美联储宣布降息25个基点，影响几何？

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25%, marking the first rate cut of 2025 and following three cuts in 2024 [1] - The Fed's forecast indicates a potential additional 50 basis points cut by the end of the year, with further cuts of 25 basis points each year for the next two years [1] - Concerns about the Fed's independence have been raised, particularly in light of the current economic conditions and potential labor market deterioration [1] Group 2 - The resumption of the Fed's rate-cutting cycle is expected to improve global liquidity conditions, although the impact will depend on the pace of rate cuts and the relative policies of other major central banks [3] - The narrowing of the interest rate differential between China and the U.S. may alleviate depreciation pressure on the RMB, but the domestic economic fundamentals will remain crucial for foreign capital flows [3] - The dollar index is anticipated to face downward pressure due to the Fed's rate cuts and a cooling U.S. economy, potentially leading to passive appreciation of the RMB [3]