Accessible version 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 更多一手调研纪要和研报数据加V：shuinu9870 FAQs All you need to know about Fed easing cycles Q: Do I buy or sell the first Fed rate cut? A: This is not the right question to ask, in our view. Every easing cycle is different. The first Fed rate cuts in prior easing cycles are not entirely analogous to today. Prior to the mid '90s, the FOMC did not announce policy changes, and from the late 1970s-1980s, the Fed didn't explicitly target the Federal Funds rate. Average returns ac ...