美联储会议纪要暴严重分歧：多人认为不适合12月降息，一些人担心股市无序下跌

Core Viewpoint - The recent Federal Reserve meeting minutes reveal significant divisions among policymakers regarding the potential for a rate cut in December, with no clear majority supporting the move, while there is unanimous agreement to halt the balance sheet reduction [1][2][3]. Group 1: Monetary Policy Outlook - Most participants at the meeting indicated that a shift towards a more neutral policy stance might warrant a further rate cut, although several expressed skepticism about the appropriateness of a 25 basis point cut in December [2][4]. - Many members believe that maintaining rates unchanged for the remainder of the year may be suitable based on their economic outlook [2][4]. - The minutes highlight a hawkish sentiment within the Fed, as many participants noted that further rate cuts could exacerbate inflation risks, especially given the current high inflation data and a cooling labor market [4][8]. Group 2: Financial Stability Concerns - Some Fed officials expressed concerns about high asset valuations in financial markets, particularly the risk of a disorderly decline in stock prices if the market reassesses the prospects of AI technologies [5][8]. - There are also worries related to corporate high debt levels, indicating that the Fed is closely monitoring financial stability alongside inflation and employment [5][8]. Group 3: Balance Sheet Reduction - Almost all participants agreed that ending the balance sheet reduction on December 1 is appropriate, concluding a three-and-a-half-year process that began on June 1, 2022 [6][7]. - After halting the balance sheet reduction, the Fed plans to reinvest the principal from agency mortgage-backed securities into short-term U.S. Treasury securities, which is expected to enhance flexibility in managing reserve requirements [7][8].