#美联储货币政策预期 Noted the latest Beige Book survey released by the Federal Reserve. Economic data shows uneven trends, with growing polarization in the consumer market. The high-end consumer segment remains stable, while overall consumer spending continues to decline. Employment levels have slightly decreased, and prices are rising moderately. These indicators reflect an uneven economic recovery with potential risks still present.

Regarding the policy direction for the December meeting, there are disagreements within the Federal Reserve. Based on current economic conditions, maintaining interest rates or a slight decrease are both possible. Close monitoring of economic data over the next month, especially employment and inflation indicators, is necessary to assess the policy outlook.

Investors are advised to remain cautious, pay attention to high-frequency economic data and speeches by Federal Reserve officials, and evaluate how changes in policy expectations might impact asset prices. At the same time, be alert to potential structural opportunities and risks arising from increased consumer polarization.