华鑫证券：后续降息预期仍有持续放大的空间

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 4.00% and 4.25%, marking its first rate cut in nine months, aligning with market expectations [1] Group 1: Federal Reserve Actions - The Federal Reserve's decision to cut rates is seen as a response to ongoing economic conditions, with a prediction of a "stagflation, then weakness, followed by re-inflation" path for future rate cuts [1] - The current economic environment is expected to exhibit stagflation characteristics, leading to increased asset volatility [1] Group 2: Market Implications - The expectation of continued rate cuts is anticipated to amplify as inflation's low base effect wanes or weaker economic data emerges [1] - Despite some pullback in rate-sensitive sectors post-announcement, overall liquidity in the market has begun to improve, which is favorable for small-cap stocks [2] - The end of the stagflation phase is expected to create new opportunities in rate-sensitive trades, indicating a "buy the dip" strategy rather than a reversal in rate cut trades [2]