国联民生宏观：我们认为美联储9月加息是一次典型的预防性加息，不代表新一轮持续紧缩周期的开启。从政策初衷和现实约束看，本轮

格隆汇09-17

国联民生宏观：我们认为美联储9月加息是一次典型的预防性加息，不代表新一轮持续紧缩周期的开启。从政策初衷和现实约束看，本轮加息与过往持续性的紧缩周期均存在明显差异。

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