Official definition · 官方定义
“The Federal Reserve, more commonly referred to as “The Fed,” is the central bank of the United States of America.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
The Federal Reserve is the central bank of the United States. It sets the federal funds rate, supervises banks, and acts as lender of last resort. Its mandate is maximum employment and stable prices.
美联储是美国的中央银行。它设定联邦基金利率、监管银行，并在危机中充当最后贷款人。它的法定使命是充分就业与物价稳定。
The Fed is the single largest price-setter in global finance. Its rate decides the dollar, which decides emerging-market borrowing costs, which decides commodity demand. Its dual mandate also creates tension: when inflation and unemployment both rise, the committee has to choose which problem to attack first, and that choice is political even when it is technical.
美联储是全球金融里最大的定价者。它的利率决定美元，美元决定新兴市场融资成本，融资成本决定大宗商品需求。
双重使命也制造张力：当通胀和失业同时上升，委员会必须选择先打哪一个。这个选择即便技术性，也是政治性的。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | US consumer sentiment sinks to its second-lowest level on record 美联储 · 第 8 张术语卡 | It raised rates in September and meets again next week. 美联储有「双重使命」：物价稳定与充分就业。这两件事经常打架——压通胀要加息，保就业要降息，所以它的每次会议都被市场逐字解读。 |
| — | Wall Street slumps as hot inflation revives the Fed’s rate-hike fears 美联储 · 第 2 张术语卡 | ‘The Fed will raise the federal funds rate’ is the single sentence that moved every market this week. 美联储由 7 名理事加 12 家地区联储组成，议息会议每年 8 次。它有两个目标——充分就业与 2% 通胀，二者冲突时常陷入两难。 |
The Fed controls the stock market
It controls one rate and influences risk appetite indirectly.
The Fed prints money directly
It creates reserves; broad money depends on bank lending.
The Fed is apolitical
It is independent, not apolitical. Its mandate is set by Congress.
· the FOMC
· the federal funds rate
· dual mandate
· quantitative tightening
· dot plot
the FOMC 联邦公开市场委员会；the federal funds rate 联邦基金利率；dual mandate 双重使命；quantitative tightening 量化紧缩；dot plot 点阵图。
· Fed vs Treasury (monetary vs fiscal)
· Fed funds vs discount rate
Fed 管货币，Treasury 管财政；fed funds 是银行间隔夜利率，discount rate 是贴现窗口利率。
The Fed held rates at X% and signalled two cuts before the end of the year.
决议句：美联储将利率维持在 X%，并暗示年底前降息两次——signalled 表示没有承诺。
“It raised rates in September and meets again next week.”
“‘The Fed will raise the federal funds rate’ is the single sentence that moved every market this week.”