美联储四季度扭亏为盈 资产负债结构改善是关键

投资观察
Mar 26

美联储最新数据显示,在连续三年亏损后,其于2025年第四季度成功实现约20亿美元盈利。这一转折主要得益于其资产组合利息收入与银行准备金付息支出之间关系的改善。随着利率水平下降——这意味着银行存款利息支出减少——美联储的运营成果有望获得进一步提振。

需要明确的是,盈利并非美联储的核心政策目标。常规情况下,美联储会将利润上缴财政部。但在经历近年亏损后,美联储将优先弥补累计赤字,待缺口完全填补后,才会恢复向财政部上缴利润的常规操作。

(2026年3月26日 10:23 ET / 14:23 GMT)

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