On September 19, in response to the Fed's 50bp rate cut, CICC issued a commentary saying that the 50bp rate cut was an unconventional start and partially exceeded market expectations. The 50bp rate cut was in line with the expectations of CME interest rate futures, but exceeded the forecasts of many Wall Street investment banks, and was also an "unconventional" start.
Historically, interest rate cuts starting at 50bp have only occurred in economic or market emergencies, such as the technology bubble in January 2001, the financial crisis in September 2007, and the epidemic in March 2020.
