降息“靴子”落地，最新解读

Core Viewpoint - The Federal Reserve's decision to lower the federal funds rate by 25 basis points to a target range of 3.75% to 4.00% aligns with market expectations, indicating a continuation of the easing cycle in the future [2][3][4]. Impact on Global Assets - The Fed's rate cut is expected to have profound effects on global asset prices. The short-term outlook for U.S. stocks may experience volatility, but the long-term performance will depend on economic fundamentals and the ability of corporate earnings to withstand growth slowdowns [5][6]. - U.S. Treasury yields may rise in the short term but are expected to trend downward in the medium term as the easing cycle progresses, leading to potential increases in bond prices [6][7]. - The dollar index may receive short-term support but is likely to face limited upward potential, while the rate cut could enhance the appeal of gold as an anti-inflation asset [6][7]. A-shares and Bond Market Outlook - The A-share market is anticipated to continue its positive momentum, supported by the Fed's rate cut alleviating capital outflow pressures from emerging markets and improving the liquidity environment for Chinese stocks [8][9]. - The bond market is expected to remain strong, with the Fed's actions providing more room for the People's Bank of China to implement looser monetary policies, thereby reducing constraints on the yuan's exchange rate [9][10].