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中信證券:依舊預計聯準會年內降息次數小於或等於2次
【中信證券:依舊預計聯準會年內降息次數小於或等於2次】中信證券研報稱,2025年5月聯準會議息會議維持政策利率不變,會議聲明強調“不確定性進一步加劇”。鮑威爾發言全程圍繞“不確定”和“邊走邊看”兩個詞,看似幾乎沒有增量信息。不過,基於我們“transitory inflation+ weaker growth+ high uncertainty”的分析框架,當前美國經濟數據和通脹預期對應降息預期有所削減。我們依舊預計聯準會年內降息次數小於或等於2次,並且預計6月聯準會議息會議將維持政策利率不變。市場方面,平淡的會議未掀起太多波瀾,我們預計市場短期仍將圍繞特朗普關稅政策交易,外匯市場美元看跌情緒仍重,美股前景尚不清晰,預計短期仍將保持高波動。(金十)