Q2：2025年美国商业银行状况报告（英文版）

At the start of the year, the Fed appeared polsed to ease monetarypolicy. With the last rate hikebeing a distant five months in therearview miror and GDP growthprojected at just 1.4%6, it seemedlikely that action would be taken tostimulate the economy. However,by March, GDp fo recasts were revised upward to over 2%6 (Figure1), while inflation re mained aboveta get, prompting the Fed to delay amyrate actlon. The first cutdildn't arrive until mid-September,fo llowed bysmaller redu ctions in