原文來自美聯儲官網
譯者注：一般而言，美聯儲都是在每半個月一次的議息會議上決定是否降息，但在突發狀態下，美聯儲也可能在議息會議期間宣佈降息，本次就屬於這種情形。據BBG統計，1998年以來，類似情形共有8次，分別如下：
BBG: History of Fed inter-meeting rate cuts as per:
Oct. 1998 (25bp)
Jan. 2001 (50bp)
Apr. 2001 (50bp)
Sep. 2001 (50bp)
Aug. 2007 (50bp discount rate cut)
Jan. 2008 (75bp)
Oct. 2008 (50bp coordinated cut)
Mar. 2020 (50bp)
分別對應1998年亞洲金融危機；2001年互聯網泡沫；2007-2008年金融危機；以及2020年新冠肺炎疫情的衝擊。降息是否有助於防止美國崩盤？從以上有限的經驗來看，主要看是外生衝擊還是內生衝擊：1998年是外生衝擊，美股小幅調整之後又繼續上行，但是，這是否應該歸功於美聯儲加息？2001年互聯網泡沫和2008金融危機，降息並沒有能夠阻止股市的調整；本次降息，也是外生衝擊，這次會不一樣嗎？至少可以說明：美聯儲已經進入到防禦狀態。
The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.
美國經濟的基本面依然強勁。然而，新型冠狀病毒對經濟活動構成了的風險在不斷演變。鑑於這些風險，併為實現最大就業和價格穩定目標，聯邦公開市場委員會今天決定將聯邦基金利率的目標區間下調0.5個百分點，聯邦基金目標利率區間降至1%-1.25%。委員會正在密切監測事態發展及其對經濟前景的影響，並將使用貨幣偵測工具，採取適當行動來支持經濟。
Implementation執行層面：
The Board of Governors of the Federal Reserve System voted unanimously to set the interest rate paid on required and excess reserve balances at 1.10 percent, effective March 4, 2020.
美國聯邦儲備委員會投票一致同意，從2020年3月4日起，將法定和超額存款準備金利率調整為1.10%。
As part of its policy decision, the Federal Open Market Committee voted to authorize and direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:
作為其政策決定的一部分，FOMC投票批准並指導紐約聯邦儲備銀行的公開市場櫃檯，除非另有指示，否則將按照以下政策指示在系統公開市場帳戶中執行如下交易:
Effective March 4, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 1 to 1-1/4percent. In light of recent and expected increases in the Federal Reserve's non-reserve liabilities, the Committee directs the Desk to continue purchasing Treasury bills at least into the second quarter of 2020 to maintain over time ample reserve balances at or above the level that prevailed in early September 2019. 自2020年3月4日起，FOMC指示交易櫃檯進行必要的公開市場操作，以將聯邦基金利率維持在1%至1.25%的目標區間。鑑於美聯儲的非儲備性負債近期和預期會增加，FOMC指示櫃檯至少在2020年第二季度繼續
購買美國國庫券，以在一段時間內將儲備餘額維持在或高於2019年9月初的水平。The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations at least through April 2020 to ensure that the supply of reserves remains ample evenduring periods of sharp increases in non-reserve liabilities, and to mitigate the risk of money market pressures that could adversely affect policy implementation.
FOMC還將指示櫃檯繼續進行定期和隔夜回購協議操作，持續到2020年4月底，以確保——即使在美聯儲快速增加非儲備負債的時期——金融市場上的儲備供應仍然充足，並減輕可能對政策執行產生不利影響的貨幣市場壓力的風險。
In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 1.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.
此外,FOMC還指示交易櫃檯以1%利率的報價進行隔夜逆回購操作(以及期限超過一天的逆回購操作，以適應週末、假日或類似的交易慣例)，在數量，以系統公開市場賬戶（SOMA）中直接持有的美國國債的價值為限，且每個交易對手每天不得超過300億美元。
The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to continue reinvesting all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month. Principal payments from agency debt and agency mortgage-backed securities up to $20billion per monthwill continue to be reinvested inTreasury securitiesto roughly match the maturity composition of Treasury securities outstanding;principal payments in excess of $20 billion per month willcontinue to be reinvested in agency mortgage-backed securities. Small deviations from these amounts for operational reasons are acceptable. FOMC還指示櫃檯將到期收回的美國國債的本金繼續滾動購買，並繼續將美聯儲所持有的機構債和機構抵押貸款支持證券（AMBS）在每個日曆月收到的本金進行再投資。每月最高200億美元的機構債務和機構抵押貸款支持證券的本金將繼續再投資於美國國債，以大致匹配已發行的美國國債的期限結構；超過200億美元的本金將繼續投資於機構抵押貸款支持證券。 由於操作方面原因，與這些數額有小的偏差是可以接受的。
The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions.
FOMC還指示櫃檯在必要時進行美元和息票互換交易，以促進美聯儲機構抵押貸款支持證券交易的結算。
一瓣公益
這是一瓣在2018年4月23日“世界讀書日”發起的一個公益活動。每篇文章獲得的讚賞，全部捐獻給“深圳市石門坎教育公益基金會”，為石門坎的孩子建一個“圖書館”。感謝各位讀者的支持，目前已為小朋友們籌集6350元“圖書基金”。
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