Group 1: Report Core View - This week, domestic financial data declined due to seasonal factors, but the market didn't focus on it. The personal consumer loan interest - subsidy policy had limited impact. The main market drivers were news - related, like the shutdown of CATL's important lithium mine boosting the ChiNext and Sino - US chip competition strengthening domestic substitution expectations and driving up the STAR Market. The Shanghai - Shenzhen Composite Index and STAR Market Index led the gains among core indices [2]. - Overseas, the Stockholm economic and trade talks between China and the US postponed reciprocal tariffs and counter - measures for 90 days, having a small impact on the market. The US July CPI was lower than expected, while the PPI exceeded expectations, causing repeated expectations of a September interest rate cut in the US, large fluctuations in the US dollar index, and increased disturbances to global assets [2]. - Leveraged funds continued to flow in this week, with the margin trading balance exceeding 2 trillion on Monday and then having a net inflow of over 40 billion. The market trading volume increased rapidly, with the total A - share trading volume exceeding 2 trillion for three consecutive days. The market divergence widened, and the excess returns of heavy - weight stocks relative to the index were significant. The performance of individual stocks was far inferior to the prosperity shown by the index. The Shanghai Composite Index repeatedly touched the key level of 3,700 points and then fell back, losing the 3,700 - point level again at the end - of - day call auction on Friday [2]. - Large - cap sectors were still dragged down by sectors such as banks and coal. The Shanghai 50 and CSI 300 had small gains, while small - and medium - cap stocks performed better. The CSI 500 and CSI 1000 rose nearly 4%, and micro - cap stocks fell continuously, significantly underperforming small - and medium - cap stocks [2]. - In terms of basis, the annualized basis of each variety strengthened significantly. IF returned to a premium state, and the annualized discounts of IC and IM converged from 10% to around 7%, moving out of the historical bottom range. As the basis strengthened, the near - month contracts in the term structure rose significantly. After the August contracts expired, the September contracts had obvious hedging cost advantages. The September contracts of IH and IF had large premiums, providing large profit margins for cash - and - carry arbitrage. Meanwhile, the inter - term spread increased significantly this week, and the inter - term reverse arbitrage had realized considerable returns, with the strategy's cost - effectiveness further declining [2]. Group 2: Weekly Forecast Conclusion - The model's judgment on the movement directions of the bases of IH, IF, IC, and IM next week is: strengthening, weakening, strengthening, and weakening respectively [3] Group 3: Recent Forecast Conclusion - There are historical data on the real basis changes and predicted basis changes of IH, IF, IC, and IM, but no specific conclusions are clearly summarized from the data presented [4]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report Through macro - fundamental analysis and technical analysis using tools like the golden ratio line, horizontal line, and moving average, the report predicts the likely trends of various futures contracts on August 15, 2025. It also analyzes the performance of these contracts on August 14, 2025, and provides long - term (August 2025) trend expectations for some contracts [2]. Summary by Relevant Catalogs 1. Futures Market Forecast on August 15, 2025 - **Stock Index Futures**: Expected to fluctuate and consolidate. For example, IF2509 has resistance levels at 4176 and 4213 points and support levels at 4150 and 4138 points [2][21]. - **Treasury Bond Futures**: The ten - year T2509 and thirty - year TL2509 are likely to fluctuate weakly. T2509 has support at 108.21 and 108.13 yuan and resistance at 108.40 and 108.47 yuan; TL2509 has support at 117.6 and 117.3 yuan and resistance at 118.1 and 118.5 yuan [2][39]. - **Precious Metal Futures**: Gold (AU2510) and silver (AG2510) are likely to fluctuate weakly. Gold has support at 771.4 and 768.6 yuan/g and resistance at 778.7 and 781.8 yuan/g; silver has support at 9166 and 9130 yuan/kg and resistance at 9281 and 9346 yuan/kg [2][3]. - **Base Metal Futures**: Copper (CU2509) is expected to fluctuate and consolidate; aluminum (AL2509) is likely to fluctuate strongly; alumina (AO2601) is likely to fluctuate weakly; industrial silicon (SI2511) is expected to have wide - range fluctuations; polycrystalline silicon (PS2511) is likely to have weakly wide - range fluctuations; and lithium carbonate (LC2511) is expected to have wide - range fluctuations [3]. - **Ferrous Metal Futures**: Iron ore (I2601) is likely to fluctuate strongly; coking coal (JM2601) is likely to have strongly wide - range fluctuations; rebar (RB2510) and hot - rolled coil (HC2510) are expected to have wide - range fluctuations; glass (FG601) and soda ash (SA601) are expected to have wide - range fluctuations, with soda ash potentially accumulating strength to attack resistance levels [3][4][6]. - **Energy Futures**: Crude oil (SC2509), PTA (TA601), PVC (V2601), and methanol (MA601) are likely to fluctuate strongly [6]. - **Agricultural Futures**: Rapeseed meal (RM601), rapeseed oil (OI601), soybean meal (M2601), and soybean oil (Y2601) are likely to fluctuate weakly; palm oil (P2601) and natural rubber (RU2601) are expected to have wide - range fluctuations [6][7]. 2. Macro - news and Trading Tips - The central bank will conduct 500 billion yuan of outright reverse repurchase operations on August 15, 2025, with a 6 - month term. The cumulative outright reverse repurchase operations this month have exceeded the maturing amount by 30 billion yuan, effectively injecting medium - term liquidity. The market expects the central bank to increase the volume of MLF roll - overs after the 300 billion yuan MLF matures this month [8]. - The State Council has decided to modify the regulations on the entry and exit of foreigners, adding a new K - type visa to the general visa category for foreign young scientific and technological talents [8]. - China's total computing power ranks second globally. This year, more than 10 systems such as data property rights will be introduced, and a number of data industry cluster area construction pilots will be planned. By the end of the year, the number of data circulation node cities will be expanded to about 50 [8]. - The National Development and Reform Commission is working on the "15th Five - Year Plan" for marine economic development and special plans for related fields, aiming to break through a number of key core technologies and develop emerging marine industries [8]. - The market's expectation of a Fed rate cut in September has been frustrated. The US PPI in July soared to 3.3% year - on - year, and San Francisco Fed President Daly and Chicago Fed President Goolsbee oppose a large - scale rate cut [9]. - US President Trump has signed an executive order to relax commercial space regulations [9]. - US Treasury Secretary Yellen has clarified that she is not pressuring the Fed to cut rates [9]. - The number of initial jobless claims in the US last week decreased by 3,000 to 224,000, and the number of continuing jobless claims decreased to 1.953 million [10]. - The UK's GDP in the second quarter increased by 0.3% quarter - on - quarter [10]. 3. International Commodity Futures Performance on August 14, 2025 - **Precious Metals**: COMEX gold futures fell 0.76% to $3382.30/oz, and COMEX silver futures fell 1.47% to $38.04/oz [12]. - **Crude Oil**: New York Mercantile Exchange's light crude oil futures for September delivery rose $1.31 to $63.96/barrel, and Brent crude oil futures for October delivery rose $1.21 to $66.84/barrel [12]. - **Base Metals**: LME copper fell $37 to $9766/ton; LME aluminum rose $4 to $2620/ton; LME zinc rose $20 to $2848/ton; LME lead rose $2 to $1990/ton; LME nickel fell $233 to $15031/ton; LME tin fell $266 to $33464/ton; LME cobalt remained flat at $33335/ton [13]. - **Agricultural Products**: ICE raw sugar futures fell 1.60%, ICE white sugar futures rose 0.55%, ICE cotton futures fell 0.21%, the Bloomberg grain classification index fell 0.77%, CBOT corn futures rose 0.31%, CBOT wheat futures fell 0.57%, CBOT soybean futures fell 1.27%, soybean meal futures fell 0.57%, and soybean oil futures fell 2.49% [13]. - **Foreign Exchange**: The on - shore RMB against the US dollar closed at 7.1730 at 16:30, up 25 points from the previous trading day, and closed at 7.1795 at night. The central parity rate of the RMB against the US dollar was set at 7.1337, up 13 points. The US dollar index rose 0.42% to 98.21, and most non - US currencies fell [14]. 4. Futures Market Analysis on August 14, 2025 - **Stock Index Futures**: The three major A - share indexes declined collectively. The Shanghai Composite Index fell 0.46% to 3666.44 points, the Shenzhen Component Index fell 0.87% to 11451.43 points, and the ChiNext Index fell 1.08% to 2469.66 points. The trading volume of the two markets exceeded 2 trillion yuan for two consecutive days [17]. - **Treasury Bond Futures**: The domestic bond market continued to be weak. The yields of major inter - bank interest - rate bonds generally rose, and treasury bond futures closed down across the board [38]. - **Precious Metal Futures**: Gold futures rose slightly, and silver futures had a mixed performance [41][49]. - **Base Metal Futures**: Copper, aluminum, and alumina futures declined; industrial silicon futures had a slight increase; polycrystalline silicon futures declined; and lithium carbonate futures had a slight increase [54][59][69]. - **Ferrous Metal Futures**: Iron ore, coking coal, rebar, and hot - rolled coil futures declined; glass and soda ash futures had mixed performances [78][82][89]. - **Energy Futures**: Crude oil, PTA, PVC, and methanol futures declined [104][110][113][116]. - **Agricultural Futures**: Rapeseed meal, rapeseed oil, soybean meal, soybean oil, palm oil, and natural rubber futures declined [118][119][121][124][126][129].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The trading activity in the financial options market has increased, and the bullish sentiment has risen. It is advisable to consider the bull call spread strategy [1] 3. Summary by Relevant Sections 3.1 Option Market Trading Overview - The total daily average call volume across all options is 600.78 million lots, the put volume is 426.02 million lots, and the total volume is 1026.80 million lots. The total daily average call open interest is 482.27 million lots, the put open interest is 487.63 million lots, and the total open interest is 969.91 million lots. The total daily average call turnover is 6.4715821 billion yuan, the put turnover is 2.7525962 billion yuan, and the total turnover is 9.2241783 billion yuan [1] 3.2 Option Volatility Statistics - On the last trading day of the week, for different options such as the SSE 50 Index Option, the ATM - IV, IV change, same - term HV, HV change, Skew, Skew change, VIX, and VIX change are presented. For example, the SSE 50 Index Option has an ATM - IV of 17.62% with a 2.39% change, a same - term HV of 8.32% with a - 0.01% change, etc. [3] 3.3 Option Liquidity - Figures show the changes in total trading volume, total open interest, total turnover, total trading market value, and total open interest market value of financial options, as well as the trading volume and open interest proportions of each option variety [1][4][5][7][9] 3.4 Option Volatility Level - Comparing the at - the - money implied volatility (ATM - IV) and historical volatility (HV) of various options, last week, the ATM - IV and HV of most options showed signs of convergence (except for the GEM ETF Option which showed signs of divergence). The current ATM - IV values for different options range from 15.06% to 30.13%. There is a positive correlation between the underlying asset and the ATM - IV, with correlation coefficients ranging from 80.22% to 98.09% [10][12][14][17][19][21][25][27][29][31][34][36][37] 3.5 Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect the market's bull - bear sentiment to some extent. Figures show the PCR trends and daily环比 incremental percentages of different options [38][39][40][41][42][43][44][45][48] 3.6 Market Support and Resistance Levels - The key support and resistance levels for different option underlying assets are provided. For example, the SSE 50 Index has a key support level of 2800 and a resistance level of 3200; the CSI 1000 Index has a key support level of 6000 and a resistance level of 7000, etc. [48]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - The EUA price showed a slight rebound, with the investment funds increasing long - positions. The trading strategy is to sell high and buy low within the range of €63 - 76 [2]. 3. Summary by Related Content Market Conditions - **Primary Market**: On August 13, 2025, the EUA auction volume was 0.00 million tons, the auction price was not available, and the bid - cover ratio was not available. On August 12, 2025, the EUA auction volume was 324.55 million tons, the auction price was 71.30 euros/ton, the bid - cover ratio was 1.58, and the auction revenue was 231.40 million euros [4]. - **Secondary Market**: - **Futures**: On August 13, 2023, the EUA futures settlement price was 71.74 euros/ton, up 0.34%, with a trading volume of 1.48 million lots, a decrease of 0.30 million lots. The futures open interest was 33.35 million lots, with no change [2][5]. - **Spot**: On August 13, 2025, the EUA spot settlement price was 71.13 euros/ton, up 0.35%, and the trading volume was 1579 lots less than the previous day, a decrease of 0.85%. The container shipping carbon cost was 659 US dollars/TEU, and the freight cost accounted for 16.63% [5]. Strategy - The trading strategy is to sell high and buy low within the range of €63 - 76 [2]. Core Logic - **Positive Factors**: - The latest CoT report shows that last week, the net long - positions of investment funds increased by 8.11 million tons, mainly due to long - position increases [2]. - The 27 EU countries have not sent a clear signal of willingness to relax sanctions on Russia [2]. - The restart of 4 reactors totaling 5.4GW affected by the storm has been postponed, and EDF expects the restart to be completed by August 15 at the earliest [2]. - High temperatures will increase the cooling demand this week, driving up fossil - fuel power generation and EUA demand [2]. - **Negative Factors**: German Chancellor Merz said after a video call with European leaders and Trump that there is hope for progress in the Ukraine peace talks after the meeting with Trump [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On August 15, 2025, the main contracts of stock index futures IF2509, IH2509, IC2509, and IM2509 opened slightly lower. After the opening, IF2509 and IH2509 first declined and then rose, fluctuating upward; IC2509 and IM2509 also first declined and then rose, fluctuating upward and reaching new highs in nearly 3 years, with significantly larger increases than IF2509 and IH2509 [2]. - Through macro - fundamental and technical analysis, the market trend of the main futures contracts on this day is expected to be as follows: IF2509 will likely fluctuate strongly and attack resistance levels at 4200 and 4213 points; IH2509 will likely fluctuate strongly with resistance levels at 2838 and 2859 points; IC2509 will likely fluctuate strongly and attack resistance levels at 6530 and 6560 points; IM2509 will likely fluctuate strongly and attack resistance levels at 7050 and 7100 points [2][9][10][11]. - For the whole of August 2025, the IF, IH, IC, and IM main contracts of stock index futures are expected to fluctuate strongly and attack corresponding resistance levels [12]. Summary by Related Catalogs Market Outlook Points - On August 15, the main contracts of stock index futures opened slightly lower. After the opening, IF2509 and IH2509 first declined and then rose, fluctuating upward; IC2509 and IM2509 also first declined and then rose, fluctuating upward and reaching new highs in nearly 3 years, with significantly larger increases than IF2509 and IH2509 [2]. - The expected intraday trends and resistance and support levels of IF2509, IH2509, IC2509, and IM2509 are provided [2]. Macroeconomic and Stock Market News - In July 2025, affected by multiple factors, some economic indicators fluctuated, but the cumulative growth rates of major indicators remained generally stable, employment and prices were generally stable, and the economy maintained a steady - and - progressive development trend. The national industrial added value above designated size increased by 5.7% year - on - year and 0.38% month - on - month in July, and 6.3% year - on - year from January to July [3]. - In July, the national service production index increased by 5.8% year - on - year, and 5.9% year - on - year from January to July [3]. - In July, the total retail sales of consumer goods were 387.8 billion yuan, a year - on - year increase of 3.7% and a month - on - month decrease of 0.14%. From January to July, the total retail sales of consumer goods were 2.84238 trillion yuan, a year - on - year increase of 4.8%. The national online retail sales were 868.35 billion yuan, a year - on - year increase of 9.2% [4]. - From January to July, the service retail sales increased by 5.2% year - on - year [4]. - From January to July, the national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year - on - year increase of 1.6%. Excluding real estate development investment, the national fixed - asset investment increased by 5.3%. In July, the fixed - asset investment (excluding rural households) decreased by 0.63% month - on - month [4]. - In July, the total volume of goods imports and exports was 391.02 billion yuan, a year - on - year increase of 6.7%. Among them, exports were 230.77 billion yuan, an increase of 8.0%; imports were 160.26 billion yuan, an increase of 4.8%. From January to July, the total volume of goods imports and exports was 2.56969 trillion yuan, a year - on - year increase of 3.5%. Among them, exports were 1.53048 trillion yuan, an increase of 7.3%; imports were 1.03922 trillion yuan, a decrease of 1.6% [6]. - From January to July, the average monthly surveyed urban unemployment rate nationwide was 5.2%. In July, the surveyed urban unemployment rate nationwide was 5.2%, an increase of 0.2 percentage points from the previous month and the same as the same month last year [6]. - In July, the national consumer price (CPI) was flat year - on - year and increased by 0.4% month - on - month. From January to July, the national consumer price decreased by 0.1% year - on - year [6]. - In July, the ex - factory prices of industrial producers nationwide decreased by 3.6% year - on - year and 0.2% month - on - month; the purchase prices of industrial producers nationwide decreased by 4.5% year - on - year and 0.3% month - on - month. From January to July, the ex - factory prices and purchase prices of industrial producers nationwide decreased by 2.9% and 3.2% year - on - year respectively [6]. - The central bank announced on August 15 that it would conduct a 500 - billion - yuan outright reverse - repurchase operation with a term of 6 months. Together with the 700 - billion - yuan 3 - month outright reverse - repurchase on August 8, the central bank has cumulatively over - renewed 30 billion yuan of outright reverse - repurchases this month, effectively injecting medium - term liquidity. The market expects that after the maturity of 300 billion yuan of MLF this month, the central bank may also over - renew it [7]. - In July, among 70 large and medium - sized cities in China, 6 cities saw a month - on - month increase in the prices of newly built commercial housing, compared with 14 cities in June. In terms of month - on - month changes, Urumqi and Shanghai led with a 0.3% increase, while Beijing remained flat, and Guangzhou and Shenzhen decreased by 0.3% and 0.6% respectively [7]. - On August 13, the number of investors participating in margin trading reached 523,400, a new high this year, exceeding the 521,400 on February 21. Compared with the previous trading day, the number of investors increased by 46,100, a month - on - month increase of 9.67%. As of August 13, the number of individual margin - trading investors was 7.5568 million, the number of institutional investors was 50,004, and the number of investors with margin - trading liabilities was 1.7218 million [7]. Technical Analysis and Market Outlook - Through macro - fundamental and technical analysis, the expected intraday and August trends of the main contracts of stock index futures IF2509, IH2509, IC2509, and IM2509 are provided, including opening trends, price movements, and resistance and support levels [8][9][10][11][12].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The exhaustion of mandatory circulation allowances may support a carbon price reversal, with an expected depletion by mid - early October, but anticipatory trading could lead to signs of a reversal in Q3 [5] - Before August, carbon prices may fluctuate due to slow release of mandatory circulation allowances and low trading willingness; starting from September, as compliance pressure builds, prices may rise [5] - The report suggests that enterprises with a carbon allowance gap should make phased purchases at low prices before the end of August [3] Group 3: Summary by Related Catalogs Carbon Emission Allowance (CEA) Market - CEA22 is stable, while the main target continues to decline. There are 160,000 tons for listing and 100,000 tons for bulk trading [3] - CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 have closing prices of 71.34 yuan/ton, 70.00 yuan/ton, 70.80 yuan/ton, 72.42 yuan/ton, and 72.47 yuan/ton respectively, with CEA23 and CEA24 having a decline of - 0.29% and - 0.48% [7] - The total trading volume of CEA22, CEA23, and CEA24 are 100,000 tons, 56,900 tons, and 103,000 tons respectively [7] China Certified Emission Reduction (CCER) Market - The listing agreement trading volume is 80,000 tons, and the average trading price is 80.25 yuan/ton, a decrease of 2.53%. The trading amount is 6.5 million yuan, and the cumulative trading volume is 2.4808 million tons [3][9]

Group 1: Report Industry Investment Rating - The investment rating for zinc is short - term shock [1] Group 2: Report's Core View - The zinc market shows a short - term shock trend, with specific price, volume, inventory and other data changes reflecting the current market situation [1] Group 3: Summary by Relevant Contents Zinc Market Data - The closing price of SHFE zinc main contract was 22,480 yuan/ton, down 0.53%; the closing price of LME zinc 3M electronic disk was 2,811.5 dollars/ton, down 1.28% [1] - The trading volume of SHFE zinc main contract was 78,030 lots, a decrease of 315; the trading volume of LME zinc was 6,970 lots, a decrease of 1,594 [1] - The open interest of SHFE zinc main contract was 80,798 lots, a decrease of 5,188; the open interest of LME zinc was 193,713 lots, a decrease of 588 [1] - The premium of Shanghai 0 zinc was - 50 yuan/ton, an increase of 5; the LME CASH - 3M premium was - 1.5 dollars/ton, an increase of 3.26 [1] - The SHFE zinc futures inventory was 17,097 tons, an increase of 905; the LME zinc inventory was 77,450 tons, a decrease of 1,025 [1] News - About 42% of economists expect the Bank of Japan to raise interest rates in October, and another one - third expect it to take action in January next year due to inflation control needs and the spill - over effect on US long - term bonds [1] - The throughput of the Port of Los Angeles in July reached a record high, with more than 1 million TEUs, as traders rushed to ship goods before Trump's tariffs took effect [1] Trend Intensity - The trend intensity of zinc is 0, indicating a neutral view, with the range of trend intensity being integers in the [- 2,2] interval [1][3]

2025 年 08 月 15 日 豆粕：美豆冲高回落，连粕调整震荡 请务必阅读正文之后的免责条款部分 1 | | | 收盘价 （日盘） | 涨 跌 | 收盘价 （夜盘） | 涨 跌 | | | --- | --- | --- | --- | --- | --- | --- | | | DCE豆一2511 （元/吨） | 4041 | -46（-1.13%） | 4049 | -22 （-0.54%） | | | 期 货 | DCE豆粕2601 （元/吨） | 3157 | +12 （+0.38%） | 3140 | -24（-0.76%） | | | | CBOT大豆11 （美分/蒲） | 1031 | -11 （-1.06%） | | | | | | CBOT豆粕12 （美元/短吨） | 295.6 | -1.6（-0.54%） | n a | | | | | | | 豆粕 （43%） | | | | | | | 3080～3120， M2509+30/+60， 持平； | 较昨持平至+20； 9月M2509+0/+10/+40， | 8月25日前提货M2509-60， 持平； | 持平； 8-9月 10月 ...

商 品 研 究 2025 年 08 月 15 日 铜：美元回升，价格承压 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 78,950 | -0.54% | 78940 | -0.01% | | | 伦铜3M电子盘 | 9,777 | 0.00% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 51,734 | -315 | 152,341 | -6,536 | | | 伦铜3M电子盘 | 14,623 | 2,423 | 269,000 | 828 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 24,434 | 1,634 | - | - | | | 伦铜 | 155,850 | -25 | 7.09% | -0.32% | | | | | ...

期 货 研 究 2025 年 08 月 15 日 铝：震荡运行 氧化铝：小幅下跌 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 期货研究 【综合快讯】 1. 美国通胀"爆表"，7 月 PPI 环比飙升至 0.9%，创三年新高，同比升至 3.3%。美国 7 月 PPI 同比涨 幅从前月的 2.3% 飙升至 3.3%，为今年 2 月以来最高水平，并且远超预期的 2.5%，美国 7 月 PPI 环比 0.9%， 为 2022 年 6 月以来最大涨幅。数据公布后，交易员减少了对美联储将在 9 月降息的押注。（华尔街见闻） 2. 无惧超预期 PPI，美联储主席两位新晋候选人：支持大幅降息。经济学家 Sumerlin 曾在小布什政府期 间担任美国国家经济委员会副主任，他认为激进降息是合适的，可以轻松降息 50 个基点，同时强调美联储 独立性的重要性。Jef ...