美联储年内再降息25个基点，专家：12月有望继续降

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 3.75% to 4.00%, marking the fifth rate cut since September 2024 [1] - Economic indicators show moderate expansion in the U.S. economy, with slowing job growth and a slight increase in the unemployment rate, while inflation remains high [1] - The decision for the rate cut is supported by a combination of lower-than-expected inflation and weak employment data, alongside increasing liquidity pressures in the money market [1][2] Group 2 - The poor performance of economic data, particularly employment figures, is cited as a primary reason for the Fed's rate cut [2] - Despite the lack of timely non-farm payroll data, a national economic survey indicated widespread low labor demand across various regions and industries [2] - Future rate cuts are anticipated, with expectations for another cut in December, but uncertainty remains due to potential political influences and inflationary pressures from tariffs [2][3] Group 3 - The increase in U.S. imports due to tariff policies has created inventory buffers that have mitigated inflation transmission to consumers [3] - As the effects of excessive imports fade, inflationary pressures may rise, potentially limiting the Fed's rate cut capacity in 2026 [3] - The current rate cut may have a weaker stimulative effect compared to previous cycles, partly due to diminished refinancing effects [3] Group 4 - The initiation of the Fed's rate cut cycle is expected to open up more operational space for China's monetary policy, potentially leading to further rate cuts and increased market liquidity [3]