Odaily星球日报讯 摩根大通资产管理公司全球市场策略师 Kerry Craig 在一份报告中表示，美联储已经发出信号，表明将对宽松周期采取更为谨慎的态度。Craig 称，鲍威尔通过平衡“回归中性利率的紧迫性”和承认“相对稳定的经济状态”，进行了良好的沟通。 Craig 补充说，人们关注的焦点也更多地转向了就业优先的方式，而不是通胀。降息的规模可能不如最终目标重要，最终目标是通过预计到 2025 年底再降息 150 个基点，到 2026 年将政策利率调整到更接近美联储中性的观点。Craig 称，如果名义增长和宽松周期保持稳定，股票和债券应该会受益。（金十）

Odaily星球日报讯 摩根大通资产管理公司全球市场策略师 Kerry Craig 在一份报告中表示，美联储已经发出信号，表明将对宽松周期采取更为谨慎的态度。Craig 称，鲍威尔通过平衡“回归中性利率的紧迫性”和承认“相对稳定的经济状态”，进行了良好的沟通。Craig 补充说，人们关注的焦点也更多地转向了就业优先的方式，而不是通胀。降息的规模可能不如最终目标重要，最终目标是通过预计到 2025 年底再降息 150 个基点，到 2026 年将政策利率调整到更接近美联储中性的观点。Craig 称，如果名义增长和宽松周期保持稳定，股票和债券应该会受益。（金十）

摩根大通：美联储暗示将对宽松周期更为谨慎

According to a report by Kerry Craig, the global market strategist at JPMorgan Asset Management, the Federal Reserve has signaled that it will take a more cautious approach to the easing cycle. Craig stated that Powell has communicated well by balancing "the urgency to return to a neutral interest rate" and acknowledging "the relatively stable economic conditions." Craig added that the focus has shifted more towards prioritizing employment over inflation. The scale of rate cuts may not be as important as the ultimate goal, which is to lower the policy rate to a level closer to the Fed's neutral stance by the end of 2026, with an expected 150 basis point cut by the end of 2025. Craig said that if nominal growth and the easing cycle remain stable, stocks and bonds should benefit.

Odaily Odaily News Kerry Craig, global market strategist at JPMorgan Asset Management, said in a report that the Federal Reserve has signaled that it will take a more cautious approach to the easing cycle. Craig said that Powell communicated well by balancing the &quot;urgency of returning to a neutral interest rate&quot; and acknowledging a &quot;relatively stable economic state.&quot; Craig added that the focus has also shifted more to an employment-first approach rather than inflation. The scale of the rate cut may not be as important as the ultimate goal, which is to adjust the policy rate to a closer view of the Fed&#39;s neutrality by 2026 through an expected 150 basis point rate cut by the end of 2025. Craig said that if nominal growth and the easing cycle remain stable, stocks and bonds should benefit. (Jinshi)

JPMorgan Chase: Fed hints at more cautious easing cycle

Odaily Planet Daily Report: Investors originally expected the market to experience violent fluctuations after the Federal Reserve's significant interest rate cut, but what they saw was a calm and undisturbed market condition. However, this tranquility may quickly dissipate.

"I don't think this calmness will last too long," said Brian Jacobsen, chief economist at Annex Wealth Management, who pointed out that the stock market reversed course that evening, possibly indicating that the market is expected to be weak, "unless we get some data that can provide a clear direction."

Jacobsen stated that the market will focus on the upcoming data, such as the initial jobless claims on Thursday. Jacobsen said, "The Federal Reserve is clearly in a catch-up mode and is trying to make up for the lost time with the just-implemented rate cut."

Economist: The Fed's drastic rate cut may just be the calm before the storm.

The Odaily Planet Daily Report states that the US Federal Open Market Committee (FOMC) will announce its interest rate decision later today. An analyst at Maybank in a foreign exchange research and strategy report said that the market's expectation of a 50 basis point rate cut by the Federal Reserve has stabilized in the 60%-70% range. However, analysts said that the FOMC may wish to avoid sending the wrong signal to the market through a large rate cut, partly because this could cause panic. The analyst added that market participants are expected to focus on the press conference by Federal Reserve Chairman Powell to understand the subtle differences in the forward guidance for future rate cuts.

Institution: The Fed may want to avoid sending the wrong signal by cutting interest rates sharply

Federal Reserve Chairman Powell: We have not set any fixed interest rate path, and will make decisions by holding meetings one by one. If appropriate, we can accelerate or slow down the pace of rate cuts, or even choose to pause rate cuts. (Gold Ten)