美元存款利率集体下调，高收益时代渐行渐远

Core Viewpoint - The high-yield allure of USD deposits is fading as the Federal Reserve initiates a rate-cutting cycle, leading to a downward adjustment in deposit rates across banks [1][6]. Group 1: Rate Adjustments by Banks - Foreign banks, particularly HSBC, were the first to lower USD deposit rates following the Fed's announcement, with HSBC reducing its one-year rate to 3% and six-month rate to 3.5% [2]. - Chinese banks, including Huashang Bank and Nanjing Bank, have also begun to adjust their USD deposit rates, with rates for one-month, three-month, and six-month deposits set at 3.75%, 3.85%, and 3.90% respectively [2]. - There are notable differences in USD deposit rate structures among banks, reflecting their expectations of future Fed rate changes, with some banks offering higher rates for shorter terms and others for longer terms [2]. Group 2: Expert Insights on Rate Cuts - Experts indicate that foreign banks typically respond more swiftly to Fed policy changes, while some Chinese banks may lag due to high demand for USD funds and internal pricing mechanisms [3]. - Market expectations suggest that the Fed's rate-cutting cycle is not yet complete, with predictions of two additional 25 basis point cuts by the end of the year and another in early next year [3]. - The median forecast from the Fed's dot plot indicates a potential cumulative rate cut of 50 basis points in the remaining meetings of the year [3]. Group 3: Investor Considerations - Investors are advised to be cautious of the risks associated with USD deposits, including exchange rate fluctuations and opportunity costs compared to higher-yielding assets [4][5]. - With the trend of declining deposit rates, investors should consider diversifying their asset allocation to include higher-yielding and lower-risk options such as bonds and funds [5]. - Current USD investment products, such as those offered by Ningbo Bank, still present attractive yields compared to traditional deposits, suggesting a shift in investment strategy may be beneficial [5]. Group 4: Future Outlook - The downward trend in USD deposit rates is expected to continue, with projections indicating a cumulative reduction of 50 basis points by the end of 2025 [6]. - The average annualized yield for USD investment products has decreased from 4.52% in January to 3.79% recently, signaling a shift away from the "high-yield era" for USD deposits [6].