凌晨两点，美联储如期降息25基点，但市场……

Core Viewpoint - The article discusses the recent interest rate cut by the Federal Reserve, its implications for the stock market, and the contrasting performance of U.S. and Chinese stocks following the announcement [4][5][6]. Group 1: Federal Reserve's Interest Rate Decision - The Federal Reserve announced a 25 basis point cut in the federal funds rate, lowering it to a target range of 4.00% to 4.25%, marking the first rate cut of the year [4]. - Market expectations were aligned with the Fed's decision, with a 96% probability of a 25 basis point cut prior to the announcement [5]. - The Fed's updated projections indicate an expectation of two more rate cuts this year, reflecting concerns over a slowing labor market [7]. Group 2: Economic Conditions and Market Reactions - Following the rate cut, Fed Chairman Jerome Powell indicated that the decision was a "risk management" move, emphasizing the need to balance inflation control with employment stability [8][10]. - Powell noted a slowdown in U.S. economic growth and rising inflation, alongside significant risks to the labor market, which has shown signs of weakness [9][10]. - The market reacted with volatility, as the Nasdaq index experienced a drop of over 1% during trading after Powell's comments [9]. Group 3: Stock Market Performance - The U.S. stock market showed mixed results post-announcement, with the Dow Jones Industrial Average rising by 0.57%, while the Nasdaq Composite and S&P 500 indices fell by 0.33% and 0.1%, respectively [2]. - In contrast, Chinese stocks performed strongly, with the Nasdaq China Golden Dragon Index rising by 2.85%, driven by significant gains in companies like Baidu and NIO [3].