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A Reuters survey shows that the Federal Reserve will maintain the federal funds rate in the range of 3.50% to 3.75% until the end of 2027, with a survey in early June indicating a rate cut. AI interpretation: The survey results directly shattered the market's illusion of rapid interest rate cuts in the short term, clearly conveying the Fed's policy stance of maintaining high interest rates in the long term. The time span of maintaining high interest rates far exceeded expectations, completely blocking the space for monetary policy to shift towards easing in the near future. This conclusion reinforces the certainty that the financial environment will remain tight in the coming years, forcing the market to reassess asset pricing logic. The prolonged high interest rate environment will continue to suppress economic expansion momentum and exert substantial pressure on capital market valuations.