SVB硅谷银行：2025年第一季度经济报告（英文版）

The fourth quarter of 2024 saw further cuts to the federal funds rate by the Federal Open Market Committee (FOMC). The FOMC once again suggested it will assess incoming data as it considers “the extent and timing” of additional adjustments. • At the December 2024 meeting, the Federal Reserve’s Summary of Economic Projections (SEP) struck a more hawkish tone, with FOMC members’ median projections showing only two additional 25- basis point (bps) rate cuts in 2025 — a change from the earlier-pr