CITIC Securities: The Federal Reserve is expected to cut interest rates three times in a row this year
2025-08-25 00:52:36
According to CITIC Securities Research Report, Powell's speech at the Jackson Hole Central Bank Summit was in line with our previous expectations, emphasizing the downside risks of the labor market, continuing the view that "tariff inflation is a one-off" in the July interest rate meeting, paving the way for the September interest rate cut. We continue the previous view, expecting the Federal Reserve to cut interest rates three times in a row this year, each time 25bps. Regarding the adjustment of the monetary policy framework, the Federal Reserve abandoned the average inflation target system and returned to the flexible inflation target system, and revised the wording to emphasize the focus on "two-way" labor market risks.
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