【中信建投：当前美联储更加关注通胀回落的持续性以及货币政策框架调整后的有效性】中信建投研报指出，7月FOMC会议维持联邦基金利率目标区间不变，美联储延续“观察—确认—调整”的政策节奏，未释放明确降息信号。6月PCE数据显示，美国通胀继续改善，能源价格回落推动整体价格压力缓解，但核心通胀仍高于2%的政策目标，服务价格黏性和消费韧性限制政策快速转向。当前美联储更加关注通胀回落的持续性以及货币政策框架调整后的有效性。短期内，维持限制性政策仍是基准情景，后续政策转向仍需更多通胀和就业数据确认。
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