美联储重启降息 美元存款利率下调

Core Viewpoint - The Federal Reserve has initiated its first interest rate cut in 2025, leading to a downward trend in USD deposit rates across various banks, with differing adjustments based on market competition and bank types [1][2]. Group 1: Federal Reserve Actions - On September 18, 2024, the Federal Reserve announced its first rate cut since December 2024, lowering the benchmark rate to a range of 4.00% to 4.25%, with a total reduction of 125 basis points [2]. - Analysts predict further rate cuts, with estimates of two additional 25 basis point reductions in the remaining meetings of the year [2]. Group 2: Bank Responses - HSBC reduced its USD fixed deposit rates on the same day as the Fed's announcement, with rates for 1-month and 6-month deposits dropping to 3.5%, a decrease of 10 and 20 basis points respectively [3]. - Huashang Bank lowered its USD fixed deposit rates by 25 basis points across various terms, with new rates set at 3.75%, 3.85%, and 3.90% for 1-month, 3-month, and 6-month deposits [3]. - Major state-owned banks like ICBC, ABC, and CCB have maintained their USD deposit rates, which remain at 2.2% for 1-month and 2.8% for 1-year and 2-year deposits [3]. Group 3: Market Outlook - The consensus in the industry is that high-yield USD products will struggle to maintain their attractiveness due to the established rate cut cycle by the Federal Reserve [2][4]. - The average annualized yield for USD wealth management products has dropped to 3.79%, down from 4.52% earlier in the year, indicating a significant decline in returns [4]. Group 4: Investment Considerations - Investors are advised to reassess their asset allocation in light of potential declines in deposit interest rates, considering diversifying into higher-yielding and controlled-risk assets such as bonds and funds [4][5]. - The impact of exchange rate fluctuations on USD assets is highlighted, with potential depreciation of the dollar affecting the value of dollar-denominated investments [5].