申万宏源：2026年美联储降息空间或有限

Group 1 - The core viewpoint of the article emphasizes that Powell stated "a rate cut in December is not a certainty," indicating significant internal disagreements within the Federal Reserve [1] - Looking ahead to 2026, the appropriate policy interest rate range is suggested to be between 300 to 350 basis points based on a neutral interest rate framework [1] - Long-term nominal neutral interest rate is estimated to be 300 to 350 basis points, which corresponds to an inflation return to 2%, suggesting limited room for rate cuts by the Federal Reserve in 2026 [1]