美联储送上“金发姑娘”大礼！“宽松信号”与流动性双管齐下 亚洲资产迎顺风

Core Viewpoint - The Federal Reserve's recent policy meeting results were less hawkish than market expectations, with the announcement of monthly purchases of $40 billion in short-term Treasury bonds starting December 12, which is expected to provide relief to Asian markets and boost various assets [1][4][5]. Group 1: Market Reactions - Analysts believe that Asian currencies are likely to benefit from a weaker dollar, and under the backdrop of increased liquidity from the Fed, short-term bonds and high-grade credit bonds will also benefit, along with cyclical stocks and exporter stocks [1][2]. - The FOMC meeting concluded without major concerns, and the upward revision of GDP forecasts for 2026, along with a downward revision of inflation forecasts, is seen as positive for the stock market [1][2]. - The market is betting on further rate cuts from the Fed, as even Powell's optimistic outlook on the economy suggests another rate cut, influenced by external pressures such as Trump's criticism of the Fed [1][2][3]. Group 2: Economic Outlook - The Fed's decision to lower rates and the announcement of short-term bond purchases signal a shift towards a more accommodative monetary policy, which is expected to support risk appetite across Asia [3][5][6]. - The Fed's actions are interpreted as a move towards stabilizing the labor market while maintaining conditions to suppress inflation, with Powell indicating that current inflation is primarily due to tariff impacts [4][5]. - The Fed's liquidity management measures, while not classified as quantitative easing, are seen as a signal of improved liquidity, which is crucial for driving asset prices [5][6]. Group 3: Currency and Bond Market Implications - The expectation of a weaker dollar is likely to support Asian currencies, with specific currencies like the Korean won and Indonesian rupiah expected to perform better due to their attractive valuations [3][5]. - The announcement of purchasing short-term government bonds is expected to lower short-term yields across the region, benefiting Asian bonds and creating a selective stock market environment [2][3]. - The Fed's approach is viewed as a controlled normalization rather than a full-scale easing, indicating that Asian assets will remain sensitive to any data that challenges the Fed's optimistic view on inflation [3][6].