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, with increasing concerns about job market downturns [2][4]. - Various foreign institutions interpret the rate cut as a sign of the Fed's shift in focus from persistent inflation to labor market weakness, potentially easing concerns about the U.S. interest rate advantage [2][3]. - The Fed's dot plot suggests 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 Implications - Following the rate cut, U.S. stock markets remained stable, indicating that the market had largely priced in the 25 basis point cut [5]. - The outlook for small-cap stocks is optimistic, driven by expectations of further monetary easing from the Fed, with a favorable view on non-U.S. equity markets, particularly in China, Japan, and Europe [6]. - A weaker dollar is expected to facilitate global capital rebalancing, with increased foreign investment demand in A-shares and Hong Kong stocks [6]. Group 3: Economic Outlook - The Fed emphasizes that future policy decisions will be data-dependent, with ongoing structural conflicts between labor markets and inflation complicating future actions [4][6]. - The potential for a dovish rate cut could lead to a steepening of U.S. Treasury yields, while uncertainties regarding tariffs may impact corporate earnings, particularly in the tech sector [6].