原文来自美联储官网
译者注：一般而言，美联储都是在每半个月一次的议息会议上决定是否降息，但在突发状态下，美联储也可能在议息会议期间宣布降息，本次就属于这种情形。据BBG统计，1998年以来，类似情形共有8次，分别如下：
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)
分别对应1998年亚洲金融危机；2001年互联网泡沫；2007-2008年金融危机；以及2020年新冠肺炎疫情的冲击。降息是否有助于防止美国崩盘？从以上有限的经验来看，主要看是外生冲击还是内生冲击：1998年是外生冲击，美股小幅调整之后又继续上行，但是，这是否应该归功于美联储加息？2001年互联网泡沫和2008金融危机，降息并没有能够阻止股市的调整；本次降息，也是外生冲击，这次会不一样吗？至少可以说明：美联储已经进入到防御状态。
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.
美国经济的基本面依然强劲。然而，新型冠状病毒对经济活动构成了的风险在不断演变。鉴于这些风险，并为实现最大就业和价格稳定目标，联邦公开市场委员会今天决定将联邦基金利率的目标区间下调0.5个百分点，联邦基金目标利率区间降至1%-1.25%。委员会正在密切监测事态发展及其对经济前景的影响，并将使用货币侦测工具，采取适当行动来支持经济。
Implementation执行层面：
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.
美国联邦储备委员会投票一致同意，从2020年3月4日起，将法定和超额存款准备金利率调整为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:
作为其政策决定的一部分，FOMC投票批准并指导纽约联邦储备银行的公开市场柜台，除非另有指示，否则将按照以下政策指示在系统公开市场帐户中执行如下交易:
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指示交易柜台进行必要的公开市场操作，以将联邦基金利率维持在1%至1.25%的目标区间。鉴于美联储的非储备性负债近期和预期会增加，FOMC指示柜台至少在2020年第二季度继续
购买美国国库券，以在一段时间内将储备余额维持在或高于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还将指示柜台继续进行定期和隔夜回购协议操作，持续到2020年4月底，以确保——即使在美联储快速增加非储备负债的时期——金融市场上的储备供应仍然充足，并减轻可能对政策执行产生不利影响的货币市场压力的风险。
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还指示交易柜台以1%利率的报价进行隔夜逆回购操作(以及期限超过一天的逆回购操作，以适应周末、假日或类似的交易惯例)，在数量，以系统公开市场账户（SOMA）中直接持有的美国国债的价值为限，且每个交易对手每天不得超过300亿美元。
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还指示柜台将到期收回的美国国债的本金继续滚动购买，并继续将美联储所持有的机构债和机构抵押贷款支持证券（AMBS）在每个日历月收到的本金进行再投资。每月最高200亿美元的机构债务和机构抵押贷款支持证券的本金将继续再投资于美国国债，以大致匹配已发行的美国国债的期限结构；超过200亿美元的本金将继续投资于机构抵押贷款支持证券。 由于操作方面原因，与这些数额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还指示柜台在必要时进行美元和息票互换交易，以促进美联储机构抵押贷款支持证券交易的结算。
一瓣公益
这是一瓣在2018年4月23日“世界读书日”发起的一个公益活动。每篇文章获得的赞赏，全部捐献给“深圳市石门坎教育公益基金会”，为石门坎的孩子建一个“图书馆”。感谢各位读者的支持，目前已为小朋友们筹集6350元“图书基金”。
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