The Federal Reserve accepted $176 million from two counterparties in its fixed-rate reverse repurchase operation.

1. 6月政策會議：‌偏鷹‌。沃什強調"通脹遠高於2%目標"，明確不會降息。當日道指跌0.98%、標普500指數跌1.21%、納指跌1.34%，現貨黃金收跌1.66%。 2. 7月政策會議：‌中性偏鷹‌。沃什強調通脹偏高，但拒絕透露下一步方向。當日道指跌2.19%、標普跌1.52%、納指跌1.74%；現貨黃金一度衝上4100美元后回落至約4066美元。 3. 8月傑克遜霍爾年會：偏鷹。沃什在傑克遜霍爾會議明確2%目標不可動搖、金融條件難言具有限制性。現貨黃金重挫約3%，納指收跌0.52%，標普500指數跌0.25%。 4. 9月政策會議：偏鷹‌。沃什強調恢復物價穩定，不願提前承諾後續政策路徑。道指初步收跌1.2%，標普500指數跌0.44%，納指跌0.01%。現貨黃金由漲轉跌，次日大幅反彈。 5. 10月IMF年會：中性偏鴿‌。沃什明確表示不會"預判"利率決策，重申將堅持實現物價穩定的長期目標。道指當日‌下跌0.34%，‌標普500指數跌1.09%，‌納指跌2.15%，現貨黃金收跌0.32%。

The Fed left the federal funds target at 3.75%-4.00%. US Treasury prices slipped; the two-year yield rose about 3bp to 4.76% after the decision. Traders price roughly a 90% chance of a 25bp hike at the December meeting. Two Fed policymakers dissented. Markets will monitor the chair's press conference for clues on policy logic and the outlook, though the chair has resisted offering forward guidance.