Group 1 - The Federal Open Market Committee (FOMC) decided to lower the target range for the policy interest rate by 25 basis points to 3.75% to 4% during the October meeting, aligning with market expectations, but the decision was not unanimous [1] - The bank anticipates a rate cut in December due to the slowing U.S. economy and rising unemployment, but believes that market expectations for consecutive rate cuts may be overly extreme [1] - The bank projects that the policy interest rate may reach 3% to 3.25% by the end of 2026, emphasizing that the timing of rate cuts is less important than the overall trend [1] Group 2 - The decline in the U.S. dollar, coupled with better economic performance outside the U.S., may support emerging market equities and bonds, which remain more attractive compared to U.S. assets [2] - The bank maintains a positive outlook on gold due to ongoing central bank and retail buying, but anticipates limited price increases for gold next year due to reduced geopolitical risks and stable inflation outlook [2]
景顺：料美联储12月再降息一次 持续看好黄金
Zhi Tong Cai Jing·2025-10-30 08:35