海外宏观周报：美联储如期降息，欧洲、日本央行维持利率不变-20251104

Monetary Policy - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 3.75% to 4.00%, aligning with market expectations[9] - The European Central Bank (ECB) maintained its benchmark interest rate at 2%, citing stronger-than-expected economic resilience in the Eurozone, with Q3 GDP growth of 0.2%[11] - The Bank of Japan (BOJ) kept its interest rate unchanged, with two members voting against this decision, indicating potential future rate hikes[12] Economic Data - Eurozone's Q3 GDP growth of 0.2% exceeded the expected 0.1%, with France showing a 0.5% increase, the highest in three years, while Germany's growth stagnated[26] - In the U.S., September fiscal revenue was $543.7 billion, a 3.2% year-on-year increase, while expenditures were $345.7 billion, down 22.6% year-on-year, resulting in a fiscal surplus of $198 billion[17] - Japan's industrial and commercial sales showed improvement, with consumer confidence rising for three consecutive months[28] Market Trends - The S&P 500 index rose by 0.71% last week, with a year-to-date increase of 16.30%[5] - The 10-year U.S. Treasury yield increased by 9 basis points to 4.11%, reflecting market adjustments following the Fed's rate cut[5] - The WTI crude oil price decreased by 1.01% to $61, with a year-to-date decline of 14.78%[5]