美联储降息，鲍威尔转向

Core Viewpoint - The Federal Reserve has adjusted its monetary policy by lowering the federal funds rate target range by 25 basis points to between 4.00% and 4.25% due to economic slowdown and rising inflation concerns [1][2]. Group 1: Economic Indicators - Recent indicators show a slowdown in U.S. economic activity, with employment growth decelerating and inflation rates increasing [1]. - The U.S. non-farm payroll data for August revealed only a 22,000 increase in jobs, significantly down from a revised 79,000 in July, with the unemployment rate rising to 4.3%, the highest in nearly four years [2]. - The Labor Department revised down the projected job growth for the next year by 911,000, raising concerns about the weakness in the U.S. job market [2]. Group 2: Federal Reserve's Decision-Making - The Federal Open Market Committee (FOMC) voted 11 to 1 in favor of the 25 basis point rate cut, with only Stephen Milan opposing, advocating for a 50 basis point cut [3]. - Fed Chair Powell emphasized the need to balance the dual mandate of employment and inflation, indicating that future decisions will be data-driven, particularly focusing on inflation and employment data [3]. - The FOMC's economic forecast summary indicates an upward revision of the GDP growth forecast to 1.6% and an unemployment rate expectation of 4.5% [3]. Group 3: Political Pressures - President Trump has exerted pressure on the Federal Reserve to lower interest rates, with previous calls for Powell's resignation [1][2]. - The recent confirmation of Stephen Milan as a Fed governor, who aligns with Trump's views, raises questions about the Fed's independence [2][3]. - Powell's commitment to maintaining the Fed's independence amidst political pressures is crucial for future monetary policy decisions [3].