【12月18日推出"落实会议部署问答中国"系列述评】鉴于央行逐步淡化量化目标，更重价格型调控工具 作用。新一年，央行或进一步推动收窄利率走廊、稳定国债收益率曲线、改革贷款市场报价利率报价等 工作，加强利率协同与联动，提升货币政策传导效果。加强财政与货币政策协调配合，有助于扩大政策 效能。在贷款贴息、风险补偿、信用增进、国债发行等领域，财政与货币政策仍有深化合作空间。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Group 1 - The Federal Reserve announced a 25 basis point interest rate cut, marking the first rate cut for the dollar in 2025, although it was less than the anticipated 50 basis points [1] - Over the past year, the Federal Reserve has experienced extreme monetary policy fluctuations, initiating three rate cuts in 2024 totaling 100 basis points after a series of aggressive rate hikes totaling 525 basis points [3] - The interest rate decisions of the Federal Reserve have led to immediate actions from the Hong Kong Monetary Authority, which reduced its discount window rate by 25 basis points to 4.5% [5] Group 2 - The current domestic economic growth rate is approximately 5-6%, and the mortgage rates are aligned with this growth, indicating a potential stagnation in investment if rates do not decrease [6] - A necessary condition for meaningful investment is for the mortgage rates to be lower than the economic growth rate, which would restore the value of assets and drive investment [6][7] - The expectation is that interest rates in China will need to be lowered to support economic growth and prevent a potential economic crisis due to stagnation in investment [8]