时报图说丨美联储如期降息25基点！历次降息周期，A股表现如何？

Core Viewpoint - The Federal Reserve announced a reduction in the target range for the federal funds rate from 4.25%-4.50% to 4.0%-4.25%, marking the first rate cut since 2025, with a decrease of 25 basis points [1]. Group 1: Historical Context of Rate Cuts and A-Share Performance - In the past rate cut cycles, the A-share market has shown varied performance, with the Shanghai Composite Index (沪指) increasing by 4.91% during the 1998 rate cut period [4]. - During the 2001 rate cut cycle, which saw a cumulative reduction of 475 basis points, the Shanghai Composite Index decreased by 20.35% [4]. - In the 2009 financial crisis, after 10 rate cuts totaling 500 basis points, the Shanghai Composite Index fell by 63.57% [5]. - The 2020 rate cuts, totaling 150 basis points due to the COVID-19 pandemic, resulted in a decline of 6.12% in the Shanghai Composite Index [5]. - The most recent rate cut cycle in 2024, with a cumulative reduction of 100 basis points, led to a 24.02% increase in the Shanghai Composite Index [5].