【华泰期货】Precious metalWeekly report:Fed’s Expected Cut; Precious Metals High-Range Trading-251213（7页）.pdf

1、Precious metalWeekly report|2025-12-13 Please read the disclaimer on the last page of this report carefully 1/7 1/7 2025Futures Research Report Feds Expected Cut;Precious Metals High-Range Trading Market News and Key Data Macroeconomic During the week ending December 12,2025,the Federal Reserve cut

2、the target range for the federal funds rate by 25 basis points to 3.50%3.75%.This marked the Feds third rate cut of the year,following reductions of the same magnitude on September 17 and October 29.The meeting vote passed with 9 in favor and 3 against,as some committee members advocated for keeping

3、 rates unchanged or implementing a larger cut.The meeting statement noted moderate economic expansion,slowing job growth,a slight rise in the unemployment rate and persistently high inflation.The Committee remains focused on the two-sided risks to its dual mandate.Additionally,it is worth noting tha

4、t to maintain ample liquidity in the banking system,the Fed launched a monthly short-term Treasury purchase program of approximately$40 billion starting December 12,a move widely interpreted by the market as a clear dovish signal.Federal Reserve Chair Jerome Powell stated at the post-meeting press c

5、onference that monetary policy follows no preset course and decisions will be made meeting by meeting based on incoming data.While inflation remains elevated,non-tariff-driven core inflation has improved significantly.Without new tariffs,goods inflation is projected to peak in the first quarter of 2

6、026.Interest rates are now at the upper end of the neutral range,with policy transitioning from restrictive to neutral territory.To ease market pressures,the scale of short-term Treasury purchases will remain elevated in the coming months,with the program expected to be completed by April 15,2026.Th