On December 10, #美联储降息与市场反应 , the Federal Reserve completed its third interest rate cut of the year, lowering the target range for the federal funds rate to 3.50%-3.75%. This 'hawkish rate cut' released complex policy signals, leading to differentiated responses across global markets, specifically as follows:

1. U.S. Stock Market: Short-term upward trend is evident. As of the close on December 10, the Dow rose by 1.05%, the S&P 500 increased by 0.67%, and the Nasdaq slightly rose by 0.33%. Sector performance was mixed, with bank-related ETFs rising by 1.1%, and individual stocks like Amazon and Tesla increasing by over 1%. However, some overvalued tech stocks faced pressure, with Microsoft down by 2.78% and Meta dropping over 1%.

2. Bond Market: U.S. Treasury yields showed a trend of short-end leading declines and slight declines at the long end, with the 2-year Treasury yield falling by 7 - 15 basis points to 3.45%-3.54%, and the 10-year Treasury yield decreasing by about 5 basis points to 4.13%. The yield curve exhibited a 'bull steepening' shape. At the same time, global bond market yields generally decreased, providing space for China’s 10-year government bond yield to decline.

3. Foreign Exchange Market: The U.S. dollar index fell sharply, breaking through key levels, with a decline of 0.23%-0.6%. Meanwhile, the renminbi benefitted from the narrowing interest rate differential between China and the U.S., stabilizing within the range of 7.0 - 7.1, with an increased probability of breaking 7 in 2026. Other emerging market currencies also received support, helping to alleviate capital outflow pressures in these regions.

4. Commodity Market: Commodities priced in U.S. dollars generally rose, with gold stabilizing at $4230 per ounce, and silver prices breaking through $62 per ounce to create a historical high; copper prices soared to $10190 per ton, and WTI crude oil increased by 0.36% to $58.46 per barrel, benefiting from the dual advantages of improved demand expectations due to interest rate cuts and dollar depreciation.

5. China-related Markets: Northbound capital is expected to continue its net inflow trend, with foreign investment in domestic government bonds further strengthening. The FTSE A50 futures rose by 0.31%, and the Hong Kong tech sector significantly benefitted from improved liquidity, with major internet companies exhibiting substantial elasticity.