美联储降息落地 哪些资产值得关注？

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut since December 2024, aligning with market expectations [1] - The decision was passed with 11 votes in favor and 1 against, with the dissenting vote advocating for a 50 basis point cut to stimulate the economy more aggressively [1] - Fed Chair Powell described the rate cut as a "risk management measure" aimed at addressing the cooling job market, while emphasizing that the current policy does not indicate a sustained rate-cutting cycle [1] Group 2 - Economic data supports the rate cut, with only 22,000 new non-farm jobs added in August, significantly below the expected 75,000, and the unemployment rate rising to 4.3%, the highest since November 2021 [1] - Despite a slight increase in July's core PCE inflation to 2.9%, Powell views tariff-induced price hikes as short-term shocks, with the focus now on the risks in the job market [1] - The rate cut provides a clear operational anchor for global asset allocation, with differentiated investment logic across gold, Hong Kong stocks, and A-shares [1][2] Group 3 - Gold is expected to have strong support due to declining real interest rates and a weakened independence of the Fed, with investors advised to consider gold ETFs [2] - Hong Kong stocks are more sensitive to external liquidity easing, with the Fed's rate cut likely to lead to global capital rebalancing, making Chinese assets more attractive to foreign investors [2] - A-shares may benefit from increased foreign inflows due to overseas liquidity easing, with a focus on technology growth sectors like AI and domestic chip production [2]