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1、REPORT TO CONGRESSMonetary Policy ReportFebruary 2025BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEMFor use at 11:00 a.m.ESTFebruary 7,2025Letter of Transmittalboard of Governors of the Federal Reserve SystemWashington,D.C.,February 7,2025The President of the Senate The Speaker of the House of Repr

2、esentativesThe Board of Governors is pleased to submit its Monetary Policy Report pursuant to section 2B of the Federal Reserve Act.Sincerely,Jerome H.Powell,ChairiiiContentsStatement on Longer-Run Goals and Monetary Policy Strategy.vabbreviations.viiSummary.1Recent Economic and Financial Developmen

3、ts.1Monetary Policy.3Special Topics.3Recent Economic and Financial Developments.5Domestic Developments.5 Box 1.Employment and Earnings across Demographic Groups.11 Box 2.Labor Productivity since the Start of the Pandemic .18Financial Developments.29 Box 3.Developments Related to Financial Stability

4、.32International Developments.34Monetary Policy.39Box 4.Developments in the Federal Reserves Balance Sheet and Money Markets.42Box 5.Periodic Review of Monetary Policy Strategy,Tools,and Communications.45Box 6.Monetary Policy Rules in the Current Environment.46Summary of Economic Projections.49Box 7

5、.Forecast Uncertainty.65appendix:Source Notes.67iv Monetary Policy ReportData NotesThis report reflects information that was publicly available as of 9 a.m.EST on February 6,2025.Unless otherwise stated,the time series in the figures extend through,for daily data,February4,2025;for monthly data,Dece

6、mber2024;and,for quarterly data,2024:Q4.In bar charts,except as noted,the change for a given period is measured to its final quarter from the final quarter of the preceding period.11 For figures 27 and 38,note that the S&P/Case-Shiller U.S.National Home Price Index,the S&P 500 Index,and the