#美联储降息 The Fed's recent move definitely left people a bit puzzled. At the end-of-year policy meeting, they officially announced a 25 basis point rate cut, bringing the benchmark interest rate now to the 3.50%-3.75% range. Since September, they've cut rates three times in a row, totaling a 75 basis point decrease. The issue is that, on the surface, rates are being lowered, but internally, the voting was 9:3 in favor, with three votes against—an unusual split that hasn't been seen in six years—indicating the decision-makers are directly at odds.

The logic behind the dissenting votes is even more interesting. Two members advocated for holding rates steady, maintaining the current level; another was more aggressive, demanding a direct 50 basis point cut. The disagreement has become significant enough to go beyond normal bounds. Meanwhile, the Fed has just completed its balance sheet reduction, and on December 12, announced a plan to purchase $400 billion in treasury securities, along with a slight expansion of the balance sheet to stabilize short-term funding markets. Powell’s stance is also very clear—raising interest rates is completely off the table now; the 2% inflation target is firmly committed to, and all future decisions will depend on economic data.

However, in reality, most market participants still expect the Fed to continue cutting rates by 25 basis points next year. Even more painfully, some decision-makers claim that the target interest rate range for next year should stay between 3.75% and 4.0%. As a result, the market is really uncertain about the Fed’s next move—policy direction has become ambiguous, and expectations are becoming chaotic.

How will this internal disagreement ultimately affect future policy implementation? With the central bank not unified in opinion, how should the market respond? What’s your take on whether this move can truly stabilize the economy’s fundamentals?