凌晨！美联储重大发布！罕见警告：资产估值高企

Group 1 - The Federal Reserve's internal divisions regarding monetary policy have become more apparent, with officials expressing differing views on tariffs, inflation risks, and employment market conditions [1][2] - Two officials voted against maintaining the current interest rate, advocating for a 25 basis point cut to prevent further deterioration in the labor market, marking the first time since 1993 that two Fed officials opposed a rate decision [2] - The meeting minutes indicate that most officials believe the risk of rising inflation outweighs the risks of declining employment, highlighting ongoing uncertainty in the economic outlook [2][4] Group 2 - Officials noted that the overall inflation rate in the U.S. remains slightly above the Fed's long-term target of 2%, with concerns about the impact of tariffs on inflation expectations and the potential for instability [3] - The minutes emphasized that long-term inflation expectations remain stable, but there are warnings that prolonged inflation above 2% could jeopardize this stability if tariffs have a lasting impact [3] - The Fed officials expressed concerns about the high valuations in the U.S. financial system, indicating a need for monitoring, particularly in light of recent sell-offs in high-valuation tech stocks [6] Group 3 - Discussions included the potential impact of stablecoins on the financial system, with officials expressing concerns about their effects on banks, monetary policy execution, and the demand for supporting assets like U.S. Treasuries [7] - The upcoming Jackson Hole Global Central Bank Conference is anticipated to be significant, with market participants closely watching Fed Chair Powell's remarks for insights into the Fed's economic outlook and monetary policy [8]