美联储降息叠加美元贬值 美元理财收益缩水

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024, which signals the end of the high-interest rate cycle for the dollar and a downward trend in dollar asset yields [1][4]. Group 1: Impact of Rate Cut - The recent rate cut is seen as a confirmation of the turning point for dollar asset yields, ending a nine-month period of stable policy [4]. - Foreign banks, such as HSBC and DBS, have quickly responded by lowering dollar deposit rates following the Fed's announcement [4]. - Domestic banks have not yet adjusted their rates, but there is an expectation of potential future declines [4][5]. Group 2: Investor Experiences - Many investors have shared experiences of losses from dollar-denominated financial products due to declining exchange rates, despite initially attractive interest rates [2][3]. - The average annualized yield for dollar financial products has dropped significantly from 4.52% in January to 3.79% in September [2][5]. - Investors are increasingly questioning whether investing in dollar financial products is more about earning interest or speculating on exchange rates [3]. Group 3: Risks and Considerations - The decline in dollar asset yields is attributed to both the Fed's rate cuts and the depreciation of the dollar, which has seen a nearly 10% drop in the dollar index this year [2][7]. - Analysts highlight three main risks associated with dollar financial products: exchange rate risk, interest rate risk, and liquidity risk [7]. - Future expectations regarding Fed policy and exchange rate movements remain uncertain, with differing opinions among analysts [7][8].