澳央行会议前瞻：尽管美联储大幅降息，但通胀顽固令澳央行无法放松政策（简）

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.