凌晨，宣布降息，美联储还干了件大事！

Core Points - The Federal Reserve executed its second interest rate cut of the year, lowering the federal funds rate target range by 25 basis points to between 3.75% and 4% [1] - The Fed's statement highlighted a slowdown in U.S. job growth and a slight increase in the unemployment rate, while inflation has risen since the beginning of the year and remains at a high level [1] - The Fed aims to achieve full employment and a 2% inflation target over the long term, but faces increased uncertainty regarding the economic outlook [1] - Fed Chairman Powell indicated that there are short-term inflationary pressures and downside risks to employment, with significant disagreement within the committee regarding a potential rate cut in December [1] - The Fed announced the cessation of quantitative tightening (QT) and will end its balance sheet reduction plan after three and a half years, marking a key shift towards monetary easing [1] Market Reaction - Following Powell's remarks, U.S. stock markets initially experienced a sharp decline but later stabilized [3] - By the end of the trading day, the Dow Jones Industrial Average and the S&P 500 saw slight declines, while the Nasdaq Composite recorded a small gain and reached a new closing high [3] Balance Sheet Management - The Fed will stop reducing its $6.6 trillion balance sheet due to signs of tightening liquidity in the money market and declining bank reserves [2] - Starting December 1, the Fed will no longer allow up to $5 billion of U.S. Treasury securities to mature without reinvestment, opting instead to maintain government bond inventory stability through rollovers [2]