比推消息，据金十报道，中金研报称，美联储降息周期可能分为“快-慢-快”三个阶段：2025 年 Q4 为第一阶段，降息节奏较快，或连续降息 3-4 次；2026 年上半年为第二阶段，降息节奏放慢。随着通胀持续上行，美联储可能需重新平衡增长下行与通胀上行风险，无法持续快速降息，可能通过停止“缩表”来安抚金融市场。下半年为第三阶段，降息节奏再次加速。
比推消息，据金十报道，中金研报称，美联储降息周期可能分为“快-慢-快”三个阶段：2025 年 Q4 为第一阶段，降息节奏较快，或连续降息 3-4 次；2026 年上半年为第二阶段，降息节奏放慢。随着通胀持续上行，美联储可能需重新平衡增长下行与通胀上行风险，无法持续快速降息，可能通过停止“缩表”来安抚金融市场。下半年为第三阶段，降息节奏再次加速。
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