中金：美联储9月或难以降息

Core Viewpoint - The Federal Reserve's decision to maintain interest rates in September aligns with market expectations, despite opposition from two board members [1] Group 1: Federal Reserve's Decision - The majority of officials, including Powell, prefer to keep a tight monetary policy due to unresolved inflation risks from tariffs and a stable labor market [1] - Powell emphasized the independence of the Federal Reserve, indicating resistance to political pressure regarding interest rate decisions [1] Group 2: Future Implications - The inflation effects of tariffs are expected to become more pronounced in the coming months, making it unlikely for the Federal Reserve to lower rates in September [1] - If Trump continues to escalate tariffs, the timing for potential rate cuts may be further delayed [1] - The market may be underestimating the Federal Reserve's commitment to maintaining its independence, as the interest rate decision is made collectively by 12 voting members [1]