Group 1 - The Federal Reserve is gradually opening the door to interest rate cuts, with a new monetary policy framework emphasizing flexible inflation targeting and abandoning the previous compensatory inflation strategy [1] - The adjustment in the monetary policy framework is partly a response to unprecedented revisions in recent employment data by the U.S. Bureau of Labor Statistics, raising questions about the credibility of employment data [1][2] - The new framework retains the complementary assumption between employment and inflation targets, allowing the committee some discretion in policy evaluation, which may lead to uncertainty and instability in decision-making [3] Group 2 - The current environment of uncertainty for the Federal Reserve is influenced by potential data distortions in employment statistics and price indices, necessitating a clear response in the new monetary policy framework [2] - Digital technology is transforming the transmission mechanisms of monetary policy, complicating the speed and boundaries of policy effectiveness, which requires the Federal Reserve to adapt its support framework accordingly [2] - The emergence of decentralized stablecoins is shifting some monetary policy functions from the Federal Reserve to the U.S. Treasury, challenging the traditional belief in the independence of central bank monetary policy [2] Group 3 - The impact of the Federal Reserve's interest rate cuts on global financial markets may differ from the past due to the restructuring of the global economic system, with liquidity primarily affecting new U.S. trade scenarios and stablecoin dynamics [3][4] - The influence of Federal Reserve rate cuts on global markets will not be uniform but will depend on the correlation of countries' trade relations with the U.S. and their acceptance of dollar-based stablecoins [4] - Central banks worldwide are prompted to rethink their traditional policy frameworks in light of new technologies and transmission mechanisms, facing challenges posed by these innovations [4]
正视美联储货币政策 新框架的影响
Sou Hu Cai Jing·2025-08-24 16:54