查詢最新匯率，請致電 626-279-3235 聯繫外匯部。
December 10, 2025
Federal Reserve officials delivered a third consecutive interest-rate reduction and maintained their outlook for just one cut in 2026. The Federal Open Market Committee (FOMC) voted 9-3 on Wednesday to lower the benchmark federal funds rate to a range of 3.5%-3.75%. It also subtly altered the wording of its statement, suggesting greater uncertainty about when it might cut rates again. The dissents and the rate projections highlight divisions among policymakers that have emerged over whether weakness in the labor market or stubborn inflation represents the larger danger to the U.S. economy.
In their October statement, the FOMC described what it would take into account “in considering additional adjustments” to their benchmark. In Wednesday’s statement, the committee reverted to language used last December - just before a pause in rate cuts - to say “in considering the extent and timing of additional adjustments.” The result marked the first time since 2019 that three officials voted against a policy decision, with dissents on both ends of the policy spectrum.
Two regional Fed presidents - Austan Goolsbee from Chicago and Jeff Schmid from Kansas City - voted against the decision, preferring to keep rates unchanged. Governor Stephen Miran, whom Trump appointed to the central bank in September, dissented again in favor of a larger, half-point reduction.
Fed officials also authorized fresh purchases of short-term Treasury securities to maintain an “ample” supply of bank reserves. Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. in Washington.
The decision to lower rates comes after divisions on the committee spilled into public view in recent weeks. Following the last rate cut in October, several officials warned of
persistent inflation, indicating their hesitancy to support another reduction. Others remained focused on a weakening labor market, calling for at least one more cut.
Conflicting data helps explain why there hasn’t been a unanimous vote on the FOMC since June. The unemployment rate rose to 4.4% in September, up from 4.1% in June. But prices - as measured by the Fed’s preferred gauge of inflation - rose 2.8% in the year through September, still meaningfully higher than the central bank’s 2% target. The government shutdown further complicated the policy outlook by delaying the release of key data.
Despite the divisions on the committee and economic uncertainty, investors expected a cut on Wednesday after New York Federal Reserve President John Williams, who is viewed as close to Powell, signaled his support for a December reduction in a November 21 speech. 2025/12/10 19:00:01 GMT (Bloomberg)
The Federal Reserve said it will begin buying $40 billion of Treasury bills per month starting December 12 as it’s looking to rebuild reserves in the financial system, which dwindled while it was tightening its balance sheet.
The central bank said in a statement that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis. The Fed halted its holdings earlier this month, a process known as quantitative tightening, amid signs that reserves in the banking system were no longer abundant.
The New York Fed’s open markets desk anticipates that the pace of reserve management purchases will remain elevated for a few months to offset expected large increases in non-reserve liabilities in April. After that, the pace of total purchases will likely be significantly reduced.
The purchases are intended for reserve management purposes rather than signaling a resumption of quantitative easing — the crisis-era stimulus programs that the central bank used to lower long-term borrowing costs and boost the economy. 2025/12/10 19:09:33 GMT (Bloomberg)
Euro traded at 1.1645 against USD at 9:00 AM PST
Italy's industrial output declined more in October. Industrial production decreased 1.0% month-on-month in October, reversing September's 2.7% increase. Production of durable consumer goods and intermediate goods rose 0.1% each. Capital goods output remained flat, while non-durable consumer goods output edged down 0.1% and energy production declined 0.7%. Calendar-adjusted production dropped 0.3% from a year ago. This followed a 1.4% rise in September. On an unadjusted basis, industrial production slid 0.3% after rising 4.5% a month ago. 12/10/2025 - 06:32:00 (RTTNews)
Following two consecutive interest rate cuts, the Bank of Canada (BoC) on Wednesday announced its widely expected decision to leave rates unchanged. The Bank of Canada said it decided to hold its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
The decision to leave rates unchanged came as the BoC's Governing Council believes the current policy rate is at about the right level to keep inflation close to 2% while helping the economy through a period of structural adjustment. The BoC noted that "uncertainty remains elevated" and stressed that it is prepared to respond if the economic outlook changes.
"The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval," the BoC said. The BoC's statement noted that the Canadian economy grew by a "surprisingly strong" 2.6% in the third quarter, with the jump in GDP largely reflecting volatility in trade. The Canadian central bank said it expects final domestic demand to grow in the fourth quarter, but predicted GDP will be weak due to an anticipated decline in net exports.
"Growth is forecast to pick up in 2026, although uncertainty remains high and large swings in trade may continue to cause quarterly volatility," the BoC said. The Bank of Canada's next scheduled date for announcing the overnight rate target is January 28, 2026. 12/10/2025 - 10:04:00 (RTTNews)
China's CPI accelerated in November, while factory gate deflation deepened. The consumer price index rose 0.7% yearly in November, following the 0.2% increase seen in October. Monthly, the CPI was down 0.1%.
Core inflation, which excludes volatile food and energy prices, held unchanged at 1.2% in November. Producer prices declined 2.2% from a year ago in November, after a 2.1% drop in the previous month. Producer price inflation remained negative for 38 consecutive months. 12/10/2025 - 04:55:00 (RTTNews)
國泰銀行準備的此市場最新訊息僅供參考，不構成任何形式的法律、稅務或投資建議，也不應被視為對未來匯率變動或趨勢的保證或擔保。提供此信息時沒有考慮任何接收者的特定目標、財務狀況或需求。國泰銀行對本市場最新訊息的準確性、完整性或充分性不做任何表述或保證。
