澳央行會議前瞻：儘管美聯儲大幅降息，但通脹頑固令澳央行無法放鬆政策（繁）

Fed : -50 bp but no sprint?

The Fed kicked off its rate-cutting cycle by cutting rates by 50 bp, while announcing a gradual pace. The market expects both the Fed and the ECB to return rates to around neutral by mid-2025. The Fed has certainly put risky assets back on track for the end of the year. However, US macro-risk remains on the table and the sensitivity of assets to macro newsflow will remain high as long as the scenario of a hard landing has not been ruled out.