行内偕作·海外宏观：美联储议息会议点评（2024年11月）-坚持独立，如期降息

Group 1: Federal Reserve Policy - The Federal Reserve announced a 25 basis point rate cut, lowering the policy rate to a range of 4.5-4.75%[2] - The balance sheet reduction will continue at a pace of $60 billion per month[2] - The Fed's rate cut pace is expected to remain gradual in the near term[6] Group 2: Economic Outlook - Inflation is stabilizing around 2%, with current economic and employment conditions supporting this level[4] - The labor market is in a balanced state, with recent inflation readings primarily influenced by lagging housing costs[4] - The Fed is not overly concerned about recent interest rate increases or tightening financial conditions[5] Group 3: Market Reactions - Market reactions to the Fed's decision were muted, with the dollar weakening and U.S. Treasury yields declining[7] - The 2-year Treasury yield fell by 6 basis points to 4.20%, while the 10-year yield decreased by 11 basis points to 4.33%[7] - The S&P 500 index rose by 0.74%, and the Nasdaq increased by 1.51% following the announcement[7] Group 4: Forward Guidance - There are concerns about potential second-round inflation due to Trump's policies, which could lead to an earlier end to the rate-cutting cycle[8] - The Fed will adhere strictly to its dual mandate framework in response to any economic impacts from Trump's policies[8]