Federal funds rate: Target range lowered from 3.75%–4.00% to 3.50%–3.75%, marking the third consecutive 25bp rate cut this year and a total reduction of 75bp in 2025.
Dot plot: Still signals only one rate cut in 2026, reinforcing a message of hawkish easing, with a significantly slower policy pace expected next year.
Intensifying Internal Disagreements
The vote saw three dissents — the most since 2019.
Governor Milan voted for a 50bp cut,
while Goolsbee and Schmid preferred no change.
This highlights widening divisions within the FOMC over inflation persistence and labor-market risks.
Balance Sheet Operations
Starting December 12, the Fed will purchase $40 billion in short-term Treasuries to maintain ample reserves and ease money-market liquidity pressures.
Global Markets Review – December 10
Precious Metals: Silver Leads as It Breaks to All-Time High; Gold–Silver Ratio Falls Below 70
Spot silver rose 0.68% to $61.05/oz, up nearly 110% year-to-date.
Gold slipped 0.27% to $4,196/oz.
關鍵驅動因素：
Supply shortage: Global inventories at the lowest in a decade; solar and AI hardware demand continues to surge.
Speculative flows: Retail and leveraged accounts aggressively positioning for a breakout.
FX & Bonds: Dollar Steady, U.S. Yields Hold Near 3-Month High
DXY flat near 99.0, as markets had priced in the rate cut well in advance.
U.S. 10-yr yield steady at 4.20%, reflecting concerns over sticky inflation.
USD/JPY up slightly to 156.70, with expectations of a BOJ December rate hike offsetting some Fed easing pressure.
Oil & Crypto: Geopolitics and Policy Uncertainty Intertwine
Oil: Brent crude up 0.18% to $62.05/bbl. Progress in Russia–Ukraine peace talks (Zelensky proposing a phased peace framework) has capped geopolitical premiums.
Crypto: Bitcoin flat at $92,623; Ethereum up 0.6% as markets await clearer guidance on the Fed’s policy trajectory
Equities: Caution Prevails Ahead of the FOMC Decision
U.S. equity futures: S&P 500 and Nasdaq 100 down 0.1%–0.2%, with tech investors awaiting Oracle’s earnings for AI-related demand clues.
Europe & Asia:
Nikkei 225 down 0.1%
Euro Stoxx 50 down 0.06%, pressured by banks and energy names.
Key Events to Watch Today
Fed speakers: Chicago Fed President Goolsbee and Cleveland Fed President Mester (Harmack?) to comment on the economic outlook — markets will closely monitor their interpretations of the internal split.
BOJ Governor Ueda: Expected to firm up expectations for a December rate hike, which may trigger yen carry-trade unwinds.
Data releases:
Australia November unemployment rate (seasonally adjusted)
