比推消息，中信证券研报称，2025 年 5 月美联储议息会议维持政策利率不变，会议声明强调“不确定性进一步加剧”。鲍威尔发言全程围绕“不确定”和“边走边看”两个词，看似几乎没有增量信息。不过，基于我们“transitory inflation+ weaker growth+ high uncertainty”的分析框架，当前美国经济数据和通胀预期对应降息预期有所削减。
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