美联储如期降息，如何影响A股港股？外资观点来了

Core Viewpoint - The Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 4.00%-4.25%, indicating a shift in focus from controlling inflation to stabilizing growth and employment [1][2]. Group 1: Federal Reserve's Rate Cut - The rate cut aligns with market expectations and reflects a risk management approach to balance inflation and employment risks [2][4]. - The Fed's decision suggests a growing concern over labor market weakness, with future rate cuts dependent on economic data performance [2][3]. - The Fed's dot plot indicates three rate cuts in 2025 and one in both 2026 and 2027, with some institutions predicting additional cuts in November and December [3][4]. Group 2: Market Reactions and Global Implications - Following the rate cut, U.S. equity markets remained stable, indicating that the market had largely priced in the expected cut [6]. - There is an anticipated increase in foreign capital allocation to A-shares and Hong Kong stocks, driven by a weaker dollar and global capital rebalancing [6][7]. - Non-U.S. equity markets, particularly in China, Japan, and Europe, are viewed positively as potential investment opportunities [6][7]. Group 3: Economic Outlook and Future Considerations - The Fed emphasizes that future policy decisions will be data-driven, with ongoing structural tensions between inflation and employment complicating monetary policy [4][5]. - The potential for further dovish rate cuts could lead to a steepening of U.S. Treasury yields, impacting investor expectations for risk premiums [7]. - The overall economic environment post-rate cut may lead to a resurgence in global economic fundamentals, necessitating close monitoring of subsequent developments [6][7].