凯雷：2025年美国降息周期下的经济、资本支出与估值图景研究报告（英文版）

The time for rate cuts has arrived. This is not just the assessment of Chair Powell and the Federal Open Markets Committee (FOMC), but virtually all analysts. When inflation declines, a central bank that doesn’t cut rates is effectively tightening policy – a development no one could recommend for the U.S. economy at this point in the cycle. Elevated interest rates have depressed residential investment and housing transactions, increased the effective cost of inventories, durable goods, and ot