Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25% during its monetary policy meeting on September 17, 2025, which is characterized as a risk management cut [1][2] - The focus of the Federal Reserve's policy-making is shifting from inflation to employment, with an emphasis on the risks in the labor market influencing the decision to cut rates [2][3] - The updated dot plot indicates a higher likelihood of two additional rate cuts within the year, totaling a 50 basis point reduction, aligning with market expectations [1][2] Group 2 - Short-term gold prices have limited upward potential, with a recent increase of 11.82% in London spot gold prices over the past month, suggesting that the market has already priced in the rate cut [3] - The consistency among Federal Reserve board members regarding the rate cut decision indicates limited political interference from the White House, although potential changes in board member appointments could impact future policy directions [3][4] - The long-term bullish outlook for gold remains intact, supported by the anticipated rate cuts and ongoing demand for gold as a safe-haven asset, with China increasing its gold reserves for the tenth consecutive month [4]
降息落地后,金价的可能走向 | 投研报告
Zhong Guo Neng Yuan Wang·2025-09-18 06:38