美联储如期降息，最新解读来了！

Core Viewpoint - The Federal Reserve's decision to lower the federal funds rate by 25 basis points to a range of 3.50% to 3.75% aligns with market expectations, but internal divisions among committee members have increased, indicating potential future policy shifts [1][3] Summary by Relevant Sections Federal Reserve Rate Decision - The Federal Reserve has implemented its third consecutive rate cut, totaling a 75 basis point reduction this year [3] - The current economic indicators suggest moderate expansion, but employment growth has slowed, and the unemployment rate has risen [3] - There is a notable internal division within the Federal Reserve, with three members voting against the rate cut for the first time in six years, reflecting differing views on the necessity of further rate reductions [3][4] Future Rate Outlook - Experts predict that the pace of future rate cuts may slow, with a high probability of pausing rate cuts in the first quarter of next year [4] - The next Federal Reserve chair, likely to be more dovish, may lead to additional rate cuts in 2026 [4][6] - Current policy rates are still considered high relative to the actual rates indicated by the 10-year TIPS yield [4] Impact on Global Markets - The weak dollar environment resulting from the rate cut is expected to benefit global multi-asset allocation strategies [5][7] - Following the rate cut, major asset prices have shown differentiated movements, with U.S. stocks and precious metals rising, while the dollar index has fallen [6] - The decline in the dollar is anticipated to enhance the attractiveness of non-U.S. assets, including Chinese assets, as the narrowing of the China-U.S. interest rate differential increases their appeal [9][10] A-Share Market Dynamics - The A-share market's performance is primarily driven by domestic economic demand, despite the favorable external environment created by the Fed's actions [9] - The weakening dollar is expected to attract foreign capital into Chinese assets, particularly benefiting sectors like technology and semiconductors [9][10] - The overall liquidity environment for A-shares is expected to improve due to the Fed's rate cuts and the anticipated strengthening of the RMB [10]