放水新信号：美联储降息加停止缩表！川普怒怼鲍威尔起效了？

Core Viewpoint - The recent monetary policy decisions by the Federal Reserve, including interest rate cuts and the cessation of balance sheet reduction, signal a significant shift in global monetary policy dynamics [1][4]. Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point interest rate cut, bringing the total reduction for the year to 0.5% [4]. - There is a market expectation for another similar rate cut in December, although the probability has slightly decreased [4]. - The Fed's decision to stop "balance sheet reduction" marks a transition from actively withdrawing liquidity to a potential resumption of balance sheet expansion [4][5]. Group 2: Economic Implications - The cessation of balance sheet reduction is seen as a positive development for the Chinese economy, which is currently facing downward pressure [9]. - The narrowing of interest rate differentials between the U.S. and China may provide the Chinese central bank with more room for rate cuts and reserve requirement reductions [9]. - The adjustments in U.S. monetary policy are expected to trigger a series of reactions globally, affecting capital flows and exchange rates [9]. Group 3: Government Influence - There are concerns regarding the independence of the Federal Reserve, particularly due to past interventions by the Trump administration [7]. - The administration's attempts to influence Fed policy could complicate the central bank's decision-making process and its ability to respond to economic conditions [7].