Core Viewpoint - The Federal Reserve Chairman Jerome Powell indicated the possibility of adjusting the monetary policy stance, interpreted by the market as a signal for potential interest rate cuts [1][2]. Economic Conditions - The U.S. economy has shown resilience amid comprehensive policy changes this year, with the labor market close to maximum employment and inflation rates significantly down from post-pandemic highs [1]. - Inflationary risks have diminished, while risks to employment are increasing, allowing the Fed to act cautiously when considering policy adjustments [1][2]. Monetary Policy Strategy - The Fed released a revised statement on its long-term goals and monetary policy strategy, returning to a flexible inflation targeting framework [1]. - The statement clarifies the Fed's approach during periods when employment and inflation goals do not align, emphasizing a balanced method to achieve dual mandate objectives [1]. Market Reactions - Following Powell's speech, U.S. stock indices collectively rose, with reports suggesting that his remarks paved the way for a potential restart of interest rate cuts [2]. - Market traders widely anticipate a reduction in the federal funds rate target range by at least 25 basis points in September, with the probability of such a cut rising to 89.1% [2]. Conference Significance - The Jackson Hole Economic Policy Symposium is viewed as a significant platform for central banks to convey monetary policy signals, attracting global central bank leaders and economists [2].
鲍威尔称美联储或需调整政策立场 市场解读为降息信号
Sou Hu Cai Jing·2025-08-23 01:27