Core Viewpoint - The Federal Reserve is experiencing deepening internal divisions regarding future interest rate adjustments, with contrasting views among officials on the necessity and timing of rate cuts [2][3][7]. Group 1: Divergent Views on Rate Cuts - Kansas City Fed President Jeffrey Schmid expressed concerns that excessive rate cuts could hinder inflation from returning to the Fed's 2% target, indicating that the current policy stance is only slightly restrictive [2][3]. - Chicago Fed President Austan Goolsbee voiced unease about aggressive rate cuts, fearing they could obstruct the return of inflation to target levels, and highlighted signs of stagflation risks [5][6]. - Fed Vice Chair Michelle Bowman and new board member Stephen Milan advocated for more aggressive rate cuts, with Milan suggesting a rapid adjustment to neutral rates through a series of 50 basis point cuts [7][8]. Group 2: Current Economic Indicators - Schmid noted that while inflation remains high, the labor market is cooling, and he emphasized a data-dependent approach to future rate decisions [4]. - Goolsbee pointed out that the current economic environment shows signs of stagflation, and he remains open to further rate cuts if data supports a stable employment outlook and inflation returning to 2% [5][6]. - Daly, the San Francisco Fed President, expressed support for the recent rate cut and anticipated further reductions, asserting that the economy is not heading towards recession [9].
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券商中国·2025-09-26 06:00