Core Insights - The Federal Reserve's July meeting minutes indicate a cautious stance on monetary policy and express concerns over high asset valuations in the U.S. financial system [2] - Most Federal Reserve officials believe there are vulnerabilities in the current financial system that require increased regulation [2] - The S&P 500 index fell by 0.24% to 6395.78 points on the day the minutes were released, marking the fourth consecutive day of decline [2] Regulatory Environment - President Trump advocates for loosening financial system regulations, contrasting with the views of most current Federal Reserve officials [2] - A potential shift in monetary and regulatory policy is anticipated after Federal Reserve Chair Powell's term ends in May next year, which may lead to a more accommodative financial environment [2] Market Implications - If the Federal Reserve's policies shift towards more lenient monetary and regulatory measures, it could mirror the conditions leading up to the 2008 financial crisis [2] - This accommodative environment may persist beyond President Trump's current term, raising concerns about future financial stability [2] - Warren Buffett's quote highlights the risks associated with such a financial environment, suggesting that vulnerabilities may only become apparent when market conditions change [2]

（原标题：凌晨！美联储重大发布！罕见警告：资产估值高企） 参会官员们普遍指出，美联储的充分就业和价格稳定双重使命都面临风险，尤其强调通胀上行的风险和 就业下行的风险。 关于通胀上行风险，美联储官员指出了关税政策的不确定影响，以及通胀预期可能变得不稳定。 美联储内部分歧"摆上台面"。 北京时间8月21日凌晨，美联储公布会议纪要显示，联邦公开市场委员会在货币政策路径上分歧加剧， 内部对关税冲击、通胀风险及就业市场状况意见分裂，凸显决策层面临的复杂局面。 值得注意的是，美联储官员罕见发出警告，称当前美国金融体系存在一些脆弱性，需要监控。资产估值 高企的压力令人担忧。美联储官员还对稳定币可能对银行体系、金融体系以及货币政策执行所产生的广 泛影响表示关切。 美联储最新发布 北京时间8月21日凌晨，美联储官网发布了最新的会议纪要，其中显示，在7月决定维持基准利率不变的 议息会议上，有两位官员(主张降息)投下反对票，对通胀和就业的风险以及关税对通胀的影响，美联储 官员们存在分歧，不过多数还是认为，通胀上升的风险比就业下行的风险高。 其中，美联储副主席鲍曼与理事沃勒主张降息25个基点，以防范劳动力市场进一步恶化。这是自199 ...