Fed Cuts Interest Rates, But Inflation Remains Elephant In The Room
Fed Cuts Interest Rates, But Inflation Remains Elephant In The Room
She notes that while Powell signaled some progress, he avoided providing a clear path forward, emphasizing the Fed's "data-dependent" approach.The Fed's widely anticipated 25 basis point rate cut on Thursday left investors with a sense of relief – but not certainty. According to JPMorgan analyst Maia G Crook. While Federal Reserve Chair Jerome Powell acknowledged the U.S. economy's resilience, inflation remains a nagging issue.
周四的美联储广受期待的25个基点降息让投资者感到一丝宽慰，但并没有确定性。根据摩根大通分析师Maia G Crook所说，尽管美联储主席杰罗姆·鲍威尔承认美国经济的韧性，但通胀仍然是一个令人不安的问题。
In the post-meeting press conference, Powell highlighted key growth drivers, including robust consumer spending and a solid labor market.
在会后新闻发布会上，鲍威尔强调了关键的增长驱动因素，包括强劲的消费支出和稳固的劳动力市场。
However, he attributed persistent inflation, or the "elephant in the conference room," largely to lagging pressures, such as shelter and insurance costs, underscoring that the fight against rising prices is far from over.
然而，他将持续存在的通货膨胀，或者说会议室中的"大象"，主要归因于滞后的压力，比如住房和保险费用，强调了对抗价格上涨的斗争远未结束。
She notes that while Powell signaled some progress, he avoided providing a clear path forward, emphasizing the Fed's "data-dependent" approach.
她指出，尽管鲍威尔表明取得了一些进展，但他避免提供清晰的前进道路，强调了美联储"数据依赖"的方法。
Read Also: Wall Street Hits Record Highs After Powell's Speech, Lifts Magnificent 7 Stocks To $17 Trillion In Historic Trading
阅读更多：鲍威尔讲话后，华尔街股市创历史新高，抬高科技七巨头股票至17万亿美元的历史交易。
What's Next For December?
12月将会发生什么？
Crook expects another 25 basis point cut in December, followed by quarterly cuts in 2025, but warns the Fed might hold off if the inflation rate doesn't continue to ease. With Powell leaving options open, she suggests the Fed's caution reflects a genuine concern over stubborn inflation that could delay the easing path investors hope for.
Crook预计12月会再次降息25个基点，随后在2025年进行季度性降息，但警告称，如果通胀率不再持续下降，美联储可能会暂缓。鲍威尔暂时保持开放选择，她认为美联储的谨慎反映出他们对顽强通货膨胀的真正担忧，这可能会延迟投资者期待的缓和路径。
ETFs such as the SPDR S&P 500 ETF Trust (NYSE:SPY), the iShares Core S&P 500 ETF (NYSE:IVV) and the Vanguard S&P 500 ETF (NYSE:VOO) provide exposure to broad market U.S. equities.
像SPDR标普500etf信托（纽交所：SPY）、iShares核心标普500etf（纽交所：IVV）和先锋标普500etf（纽交所：VOO）这样的etf为投资者提供了对美国股市广泛的曝光。
Politics In The Background
政治在幕后
When asked about the impact of the recent election, Powell stressed that policy decisions will remain apolitical, emphasizing that he would not step down if asked and can't legally be removed from his position. Crook notes that Powell's clarification here reaffirms the Fed's independence, reassuring markets wary of potential political pressures.
当被问及最近大选的影响时，鲍威尔强调政策决策将保持中立，强调如果被请求他不会辞职，也不能合法地被解除职务。克鲁克指出，鲍威尔在这里的澄清重申了美联储的独立性，让对潜在政治压力担忧的市场放心。
She sees the Fed as ready for a December cut, but with inflation still looming large, investors should remain cautious. As Powell sidesteps firm guidance, the Fed's data-driven approach means a slower path is on the table if inflation remains stubborn.
她认为美联储已经准备好在12月份降息，但由于通胀仍然严重，投资者应保持谨慎。鲍威尔回避具体指导，美联储基于数据驱动的方法意味着如果通胀依然固执，较慢的路径就在讨论范围内。
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