Core Viewpoint - The article discusses the transition phase of monetary policy approaching a "turning point," indicating a complex interplay between hawkish and dovish stances within the Federal Reserve [1][3]. Summary by Sections Federal Reserve Meeting Insights - The Federal Reserve maintained the federal funds target rate at 4.25%-4.50%, marking the fifth consecutive meeting without a rate change [2][5]. - The meeting revealed internal dissent with two members advocating for a 25 basis point rate cut, highlighting increasing divisions within the FOMC [2][6]. - The PCE price index was reported at 2.7%, above the 2% target, while the GDP growth rate for the first half of the year was only 1.2%, significantly lower than the previous year's 2.5% [4][12]. Market Reactions - Following the Fed's decision, international gold prices fell to $3327 per ounce, while the dollar index rose to 99.82 [2][7]. - The market's perception of the Fed's stance was mixed, with some analysts interpreting Powell's comments as hawkish despite the dovish tone of the statement [7][10]. Economic Outlook and Predictions - Analysts predict that the Fed will remain cautious due to rising inflation, with potential rate cuts expected later in the year, particularly in December [10][11]. - The uncertainty surrounding trade policies and their impact on inflation may lead the Fed to maintain higher rates for an extended period [11][12]. - The latest employment data showed a lower-than-expected increase in non-farm payrolls, raising concerns about economic slowdown and increasing rate cut expectations [13]. Global Market Implications - The article suggests that a potential easing of monetary policy could enhance liquidity in global capital markets, benefiting various asset classes including equities and precious metals [12]. - The dynamics of the Fed's policy decisions are expected to create higher volatility in the markets, necessitating flexible asset allocation strategies [13].

不降息！这次"表稳里动"的美联储议息会议，似乎让资产价格"受惊"了。 会后，国际黄金价格跌至3327美元/盎司，美元指数升至99.82，10年期美债收益率升至4.37%，2年期美债收益率飙升至3.93%，美股则涨跌不一。 当地时间7月30日，美联储联邦公开市场委员会（FOMC）维持联邦基金目标利率在4.25%—4.50%，连续五次"按兵不动"。但市场关注的焦点并非降不降 息，而是此次会议及其声明是否释放出"政策转折"的前兆信号。 答案并不简单。表面上，美联储仍然坚持"数据驱动"立场，强调美国通胀尚未令人信服地回落，降息条件尚不成熟。但此次决议中罕见地出现了两票反对意 见（理事鲍曼和沃勒主张立即降息25个基点）。这或预示着美联储内部政策共识出现裂缝，未来路径将更加灵活、多变且具有争议性。 彭博经济研究院首席美国经济学家AnnaWong指出，自1993年以来，美联储首次出现两位理事对政策决议持不同意见，凸显内部矛盾加剧。或因妥协使然， 本次政策声明比预期更显鸽派，特别提及上半年经济增长放缓。她分析，6月核心个人消费支出（PCE）物价指数和7月非农数据，可能进一步激化FOMC的 分歧。 这并非简单的"鹰"与"鸽"之 ...