美联储如期降息25个基点并将结束缩表，内部分歧进一步加剧

Core Points - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to between 3.75% and 4%, marking the fifth rate cut since September 2024 [1] - There is significant internal disagreement within the Federal Reserve regarding monetary policy direction, with two committee members voting against the rate cut [1] - The Federal Reserve will end its balance sheet reduction (quantitative tightening) starting December 1, 2023, ceasing the monthly reinvestment of maturing U.S. Treasury securities [2] Group 1 - The Federal Reserve's decision to cut rates is a response to dual risks facing the U.S. economy, including rising inflation and slowing employment growth [3][4] - The language in the Federal Reserve's statement remained largely unchanged from September, indicating a cautious approach to economic conditions [3] - Market expectations for a rate cut in December have decreased significantly following the recent meeting, reflecting uncertainty about future economic data availability [6][7] Group 2 - The decision to halt balance sheet reduction is aimed at stabilizing money market rates amid signs of tightening liquidity and declining bank reserves [2][7] - The potential impact of the ongoing government shutdown on short-term economic growth is a concern, with implications for future monetary policy decisions [4][5] - Analysts suggest that the Federal Reserve's approach to rate cuts may evolve over the coming months, influenced by economic data and market conditions [6][7]