9月17日，在美联储宣布降息25个基点的同一天，美股三大指数收盘涨跌不一。 至收盘，道琼斯工业平均指数比前一交易日上涨260.42点，收于46018.32点，涨幅为0.57%。 标准普尔500种股票指数下跌6.41点，收于6600.35点，跌幅为0.1%。 纳斯达克综合指数下跌72.63点，收于22261.33点，跌幅为0.33%。 几大代表性科技股互有涨跌。英伟达跌超2%，特斯拉涨超1%，微软涨0.19%。 同时，当天美股市场热门中概股多数上涨，纳斯达克中国金龙指数收涨2.85%。百度涨超11%，蔚来涨 超6%，阿里巴巴、哔哩哔哩、理想汽车涨超2%。 消息方面，美联储主席鲍威尔发表讲话表示，今天的降息举措是一项风险管理决策，没有必要快速调整 利率。 欧洲股市方面，欧洲三大股指09月17日涨跌不一。英国伦敦股市《金融时报》100种股票平均价格指数 报收于9208.37点，较前一交易日上涨12.71点，涨幅为0.14%；法国巴黎股市CAC40指数报收于7786.98 点，较前一交易日下跌31.24点，跌幅为0.4%；德国法兰克福股市DAX指数报收于23359.18点，较前一 交易日上涨29.94点，涨幅为0.1 ...

Core Viewpoint - The European Union has announced a series of sanctions against Israel in response to the ongoing situation in Gaza, aiming to pressure the Israeli government to change its course [2]. Group 1: Sanctions Details - The EU will partially suspend trade-related aspects of the EU-Israel Association Agreement, indicating a significant shift in diplomatic relations [2]. - The trade volume between the EU and Israel for 2024 is projected to be €42.6 billion, with 37% of this trade benefiting from preferential treatment, highlighting the economic impact of the sanctions [2]. - The sanctions include measures against two Israeli extremist ministers and violent settlers, as well as ten members of Hamas [2]. Group 2: Responses - Israeli Foreign Minister Eli Cohen described the sanctions as morally and politically distorted, indicating a strong opposition to the EU's actions [2]. - Cohen emphasized that actions against Israel will be met with corresponding responses, suggesting a potential escalation in tensions [2].

Group 1 - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [1] - Recent economic indicators show a slowdown in economic activity and job growth, leading to increased uncertainty in the economic outlook and rising risks in employment [1] - The newly appointed Fed governor, Stephen Milan, was the only dissenting voice, advocating for a 50 basis point cut [1] Group 2 - The Fed forecasts an additional 50 basis points cut by the end of the year, with further cuts of 25 basis points each year for the next two years [2] - The Fed will continue to reduce its holdings of U.S. Treasuries, agency bonds, and agency mortgage-backed securities while maintaining the current pace of balance sheet reduction [2] Group 3 - The Fed's decision-makers project a GDP growth rate of 1.6% for 2025, an increase from the previous forecast of 1.4% in June, with a long-term growth rate expectation of 1.8% [3] Group 4 - Following the Fed's decision, the U.S. dollar index fell by 0.13% to 96.48 [4] Group 5 - President Trump has been consistently pressuring the Fed to lower interest rates since taking office in January [5]

本文字数：2787，阅读时长大约5分钟 作者 | 第一财经 樊志菁 北京时间周四（18日）凌晨，美联储公布9月利率决议。联邦公开市场委员会（FOMC）以11-1的方式决定下调利率区间25个基点至4.00%-4.25%， 暗示年内可能继续降息两次。这也是去年12月以来，FOMC重启宽松周期，周二刚刚进入美联储的新任理事米兰投出反对票，希望降息50个基点。 2025.09. 18 美联储主席鲍威尔亮相新闻发布会（来源：美联储官网直播画面） 美联储主席鲍威尔在新闻发布会上表示："在某种程度上，你可以将此次降息视为一次风险管理性质的降息。"他进一步补充称，"短期内，通胀面临上 行风险，就业面临下行风险，这对货币政策制定者而言是一个具有挑战性的局面。" 最新公布的经济预期概要（SEP）中，美联储上调了今年经济增速预期0.2个百分点至1.6%，2026年上修0.2个百分点至1.8%，2027年上修0.1个百分 点至1.9%。 通胀压力从明年开始有所上升。美联储预计2025年核心PCE增速3.1%，与6月预测持平，2026年上修0.2个百分点至2.6%，2027年维持在2.1%。整 体PCE调整类似，今年维持在3.0%，2 ...

美联储最新利率决议以近乎全票的结果通过了25个基点的降息，唯一的反对票来自特朗普总统刚提名的盟友。 当地时间周三，美联储今年首次降息如期落地，联邦基金利率的目标区间从4.25%-4.5%降至4.00%-4.25%。 本次会议最大的意外在于，仅有一位官员投下了反对票。刚刚于周二宣誓就职新任理事的Stephen Miran反对本次决议，他主张进行幅度达 50个基点的更大幅度降息，这与特朗普长期以来的要求相呼应。 而曾在7月会议上因主张降息而投下反对票的美联储理事Christopher Waller和Michelle Bowman，此次选择与多数人站在一起。 KPMG首席经济学家Diane Swonk在接受采访时表示： "很明显，鲍威尔已经成功管束了这些特立独行的成员。" 特朗普盟友Miran亮相，就职次日投出反对票 Stephen Miran的加入，为美联储的政策讨论增添了新的变数。 作为总统的亲密盟友，Miran正从白宫经济顾问委员会主席的职位上无薪休假，以填补一个将于明年1月到期的美联储临时席位。他在宣誓就 职次日便投下唯一一张反对票，主张更激进的50基点降息。 据媒体此前报道，美联储的经济预测也暗示，有一位 ...

东吴证券研报称，市场已充分定价3次的降息次数，全年降息次数没有进一步上调空间。因为就业的疲 软，市场对美国经济产生悲观态度，不过从领先指标来看，美国经济已有"复苏"迹象，如果经济超预期 上行，降息预期会进一步收敛。降息并不一定导致美元大幅走弱。从历史复盘的角度看，预防式降息导 致美元在一周后平均下跌，且跌幅相对较多（-0.91%），但一个月内跌幅收窄并转为上涨，未来三个月 和六个月平均上涨0.84%、2.02%。 ...

Core Viewpoint - The Federal Reserve has decided to lower the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking its first rate cut since December 2024, primarily due to slower job growth and economic uncertainty [1][5]. Group 1: Federal Reserve's Decision and Economic Indicators - The decision to cut rates comes amid rising inflation and disappointing job growth, with recent indicators showing a slowdown in economic activity and increased risks in the labor market [1][5]. - The Federal Reserve will continue to reduce its holdings of U.S. Treasuries, agency bonds, and agency mortgage-backed securities, maintaining the current pace of balance sheet reduction [1]. - The dot plot indicates that Fed officials expect an additional 50 basis points cut by the end of the year, with further cuts of 25 basis points each year for the next two years [1][4]. Group 2: Diverging Opinions Among Officials - Newly appointed Fed Governor Stephen Milan is the only dissenting voice, advocating for a 50 basis point cut instead of the 25 basis points implemented [1][4]. - Among the 19 officials, 7 predict no further cuts this year, while 9 believe there will be two more 25 basis point cuts, indicating a divided outlook on future rate adjustments [4][6]. Group 3: Market Reactions and Asset Implications - Following the rate cut announcement, U.S. stock indices showed mixed results, with the Dow Jones rising by 260.42 points (0.57%) while the Nasdaq fell by 72.63 points (0.33%) [7]. - Gold prices have seen significant increases, with a 100% rise over the past two years and a 45% increase this year, reflecting market expectations of further rate cuts [6][10]. - Analysts suggest that the Fed's dovish stance may benefit risk assets, but caution that political pressures and economic data could influence future rate decisions [10][11].

Core Viewpoint - The Federal Reserve has decided to lower the key interest rate by 0.25 percentage points, marking the first rate cut of the year, with the target range set at 4%-4.25% [1] Group 1: Federal Reserve Actions - The Federal Reserve officials anticipate two more rate cuts this year, each by 25 basis points [1] - Jerome Powell indicated that the balance of risks has shifted towards employment responsibilities, contrasting with previous inflation concerns [1] Group 2: Market Reactions - Unconventional core assets, including Tesla, performed well following the announcement, suggesting a potential market shift [1] - The market opened lower but rebounded, particularly in gold stocks (GDX) [1] - Post-announcement, indices like Nasdaq and S&P showed resilience, indicating no immediate recession fears [1] Group 3: Political Context - President Donald Trump criticized Powell for not accelerating rate cuts, expressing that the actions were "too late" and "numb" [1] - Only one Federal Reserve official voted for a more significant rate cut, highlighting differing opinions within the board [1]

Group 1 - The Federal Reserve has decided to lower the federal funds rate target range by 25 basis points to between 4.00% and 4.25%, marking the first rate cut since December 2024 [2] - Despite rising inflation rates, recent job growth has been below expectations, prompting the Fed to take this action [2] - The Fed's decision comes amid slowing economic activity and increasing uncertainty regarding the economic outlook [2][3] Group 2 - The Fed forecasts an additional 50 basis points cut by the end of the year, with further cuts of 25 basis points each year for the next two years [3] - The committee plans to continue reducing its holdings of U.S. Treasuries, agency bonds, and agency mortgage-backed securities while maintaining the current pace of balance sheet reduction [3] - The Fed projects a GDP growth rate of 1.6% for 2025, an increase from the previous forecast of 1.4%, with a long-term growth rate expectation of 1.8% [4] Group 3 - Following the Fed's decision, the U.S. dollar index fell by 0.13% to 96.48 [5] - President Trump has been consistently pressuring the Fed to lower interest rates since taking office in January [6]

美联储主席鲍威尔解释称，在就业风险已转向下行的背景下，降息25个基点是更合适的选择，并将其形容为一次“风险管理”式的降息。既强调了未来非农数据的重要性，也承认经济放缓的压力不容忽视。“关税导致商品价格上涨，但预计只是一次性的，我们要确保这一点。”外汇交易员 (@myfxtrader):#报告 巴克莱前瞻9月美联储利率决议：管理风险 https://t.co/FDikZT4tMT ...