【环球财经】美联储再度降息25个基点 将于12月1日起结束缩表

Core Viewpoint - The Federal Reserve has decided to lower the federal funds rate target range by 25 basis points to 3.75%-4.00%, marking the fifth rate cut since September 2024, aligning with market expectations [1] Economic Assessment - Economic activity is expanding at a moderate pace, with employment growth slowing and a slight increase in the unemployment rate, although it remains low as of August [2] - Inflation has risen compared to the beginning of the year and remains at relatively high levels, with the committee aiming for maximum employment and a long-term inflation target of 2% [2] - There is a high level of uncertainty regarding the economic outlook, with increased downside risks to employment noted in recent months [2] Future Policy Outlook - To support its goals and consider changes in risk balance, the committee has decided to lower the federal funds rate target range by 25 basis points to 3.75%-4.00% [3] - The committee will carefully evaluate the latest data, changes in the economic outlook, and risk balance when considering further adjustments to the federal funds rate target range [3] Monetary Policy Stance - The committee will continue to monitor new information affecting the economic outlook when assessing the appropriate monetary policy stance [4] - If risks that could hinder the achievement of the committee's goals arise, the committee will adjust its monetary policy stance as necessary [4] End of Balance Sheet Reduction - The Federal Reserve's FOMC statement announced the end of balance sheet reduction on December 1, with current monthly reductions of $5 billion in U.S. Treasuries and $35 billion in MBS [5] Divergence in Federal Reserve Opinions - The recent Federal Reserve rate decision reflects a rare "hawk-dove" split, indicating significant internal divergence regarding economic outlook assessments [6] - The lack of timely economic data due to the federal government shutdown has complicated the Fed's understanding of economic conditions, leading to increased uncertainty around their stance since September [6]