要点： 美联储连续两次降息25基点，行动符合市场预期。 美联储缩表持续三年半后告终，决定12月起以短期国债替代到期MBS持仓。 两名反对利率决议的FOMC票委中，特朗普"钦点"的新晋理事米兰和上次会议一样主张降息 50基点，堪萨斯城联储主席施密德支持按兵不动。 声明重申"鉴于风险平衡已转变"决定降息，将"最近的"数据指标换为"可获得的"，新增指 出，劳动力市场近期指标与政府关门前趋势相符，称就业下行风险"近几个月增加"。 "新美联储通讯社"：联储继续努力防止近期就业放缓的趋势恶化，但经济数据缺失使未来利 率走向变得扑朔迷离。 本次降息决定完全在投资者意料之中。到本周二收盘，芝商所（CME）工具显示，期货市场预计联储 本周降息25个基点的概率达99.9%，12月下次会议继续降息25基点的概率为91%。这显示，市场已几乎 完全消化今年内合计降息三次的预期。9月上次FOMC会后公布的利率展望显示，多数联储决策者预计 的今年降息次数由6月公布的两次提高到三次。 和前两次会议一样，本次会上，美联储决策层依然没有就利率行动达成统一。包括美国总统特朗普"钦 点"的新任理事米兰在内，两名FOMC委员投票反对降息25个基点的决 ...

Core Viewpoint - The discussions regarding economic assessments and monetary policy decisions are ongoing, with no predetermined conclusions for the upcoming December meeting, highlighting diverse opinions among participants [4]. Economic Assessment - Current economic assessments indicate that inflation risks are skewed to the upside, while employment risks are to the downside, suggesting a complex economic landscape that cannot be addressed simultaneously with existing tools [2]. - Different forecasts exist among participants, reflecting varying levels of risk aversion towards inflation and employment outcomes [3]. Monetary Policy and Balance Sheet Management - The committee has indicated a gradual tightening in money market conditions, with significant tightening observed in recent weeks [8]. - The balance sheet is currently shrinking at a slow pace, with a decision to freeze its size effective December 1, allowing markets time to adapt [9]. - The reduction of reserves will continue as non-reserve liabilities grow, indicating a strategic approach to balance sheet management [7].

【导读】美联储降息25个基点 大家好，北京时间10月30日凌晨两点，美联储以10比2的投票结果，将基准利率下调25个基点至3.75%-4.00%，为连续第二次会议降息，尽管 因政府停摆导致对经济的可见性不足，此举仍在市场预期之内。 除降息外，美联储宣布将于12月1日结束其缩减资产购买——即"量化紧缩"（QT）的进程。 一起关注一下这次降息有哪些重点内容。 理事米兰再次投下反对票，倾向于更快行动、一次性降息50个基点。圣路易斯联储主席施密德也投了反对票，但理由相反——他主张本次不 降息。 美联储力求在充分就业与物价稳定之间取得平衡。不过，近来官员表示就业面临的风险略高。 另外，美联储表示将自12月1日起停止缩减资产组合，结束始于2022年的进程。此后，美联储已抛减逾2万亿美元的美国国债和抵押贷款支持 证券（MBS），使资产负债表降至不足6.6万亿美元，为2020年以来最低水平。 疫情后，为支持经济，在将基准利率降至接近零的同时，美联储进行了数万亿美元的资产购买。 以下是美联储的声明全文。 可获得的指标显示，经济活动一直以温和的步伐扩张。今年就业增长放缓，失业率小幅上升但截至8月仍处于低位；更为近期的指标与上述情 ...

Core Viewpoint - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 3.75%-4.00%, marking the second consecutive meeting with a rate cut, despite uncertainties due to government shutdowns [2][4]. Group 1: Rate Cut Details - The decision to cut rates was made with a 10 to 2 vote, with dissenting opinions from members advocating for either a larger cut or no cut at all [4][10]. - The Federal Reserve will end its quantitative tightening process on December 1, having reduced its balance sheet by over $2 trillion since 2022 [3][6]. Group 2: Economic Indicators - The Fed acknowledged a lack of data due to the government shutdown, which has affected the availability of key economic indicators such as non-farm payrolls and retail sales [4][5]. - Recent indicators suggest a moderate expansion in economic activity, with employment growth slowing and a slight increase in the unemployment rate, although it remains low [4][8]. Group 3: Inflation and Employment - Inflation remains above the Fed's 2% target, with the latest Consumer Price Index (CPI) report showing an annual inflation rate of 3%, driven by rising energy costs and tariffs [5][6]. - The Fed aims to balance maximum employment with price stability, noting that risks to employment have increased recently [6][8]. Group 4: Market Reaction - Following the announcement of the rate cut, U.S. stock markets did not experience significant volatility [11]. - Other central banks in the region, including Qatar, Bahrain, and the UAE, also lowered their rates by 25 basis points in response to the Fed's decision [12].

Federal Reserve Interest Rate Decision - The Federal Reserve has cut interest rates by a quarter point to a new range of 3.75% to 4% [1] - There were two dissents regarding the decision, with one governor advocating for a 50 basis point cut and another preferring no change at all [1][5] Quantitative Tightening and Balance Sheet Management - The Federal Reserve announced it will stop quantitative tightening and the roll-off of its balance sheet starting in December [1][5] - Future rolloffs of treasuries and mortgage-backed securities will be reinvested into T-bills, marking a shift in strategy [2] Economic Indicators and Outlook - The Fed noted that economic activity has expanded at a moderate pace, indicating a slight upgrade from previous assessments [2][3] - Job gains have slowed, but unemployment remains low as of August, with recent indicators aligning with these trends [3] - Inflation has increased since earlier this year and remains somewhat elevated, consistent with previous characterizations [4]

Jerome Powel Bitcoin. Photo by BeInCrypto The Federal Reserve lowered its benchmark interest rate by 25 basis points to 3.75–4.00% on Wednesday, marking its second rate cut this year. The central bank said economic growth remains moderate while job gains have slowed and unemployment has edged up. Inflation, however, remains “somewhat elevated,” keeping the Fed cautious about further policy easing. Fed Balances Inflation and Labor Market Risks The decision also confirmed that the Fed will end quantitativ ...

I'll bring into the conversation Kevin Hanks is with me to talk about the big picture here. It's good to see you Kevin. Uh we are seeing here still up arrows across the board right now.The Dow's up 161 points. It's gaining. It had been up 114 points.So stocks are going higher. The bond yields moving a bit higher. Some of your reaction as the Fed cuts rates 25 basis points.So, here's the main uh headlines from today. Yes, they cut 25 base points, two descents. Nicole, one on each side.Schmidt favored no cut ...

Al Drago / Bloomberg via Getty Images Federal Reserve policy committee members, including Lisa Cook, voted to cut their influential fed funds rate Wednesday. Key Takeaways The Federal Reserve lowered its key interest rate today by a quarter of a percentage point, as widely expected. Fed officials aim to boost the faltering job market as concerns over inflation take a back seat to fears that unemployment could rise. The Federal Reserve has once again cut its benchmark interest rate, aiming to breathe ...

Core Points - The Federal Reserve has decided to end its quantitative tightening (QT) strategy, which involves reducing its balance sheet [1][2] - The conclusion of QT will take effect on December 1, with a commitment to support maximum employment and achieve a 2% inflation target [2] Summary by Sections - **Quantitative Tightening Details** - The Fed has been allowing assets to mature since June 2022, reversing the significant increase in its balance sheet during the COVID-19 pandemic [2] - Monthly, the Fed has permitted up to $5 billion in Treasuries and up to $35 billion in mortgage-backed securities to mature without reinvestment [2] - Over the recent months, the Fed has allowed more than $2 trillion in bonds to mature, effectively pulling money out of the financial system [2]

Core Points - The U.S. Federal Reserve cut its benchmark interest rate range by 25 basis points to 3.75% to 4.0% and concluded the quantitative tightening process on December 1 [1] - Job gains have slowed, and the unemployment rate has slightly increased but remains low; inflation has risen and is still elevated [2] - There was some dissent regarding the rate cut, with Kansas City Fed President voting to hold policy steady while another governor favored a larger cut [2] Market Reactions - Bitcoin (BTC) traded at $111,700, down 3% over the past 24 hours following the rate decision [3] - Stocks showed modest gains, with the Nasdaq leading at a 0.5% advance; the 10-year Treasury yield rose to 4.02% [3] - Market participants are focused on Fed Chair Jerome Powell's upcoming press conference for insights on the economy and future rate cuts [4]