#美联储降息 The Federal Reserve just announced a rate cut—lowering the federal funds rate target range by 25 basis points, now set at 4.75%-5.00%.

The core logic behind this move is straightforward: inflation is easing, and economic growth is slowing down, so reducing borrowing costs to stimulate consumption and investment has become a necessary option. The market's reaction also aligns with expectations—U.S. stocks surged, and U.S. Treasury yields fell accordingly. From a liquidity perspective, this is indeed interpreted as a signal of monetary policy shifting towards easing, which is generally positive for risk assets.

However, there is a key issue to watch: if subsequent inflation data shows signs of rebounding, or if the employment market performs stronger than expected, the Federal Reserve is very likely to change course and tighten policy again. Therefore, how long this easing cycle can last and how strong it will be still contain considerable uncertainty. This will have a significant impact on asset allocation.