彭博：鲍威尔暗示美联储的焦点已重新转向通胀

Investment Rating - The report indicates a cautious outlook on inflation and its impact on monetary policy, suggesting a potential for limited interest rate cuts in the near future [2][10]. Core Insights - The Federal Reserve has lowered interest rates for the third consecutive time, signaling heightened concerns about inflation and extending the timeline for achieving the 2% inflation target [2][6]. - Current projections suggest that inflation will reach 2.5% by the end of next year, which is higher than previous estimates, indicating a delay in achieving the 2% target until 2027 [6][10]. - The shift in focus towards inflation reflects a strategic change by the Federal Reserve, moving away from concerns about a weak labor market [9][12]. Summary by Sections Monetary Policy Adjustments - The Federal Reserve has reduced the federal funds rate to a range of 4.25%-4.5%, marking a significant adjustment in response to inflation concerns [4][11]. - Recent data has led to a consensus among officials that the risks of inflation exceeding expectations are now greater than the risks of it falling below expectations [12]. Economic Forecasts - Officials predict only two rate cuts next year, a significant reduction from earlier expectations [8][10]. - The economic outlook remains uncertain, with officials acknowledging the need for caution in policy adjustments due to unpredictable inflation trends [13][14]. Public Sentiment and Economic Impact - Despite a recent cooling of inflation, the high price levels continue to affect the financial well-being of the public [14]. - The Federal Reserve's commitment to returning inflation to target levels is emphasized as a primary goal [7].