海外主要央行货币政策缘何分化

Core Viewpoint - The recent monetary policy meetings of major central banks, including the Federal Reserve and the Bank of Canada, indicate a divergence in their approaches, reflecting an increase in the autonomy of these banks in their monetary policies [1] Group 1: Data Dependency - Major central banks have entered a "data-dependent" phase in their monetary policy, responding to increasing uncertainties in international economic growth [2] - The Federal Reserve's recent decision to lower interest rates by 25 basis points marks the second consecutive rate cut this year, with Chairman Powell signaling potential uncertainty for future rate actions [2] - The Bank of Japan decided to maintain its policy rate at 0.5%, emphasizing a cautious approach based on data rather than a preset timeline [2] Group 2: Multiple Objectives - Central banks are increasingly focused on balancing multiple objectives, including inflation, employment, economic growth, and financial stability [3] - The Federal Reserve's decision to end balance sheet reduction on December 1 reflects this balance, as it aims to alleviate liquidity pressures in the financial system [3] Group 3: Localization of Policies - The Bank of Canada was the first among major central banks to announce a rate cut, reducing its overnight rate by 25 basis points to 2.25%, the lowest since July 2022, amid a significant downgrade in GDP growth forecasts [4] - The European Central Bank has maintained its key interest rates, indicating a stabilization in the downward risks to economic growth in the Eurozone [4] - The differing economic cycles and risks faced by various countries suggest that the trend of diverging monetary policies among major central banks is likely to continue [4]