Topic: Significant Disagreement on the Federal Reserve's Third Consecutive Rate Cut, Trump Unhappy, Powell Excludes Rate Hike

On December 10 local time, the Federal Reserve announced its third rate cut of the year with a 9-3 vote, reducing the benchmark interest rate to 3.50%-3.75%, totaling a 75 basis point cut for the year. The positions of the three dissenting members varied, with one advocating for a 50 basis point cut and two insisting on keeping rates unchanged.

The Federal Reserve also announced that it will purchase $40 billion in Treasury bonds within 30 days starting December 12, and adjusted the wording of its policy statement. Powell candidly stated the difficulty of the decision-making process, explicitly ruled out the possibility of a rate hike, and mentioned that the current rates are in a reasonable range. He will wait for economic data to determine subsequent policies and also pointed out that tariffs are driving up inflation, and a 25 basis point cut has limited impact on the housing market. He hopes for a smooth transition of the Federal Reserve chair responsibilities.

Trump expressed dissatisfaction with the extent of the rate cut and demanded a doubling of the cut, while also initiating the candidate interview process for the Federal Reserve chair.

In the market, the three major U.S. stock indexes closed higher, with the S&P 500 nearing its historical record; the U.S. Treasury yield curve steepened in a bull market; and international oil prices fell slightly. Interpretations among institutions varied, with Goldman Sachs believing that preventive rate cuts may be coming to an end, while some analysts predict a 100 basis point cut next year. #比特币VS代币化黄金