一文读懂|美联储再降息25基点 3人反对 特朗普仍不满意 鲍威尔排除加息可能

Core Viewpoint - The Federal Reserve has decided to cut interest rates by 25 basis points, marking the third consecutive rate cut this year, with a total reduction of 75 basis points for the year. This decision was passed with a vote of 9 to 3, indicating internal divisions among committee members regarding the appropriateness of the rate cut [1][20][18]. Group 1: Federal Reserve Decision - The Federal Reserve lowered the benchmark interest rate to a range of 3.50%-3.75% [1][20]. - The decision reflects concerns about a weakening job market, with some members advocating for a more aggressive cut of 50 basis points [1][18]. - The Fed plans to begin purchasing Treasury securities, with a commitment to buy $40 billion over the next 30 days [19][1]. Group 2: Economic Outlook - Fed Chairman Jerome Powell indicated that the committee is in a "wait-and-see" mode regarding future actions, effectively ruling out immediate rate hikes [20][4]. - Powell attributed high inflation levels to tariffs and noted that inflation, excluding tariff impacts, is around 2%, which is relatively low [20][6]. - The Fed's statement has shifted to reflect a more cautious economic outlook, with a focus on maintaining adequate reserves [3][22]. Group 3: Market Reactions - Following the Fed's decision, U.S. stock markets reacted positively, with the Dow Jones rising nearly 500 points and the S&P 500 approaching record highs, as traders anticipate further easing in the coming year [12][32]. - The U.S. Treasury yield curve steepened, indicating a bullish trend in the bond market, following the Fed's announcement [14][34]. Group 4: Analyst Commentary - Analysts from Goldman Sachs noted that the Fed has reached the end of "preventive rate cuts," emphasizing that future easing will depend on labor market data [35]. - UBS highlighted the internal divisions within the Fed, suggesting that the current economic environment presents a challenging balancing act for policymakers [36]. - Analysts predict that the Fed may cut rates by an additional 100 basis points next year, driven by weak wage growth and subdued inflation expectations [38].