Group 1 - The Federal Reserve's recent meeting minutes indicate significant disagreement among policymakers regarding the potential for a rate cut in December, with more officials believing that no further cuts are necessary this year than those who support a cut [1][2][3] - A consensus exists among nearly all participants to end the balance sheet reduction (QT) by December 1, 2023, after three and a half years of implementation, with plans to reinvest proceeds from mortgage-backed securities into short-term U.S. Treasury bonds [6][7] - Concerns have been raised about financial stability, particularly regarding high asset valuations in the stock market and the risk of a disorderly decline in stock prices, especially if the market reassesses the outlook for artificial intelligence technologies [5][7] Group 2 - Many officials believe that further rate cuts could exacerbate ongoing inflation risks, particularly in light of high inflation data and a slowly cooling labor market [4] - The minutes reflect a strong divergence of opinions within the FOMC regarding the policy direction for the upcoming December meeting, marking one of the largest disagreements in recent years [7] - There is a notable concern among some officials about the potential impact of tariffs on overall inflation, suggesting that the committee should consider easing policy to address employment risks [4]
美联储会议纪要暴严重分歧：多人认为不适合12月降息
Hua Er Jie Jian Wen·2025-11-20 01:35