at the end of July, when the central bank held rates steady and three officials dissented in favour of raising them.
聯準會政策制定者一致支持此次升息，迥異於7月底央行維持利率不變、三名官員持異議主張升息之情勢。
Of the 18 Fed policymakers who submitted economic growth and interest rate projections, 16 anticipated at least one further rate hike this year, with four of them even favouring two additional increases.
在提交經濟增長與利率預測的18名聯準會政策制定者中，16人預計今年至少尚會再升息一次，其中4人更支持再升息兩次。
On Wednesday morning, the government disclosed that retail sales rose 1.2% month-on-month in August, a reading that corroborates the notion that, notwithstanding sentiment surveys revealing that the American public remains pessimistic about the economic outlook, consumer spending is nonetheless holding firm.
週三早間，政府披露8月零售銷售環比攀升1.2%，此一數據印證：儘管情緒調查揭示美國民眾對經濟前景仍抱持悲觀態度，消費者支出依然維持穩健態勢。
The vigor of consumption momentum suggests that the prevailing level of interest rates may not necessarily constitute a shackle on the economy, nor may it suffice to rein in inflation.
消費動能之強勁，暗示當前利率水準或未必構成經濟之桎梏，亦未必足以抑制通膨。
"Although uncertainty remains elevated owing to various factors such as geopolitical developments, domestic spending has continued to demonstrate resilience," the Federal Reserve stated, a remark that may refer to unabating consumer spending as well as the robust capital that large technology companies have invested in artificial-intelligence data centers.
「儘管緣於地緣政治發展等諸般因素，不確定性依然盤桓於高位，國內支出卻始終展現韌性，」聯準會表示，此語或係指持續不輟的消費者支出，以及大型科技公司對人工智慧資料中心所投注的強勁資本。
The causes of elevated inflation cannot be attributed entirely to gasoline prices.
高通膨之成因，並非盡然歸咎於汽油價格。
Sustained investment in artificial intelligence has driven up the prices of computer chips and other electronic equipment, rendering the overall inflationary situation all the more acute.
對人工智慧之持續投資，推升了電腦晶片及其他電子設備之價格，致使整體通膨情勢益形嚴峻。
Tariffs may still be persistently inflating certain costs, as in the case of household appliances, whose prices climbed sharply last month.
關稅或仍持續墊高若干成本，諸如家電，其價格於上月大幅攀升。
Trump once excoriated Warsh's predecessor, Jerome Powell, for failing to cut interest rates in a timely fashion.
川普曾嚴詞抨擊沃許的前任傑羅姆·鮑爾未能及時降息。
His Justice Department even launched a criminal investigation into the brief testimony Powell had given to Congress the previous year, though that inquiry was ultimately dropped.
其司法部甚至針對鮑爾去年向國會所作的簡短證詞啟動刑事調查，惟該調查終告撤銷。
When asked on Wednesday how the president might respond to the rate hike, Warsh said, "I have nothing to say about discussions with the president."
當週三被詢及總統或將如何回應此次升息時，沃許表示：「關於與總統之討論，我無可奉告。」
On Sunday, Kevin Hassett, Trump's senior economic adviser, was asked during an exclusive interview on Fox News what response Trump might take regarding the rate hike.
值週日之際，川普的高階經濟顧問凱文·哈塞特於接受福斯新聞專訪時，遭詢及川普針對升息一事可能採取何種回應。
"I am convinced that he may not be especially delighted by this, yet he will undoubtedly be the first to step forward in defense of Kevin Warsh's independence," Hassett stated.
「我篤信他未必會為此感到格外欣喜，然他勢必會率先挺身捍衛凱文·沃許的獨立性，」哈塞特表示。
Warsh may, to some extent, have been shielded from the fallout, owing to the fact that his father-in-law, Ronald Lauder, is both a friend of Trump and a billionaire backer of his campaign.
沃許或許在某種程度上得以免受波及，箇中緣由在於其岳父羅納德·勞德既是川普的友人，亦為其競選活動的億萬富翁金主。
Though the President was full of grievances, he nonetheless insisted that he wished for Warsh to "remain independent."
總統雖滿腹牢騷，仍堅稱其冀望沃許「保持獨立」。
When he was explicitly asked whether he still had confidence in Warsh, Trump answered without hesitation: "I do."
及至明確詢及是否對沃許尚存信心，川普應聲答道：「我有。」
This is a special dispatch from Bill Barrow, our staff correspondent stationed in Atlanta.
本報駐亞特蘭大特派記者比爾·巴羅專電。
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