不降息，缓缩表，谨慎偏鸽

Investment Rating - The market index rating is bullish, expecting the CSI 300 index to rise by 20% or more in the next six months [8] Core Viewpoints - The Federal Reserve maintained the benchmark interest rate at 4.25%-4.50%, aligning with market expectations. The monthly redemption cap for U.S. Treasury bonds was reduced from $25 billion to $5 billion, with a forecast of two rate cuts within the year. Economic growth expectations were significantly lowered, while inflation and unemployment rate forecasts were slightly increased. The Fed Chairman indicated increased economic uncertainty and a cautious, dovish stance [1][2][3] - The Fed's statement shifted from "risks are roughly balanced" to "economic outlook uncertainty has increased," reflecting concerns about rising unemployment due to layoffs and short-term inflation pressures from tariffs. However, the Fed is not in a hurry to adjust its policy stance, awaiting clearer market signals [1][2] - The plan to slow the balance sheet reduction supports liquidity, with the monthly redemption cap for U.S. Treasury bonds being reduced, while maintaining the cap for agency bonds and MBS. This indicates a gradual shift towards a Treasury-dominated asset structure [1][2] - The anticipated path for rate cuts is two small steps of 25 basis points in the second half of the year, with the Fed's dot plot showing median federal funds rates of 3.9%, 3.4%, and 3.1% for 2025-2027, unchanged from December 2024 [1][2] - Economic growth forecasts for 2025-2027 were significantly lowered to 1.7%, 1.8%, and 1.8%, while the unemployment rate forecast for 2025 was slightly raised to 4.4%. Core PCE inflation expectations for 2025 were increased to 2.8% [1][2] - Asset price volatility was notable, with a cautious and dovish tone from the FOMC meeting leading to a rise in U.S. stocks, a drop in U.S. Treasury yields, a decline in the dollar index, and an increase in gold prices [1][2]