--- title: "Fidelity: The Federal Reserve releases hawkish signals for interest rate cuts, restarting bond purchases to maintain liquidity" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/269330408.md" description: "The Federal Reserve cut interest rates by 25 basis points and restarted bond purchases to maintain liquidity. Fidelity pointed out that the Fed's statement removed guidance for further rate cuts, indicating a divergence of opinions among officials. The Fed announced monthly bond purchases of $40 billion to stabilize interest rates. The dot plot shows a maintained rate cut of 0.25% from 2026 to 2027, gradually approaching the neutral rate. Economic growth expectations have been raised, the unemployment rate remains unchanged, and inflation expectations have been lowered. The bond purchase plan will last for 4 months" datetime: "2025-12-11T05:24:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/269330408.md) - [en](https://longbridge.com/en/news/269330408.md) - [zh-HK](https://longbridge.com/zh-HK/news/269330408.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/269330408.md) | [English](https://longbridge.com/en/news/269330408.md) # Fidelity: The Federal Reserve releases hawkish signals for interest rate cuts, restarting bond purchases to maintain liquidity The Federal Reserve lowered interest rates by 25 basis points as expected and restarted bond purchases to maintain liquidity. Fidelity responded that the Fed's statement removed forward guidance regarding further rate cuts, and the fact that three committee members opposed the decision indicates increasing divergence among officials. At the same time, the Fed announced the restart of monthly quantitative easing (QE) at $40 billion to purchase U.S. Treasury securities. The dot plot shows that from 2026 to 2027, rate cuts will maintain a 0.25 basis point reduction, with an overall direction still towards rate cuts, but as it approaches the long-term neutral rate, the pace of rate cuts will gradually slow. Fidelity summarized the key points of this rate decision and the post-meeting statement as follows: (1) Hawkish signal on rate cuts: This meeting cut rates by 0.25 basis points to a range of 3.50% to 3.75%, and the statement reintroduced the phrase "carefully assess the magnitude and timing of rate cuts," suggesting that consecutive rate cuts will come to an end. (2) Future rate cut path: Powell stated, "Now that rates have fallen within a reasonable estimate of the neutral rate, we are in a favorable position," conveying a wait-and-see attitude ahead of the January meeting before obtaining large data. According to the median expectations in the dot plot, rate cuts of 0.25 basis points will be maintained from 2026 to 2027, gradually approaching the long-term neutral rate. (3) Upward revision of economic growth expectations: Regarding economic expectations, the Fed raised its economic growth forecast, increasing the GDP growth rate for 2025 from 1.6% to 1.7%, and significantly revising the 2026 forecast from 1.8% to 2.3%, indicating that officials generally believe the economy will maintain robust growth in the future. (4) Unemployment rate stable, inflation expectations lowered: In this economic outlook, with little change expected in the unemployment rate, inflation and core inflation expectations for 2025 to 2026 were lowered, in line with the anticipated 0.25 basis point rate cut next year. This shows that Fed officials believe that three consecutive preventive rate cuts before the end of 2025 can effectively hedge against downside risks in the labor market and support the economy; at the same time, the impact of new tariffs from Trump on inflation is seen as a one-time shock, with inflation expected to gradually ease over time. (5) Restart of bond purchases: After ending balance sheet reduction on December 1, the Fed announced it would start purchasing $40 billion in short-term debt monthly from December 12, potentially continuing for four months, to replenish declining reserves and stabilize short-term rates. Fidelity's International Macro and Strategic Asset Team stated that the removal of forward guidance regarding further rate cuts from the statement, along with increasing divergence among officials, gives this rate cut a hawkish tone. However, the restart of the $40 billion monthly Treasury bond purchases through quantitative easing (QE), along with the dot plot indicating further rate cuts expected in the next two years, suggests that a considerable number of members within the FOMC still believe there is room for further rate reductions before reaching neutral levels. Looking ahead, Fidelity expects that market interest rate trends will increasingly be determined by speculation surrounding the new chairperson nominated by President Trump, rather than by the economic data released. Fidelity believes that in the basic scenario for 2026, the Trump administration is expected to appoint a non-traditional dovish Fed chair, whose main goal will be to further lower interest rates; although this scenario has begun to be digested by the market, the risks posed by a non-traditional dovish chair to long-term interest rates are still underestimated (da/) ## 相關資訊與研究 - [Trump weighs broader cabinet shake-up as Iran war pressure grows](https://longbridge.com/zh-HK/news/281681817.md) - [Senators urge Trump to bar Chinese automakers from building cars in US](https://longbridge.com/zh-HK/news/281644690.md) - [Omeros Turns Corner With Novo Deal, YARTEMLEA Launch](https://longbridge.com/zh-HK/news/281666535.md) - [Jefferies Reaffirms Their Hold Rating on Metso Outotec (0MGI)](https://longbridge.com/zh-HK/news/281641191.md) - [How to interpret the wild swings in the jobs numbers](https://longbridge.com/zh-HK/news/281681321.md)