机构策略丨长江证券：美联储货币政策决策关注点由通胀转为就业

Core Viewpoint - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25%, marking its first rate cut in nine months since December of the previous year, aligning with market expectations [1][1]. Group 1: Federal Reserve Actions - The 25 basis point rate cut was anticipated by the market due to weakening employment and moderate inflation, leading the Fed to shift its risk balance towards employment [1][1]. - The Fed's statement emphasized that this rate cut is a risk management measure, with future policy decisions dependent on incoming data [1][1]. Group 2: Market Reactions - Following the announcement, the market exhibited a "buy the rumor, sell the news" reaction, with the dollar index and 10-year Treasury yields initially declining before rebounding, while U.S. stocks experienced a brief rise followed by volatility [1][1]. Group 3: Future Outlook - Looking ahead, the focus of the Fed's monetary policy decisions has shifted from inflation to employment, with a high probability of another rate cut in October due to confirmed risks in the job market [1][1]. - By December, the Fed may decide on further rate cuts based on employment performance [1][1].