没有悬念，降息了，但有比降息更重要的事

Core Viewpoint - The article emphasizes the significance of the Federal Reserve's decision to expand its balance sheet through asset purchases, particularly in the context of recent interest rate cuts, suggesting that this action is more impactful than the rate cuts themselves [2][30]. Summary by Sections Federal Reserve Actions - The Federal Reserve has cut interest rates by 25 basis points, bringing the federal funds rate to a range of 3.5% to 3.75%, marking the third rate cut of the year [2]. - The focus of the recent Federal Reserve meeting was not just on the rate cut but on the announcement of expanding the balance sheet by purchasing $40 billion in short-term government bonds [2][30]. Impact of Balance Sheet Expansion - The expansion of the balance sheet is likened to directly injecting cash into the market, which is expected to increase liquidity globally [3][6]. - The influx of cash will likely flow into U.S. Treasury bonds first, as they are seen as a safe investment [10][11]. Market Reactions - The article notes that while the initial reaction may lead to a rise in bond prices and a decrease in yields, the stock market's response will be more selective, favoring sectors that are sensitive to interest rates, such as technology and high-dividend stocks [18][19][20]. - The current market environment is characterized by a significant divergence in sector performance, with funds gravitating towards stocks with higher certainty of growth [24][34]. Future Considerations - The article suggests that investors should focus on the anticipated pace and extent of future rate cuts by the Federal Reserve, particularly looking ahead to January and beyond [27][28]. - It highlights the importance of preparing for market fluctuations and managing expectations in light of ongoing macroeconomic developments [35][36].