Odaily星球日报讯 美联储柯林斯表示，数据将指导后续的降息步伐，不久后是开始降息的合适时机，一旦美联储内部处于不同的政策立场，那么采取逐步且有条不紊的降息步伐可能是合适的。（金十）

美联储柯林斯：不久后是开始降息的合适时机

Odaily Odaily News: Fed&#39;s Collins said that data will guide the pace of subsequent interest rate cuts, and it will be the right time to start cutting interest rates soon. Once the Fed is in a different policy stance, it may be appropriate to take a gradual and orderly pace of interest rate cuts. (Jinshi)

Fed's Collins: It will be the right time to start cutting interest rates soon

The minutes of the European Central Bank's July meeting released on Thursday showed that policymakers were not in a hurry to cut interest rates at last month's meeting, and they believe that September is the next best time to review whether to cut interest rates. The European Central Bank kept interest rates unchanged last month and gave almost no indication of future policy moves, even as investors increasingly bet that it will ease policy on September 12. The minutes showed: "A gradual easing of policy constraints is a balancing act, as it is also important to avoid keeping interest rates at a restrictive level for too long, which would excessively damage the economy." The European Central Bank added: "It is widely believed that the September meeting would be a good opportunity to reassess the level of monetary policy constraints. This meeting should be approached with an open mind."

ECB meeting minutes: September is the best time to decide whether to cut interest rates

Odaily reports that Kai Investment Macro believes the US dollar may further decline in the coming years, as the valuation of the US dollar is still relatively high and faces adverse interest rate differentials and reduced demand for safe-haven assets. Economist Shivaan Tandon said in the report that the Federal Reserve's rate cuts may exceed those of other countries, meaning that the interest rate differential may continue to be unfavorable for the United States. "We also expect risk appetite to remain strong, which means the US dollar will continue to be under pressure." Although there are concerns about an economic recession, the US economy appears to be heading for a soft landing. Kai Investment Macro forecasts that the DXY US dollar index will fall to 98 by the end of 2025.

Economist Shivaan Tandon: The Fed may cut interest rates more than other countries

Odaily Planet Daily Report: As the debate on Wall Street heats up over when the Federal Reserve will end its current quantitative tightening (QT) policy, strategists are eagerly awaiting the release of the latest policy meeting minutes by the Fed on Wednesday, hoping to get more guidance. While most market observers expect QT to end sometime later this year, the exact timing is still uncertain. This has drawn attention to the July meeting minutes, which may also provide clues about the trajectory of interest rates. Over the past week, the New York Fed has released a series of research reports on the implementation of monetary policy and the level of reserve balances, which are key themes as the QT program nears its end. Steven Zeng, U.S. rates strategist at Deutsche Bank, believes these may be the signals that policymakers are using as they approach the end of the program.