中金：美联储1月可能按兵不动，下一次降息或在3月

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the Federal Reserve is expected to lower interest rates by 25 basis points in December, but the number of officials opposing the rate cut has increased to two, suggesting a higher threshold for further rate reductions [1] Group 1 - The Federal Reserve's decision to initiate short-term Treasury bill (T-bill) purchases has alleviated market concerns, despite a reversal of previously priced-in "hawkish rate cuts" leading to increased market volatility [1] - CICC forecasts that the Federal Reserve may continue to lower rates into 2026 due to ongoing economic and employment pressures, although the pace of rate cuts is expected to slow down because of persistent inflation [1] Group 2 - The report suggests that the Federal Reserve may remain inactive in January, with the next potential rate cut anticipated in March [1]