中国固定收益研究：鲍威尔鹰派表态，避免给出9月降息指引

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Fed's July FOMC meeting maintained the federal funds rate as expected, with two dissenters advocating a 25 - basis - point cut. Powell's hawkish stance reduced market expectations for a September rate cut, and after the meeting, yields on 2 - year, 5 - year, and 10 - year US bonds rose. The probabilities of rate cuts in September, October, and December dropped to 43%, 64%, and 87% respectively [3]. - The Fed will continue to be data - dependent, and its policy is in a "moderately restrictive" range. It will only shift to a more neutral stance when the risks to inflation and employment are "fully balanced," implying a greater focus on inflation currently. The Fed will make decisions based on future data and has left room to delay rate cuts [7]. Summary by Related Catalogs Fed Meeting Outcomes - The Fed's July FOMC meeting kept the federal funds rate unchanged at 4 - 1/4 to 4 - 1/2 percent. Governors Bowman and Waller voted against, preferring a 25 - basis - point rate cut, which was in line with their previous statements [3][8]. - After the meeting, yields on 2 - year, 5 - year, and 10 - year US bonds rose by 6, 5, and 2 basis points respectively. The probabilities of rate cuts in September, October, and December according to CME FedWatch dropped to 43%, 64%, and 87% respectively [3]. Powell's Press Conference Key Information Tariff Impact on Inflation - Powell emphasized that the transmission of tariffs to inflation is in the early stage, with monthly tariff revenue reaching $30 billion, and only a small part borne by exporters. Upstream companies and retailers plan to pass on costs to consumers [5]. - He believed that there is still a long way to assess the full impact of tariffs, suggesting that there may not be a clear judgment even in September [5]. - He stated that the Fed "looking through" temporary inflation only means not raising rates, not a reason for rate cuts, and the Fed will ensure the "one - time" nature of the impact [5]. Labor Market - The labor market is robust but has downward risks. Although new job growth has slowed significantly, the unemployment rate is low, and indicators such as the quit rate and the ratio of job openings to the unemployed are relatively stable. However, the low unemployment rate is due to both a slowdown in labor demand and a reduction in labor supply caused by immigration policies [5]. Economic Growth - Powell downplayed the recognition of "moderate" economic growth slowdown in the meeting statement, saying that the weakening of GDP and final private consumption was in line with expectations. He reiterated that policy focuses on the dual goals of "inflation and employment," suggesting that as long as the job market is stable, the growth slowdown is not enough to trigger a policy shift [6]. Uncertainty - Powell thought the level of uncertainty was the same as in June. Although the current estimate of tariff levels has converged, future uncertainty is still high, and the meeting statement removed the expression of "reduced uncertainty" [6]. Inflation - Powell expected that excluding tariffs, current inflation remains above the 2% target. The composition of inflation pressure has changed, with sticky service inflation easing and tariff increases pushing up prices of some goods [6]. Fed Independence - Powell firmly stated that the Fed will not consider government fiscal needs to maintain its independence, warning that if the Fed loses independence, the government could manipulate rate cuts to influence elections [7]. Future Policy Outlook - The Fed will continue to be data - dependent, and its current policy is in a "moderately restrictive" range. It will only shift to a more neutral stance when the risks to inflation and employment are "fully balanced," implying a greater focus on inflation currently [7]. - There will be two rounds of employment and inflation data before September, and the Fed will make decisions based on future data, leaving room to delay rate cuts [7]. Suggestions - Powell's statements seem to be somewhat inconsistent with the economic assessment in the FOMC statement. It is recommended to follow the statements of other voting members to determine if this reflects the overall tendency of the committee [7]. - Powell's avoidance of giving a September rate - cut guidance may trigger stronger pressure from the Trump administration [7].