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#美联储FOMC会议
In December 2025, the Federal Reserve's FOMC meeting marked the third 25 basis points rate cut of the year, lowering the federal funds rate range to 3.50%-3.75%. It also simultaneously restarted short-term Treasury bond purchases, with a policy mix of 'rate cuts + balance sheet expansion'.
The key turning point of this meeting lies in the adjustment of the easing pace: the statement added guidance on 'magnitude and timing', and the dot plot only implied one rate cut in 2026, contrasting with the market's previous expectations of easing, marking a shift towards a 'data-dependent' cautious stance. Significant divergence was evident in the meeting, with three dissenting votes reaching a new high since 2019, reflecting clear differences between the hawkish and dovish factions regarding the trade-off between inflation stickiness and employment risks.
On the market side, short-term liquidity support drove down short-term U.S. Treasury yields, while U.S. stocks and gold strengthened; however, in the medium to long term, inflation has not reached the 2% target, and economic growth expectations have been revised upward, combined with constraints from the new chair selection and hawkish voting members, leaving substantial easing space limited. Future policy anchors will focus on January's non-farm payroll, CPI data, and the policy tendencies of the new chair.
Overall, this meeting ends the consecutive easing cycle and opens a new phase of 'prudent easing + flexible adjustment'. Under the 'multi-speed' framework of global monetary policy, uncertainty in policy remains.

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