Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The main contract of Shanghai copper shows a volatile trend, with a decrease in open interest, a spot discount, and a weakening basis. The market is worried about the tight supply of copper ore due to Chile raising the premium on copper spot to China and CSPT members reducing the mine - copper production capacity load by 10% next year. The supply of refined copper in China is increasing as the smelters are operating well and the previously affected production capacity is gradually resuming. The high copper price in the short - term suppresses the downstream purchasing sentiment, and the downstream is more cautious, mainly replenishing goods based on rigid demand. The year - end sales rush of car companies and the rush work of the power system provide some demand resilience for Shanghai copper, and the social inventory is still slightly decreasing. The option market sentiment is bullish, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows that the two lines are above the 0 - axis and the green bars are converging. The report suggests light - position volatile trading and attention to controlling rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 91,850 yuan/ton, up 760 yuan; the price of LME 3 - month copper is 11,613 dollars/ton, up 126 dollars. The main contract's inter - month spread is - 70 yuan/ton, up 10 yuan; the open interest of the main contract of Shanghai copper is 200,373 lots, down 10,199 lots. The net position of the top 20 futures holders of Shanghai copper is - 44,609 lots, down 10,180 lots. The LME copper inventory is 165,675 tons, up 1,125 tons; the Shanghai Futures Exchange inventory of cathode copper is 88,905 tons, down 9,025 tons; the LME copper cancelled warrants are 63,100 tons, down 75 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 28,931 tons, down 2,856 tons [2]. 3.2现货市场 - The spot price of SMM 1 copper is 91,700 yuan/ton, down 515 yuan; the spot price of Yangtze River Non - ferrous Market 1 copper is 91,675 yuan/ton, down 595 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 46 dollars/ton, unchanged; the average premium of Yangshan copper is 42 dollars/ton, up 1 dollar. The basis of the CU main contract is - 150 yuan/ton, down 1,275 yuan; the LME copper cash - to - 3 - month spread is 0 dollars/ton, down 8.19 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The rough smelting fee (TC) of domestic copper smelters is - 42.86 dollars/kiloton, down 0.11 dollars/kiloton. The price of copper concentrates in Jiangxi is 81,950 yuan/metal ton, down 600 yuan; the price of copper concentrates in Yunnan is 82,650 yuan/metal ton, down 600 yuan. The processing fee of blister copper in the south is 1,300 yuan/ton, unchanged; the processing fee of blister copper in the north is 900 yuan/ton, unchanged [2]. 3.4产业情况 - The output of refined copper is 120.40 million tons, down 6.20 million tons. The import volume of unwrought copper and copper products is 427,000 tons, down 13,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 62,990 yuan/ton, up 50 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 76,800 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 970 yuan/ton, up 100 yuan [2]. 3.5下游及应用 - The output of copper products is 200.40 million tons, down 22.80 million tons. The cumulative completed investment in power grid infrastructure construction is 4,824.34 billion yuan, up 446.27 billion yuan. The cumulative completed investment in real estate development is 73,562.70 billion yuan, up 5,856.99 billion yuan. The monthly output of integrated circuits is 4,177,000 million pieces, down 194,236.10 million pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 16.15%, up 0.13%; the 40 - day historical volatility of Shanghai copper is 16.17%, down 0.33%. The implied volatility of the current - month at - the - money option is 16.28%, down 0.0430%. The put - call ratio of at - the - money options is 1.24, up 0.0131 [2]. 3.7 Industry News - During the "15th Five - Year Plan" period, the retail industry should be the key focus for cultivating a complete domestic demand system and strengthening the domestic cycle, promoting the industry to shift towards quality - driven and service - driven development. The Fed is expected to cut interest rates for the third time with internal differences, and the market has highly priced in a 25 - basis - point rate cut. Chinese Premier Li Qiang emphasized that China's economy will maintain a steady and positive momentum, with the economic aggregate reaching a new level and industrial upgrading creating new development space. In November, the CPI decreased slightly by 0.1% month - on - month and increased by 0.7% year - on - year, and the core CPI increased by 1.2% year - on - year. The PPI increased by 0.1% month - on - month and decreased by 2.2% year - on - year [2].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:不锈钢(日,元/吨) | 12555 | 55 01-02月合约价差:不锈钢(日,元/吨) | -120 | -5 | | 期货市场 | 期货前20名持仓:净买单量:不锈钢(日,手) | -12792 | 80 主力合约持仓量:不锈钢(日,手) | 71481 | -6683 | | | 仓单数量:不锈钢(日,吨) | 61498 | -58 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13300 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 8950 | 100 | | | SS主力合约基差(日,元/吨) | 415 | -55 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.29 | 0.12 | | | 进口数量:精炼镍及合金(月,吨) | | 9939.65 -18631.22 进口数量:镍铁(月,万吨) ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The total inventory at Qingdao Port has continued to accumulate, with both bonded and general trade warehouses showing inventory accumulation, and the overall inventory accumulation rate has narrowed compared to the previous period Overseas ship arrivals remain at a high level, rubber prices are fluctuating downward, and tire companies are making appropriate low - price purchases according to demand, with the overall purchasing sentiment slightly improving The overall capacity utilization rate of domestic tire companies increased last week, but the shipment pace of each tire company is slow, and the short - term production control behavior of enterprises still exists, so the increase in the overall capacity utilization rate is expected to be limited The ru2601 contract is expected to fluctuate in the range of 14,900 - 15,500 in the short term, and the nr2601 contract is expected to fluctuate in the range of 12,000 - 12,300 [2] Summary by Directory Futures Market - The closing price of the main Shanghai rubber contract is 15,215 yuan/ton, with a daily increase of 230 yuan; the 1 - 5 spread is 5 yuan, with a daily increase of 20 yuan The closing price of the main 20 - number rubber contract is 12,270 yuan/ton, with a daily decrease of 45 yuan; the 1 - 2 spread is - 30 yuan, with a daily decrease of 15 yuan The spread between Shanghai rubber and 20 - number rubber is 2,945 yuan, with a daily increase of 40 yuan The trading volume of the main Shanghai rubber contract is 126,049 lots, with a daily decrease of 1,636 lots; the trading volume of the main 20 - number rubber contract is 59,310 lots, with a daily increase of 3,166 lots The net position of the top 20 in Shanghai rubber is - 26,330 lots, with a daily increase of 1,048 lots; the net position of the top 20 in 20 - number rubber is - 10,799 lots, with a daily decrease of 504 lots The warehouse receipts of Shanghai rubber in the exchange are 53,430 tons, with a daily increase of 7,400 tons; the warehouse receipts of 20 - number rubber in the exchange are 60,279 tons, with a daily increase of 3,527 tons [2] Spot Market - The price of state - owned whole latex in the Shanghai market is 14,850 yuan/ton, with a daily increase of 150 yuan; the price of Vietnam 3L in the Shanghai market is 15,150 yuan/ton, with no daily change The price of Thai standard STR20 is 1,815 US dollars/ton, with no daily change; the price of Malaysian standard SMR20 is 1,810 US dollars/ton, with no daily change The price of Thai RMB mixed rubber is 14,350 yuan/ton, with a daily decrease of 30 yuan; the price of Malaysian RMB mixed rubber is 14,300 yuan/ton, with a daily decrease of 30 yuan The price of Qilu Petrochemical styrene - butadiene 1502 is 11,000 yuan/ton, with no daily change; the price of Qilu Petrochemical cis - butadiene BR9000 is 10,600 yuan/ton, with no daily change The basis of Shanghai rubber is - 365 yuan/ton, with a daily decrease of 80 yuan; the basis of non - standard products of the main Shanghai rubber contract is - 635 yuan/ton, with a daily increase of 50 yuan The price of 20 - number rubber in the Qingdao market is 12,810 yuan/ton, with a daily decrease of 34 yuan; the basis of the main 20 - number rubber contract is 540 yuan/ton, with a daily decrease of 224 yuan [2] Upstream Situation - The market reference price of smoked sheets of Thai raw rubber is 58.14 Thai baht/kg, with a daily decrease of 0.37 Thai baht; the market reference price of rubber sheets of Thai raw rubber is 55.75 Thai baht/kg, with a daily decrease of 1.4 Thai baht The market reference price of rubber latex of Thai raw rubber is 55 Thai baht/kg, with no daily change; the market reference price of cup lump of Thai raw rubber is 52.95 Thai baht/kg, with a daily increase of 0.85 Thai baht The theoretical production profit of RSS3 is 125 US dollars/ton, with a daily decrease of 23.2 US dollars; the theoretical production profit of STR20 is 43.2 US dollars/ton, with a daily increase of 70.2 US dollars The monthly import volume of technically specified natural rubber is 126,100 tons, with an increase of 3,500 tons; the monthly import volume of mixed rubber is 256,400 tons, with a decrease of 61,100 tons [2] Downstream Situation - The weekly operating rate of all - steel tires is 63.5%, with a weekly increase of 0.17 percentage points; the weekly operating rate of semi - steel tires is 70.92%, with a weekly increase of 1.73 percentage points The inventory days of all - steel tires in Shandong at the end of the week are 39.51 days, with a weekly decrease of 0.44 days; the inventory days of semi - steel tires in Shandong at the end of the week are 44.95 days, with a weekly decrease of 0.28 days The monthly output of all - steel tires is 13.01 million pieces, with an increase of 590,000 pieces; the monthly output of semi - steel tires is 58.31 million pieces, with an increase of 6.63 million pieces [2] Option Market - The historical 20 - day volatility of the underlying is 14.07%, with a daily increase of 0.77 percentage points; the historical 40 - day volatility of the underlying is 15.86%, with a daily increase of 0.42 percentage points The implied volatility of at - the - money call options is 19.24%, with a daily decrease of 0.47 percentage points; the implied volatility of at - the - money put options is 19.24%, with a daily decrease of 0.49 percentage points [2] Industry News - In November 2025, China's heavy - truck market sold about 100,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of about 6% compared with October and a year - on - year increase of about 46% from 68,500 vehicles in the same period last year From January to November this year, the cumulative sales volume of China's heavy - truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26% As of December 7, 2025, the total inventory of natural rubber in bonded and general trade in the Qingdao area was 488,700 tons, a month - on - month increase of 7,200 tons The bonded area inventory was 73,900 tons, an increase of 2.08%; the general trade inventory was 414,800 tons, an increase of 1.38% As of December 4, the capacity utilization rate of China's semi - steel tire sample enterprises was 68.33%, a month - on - month increase of 2.33 percentage points and a year - on - year decrease of 10.59 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 64%, a month - on - month increase of 1.25 percentage points and a year - on - year increase of 4.87 percentage points [2]

焦煤焦炭产业日报 2025/12/10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1070.00 | -12.50↓ J主力合约收盘价（日，元/吨） | 1527.00 | +13.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 806157.00 | -3525.00↓ J期货合约持仓量（日，手） | 47030.00 | -1187.00↓ | | | 焦煤前20名合约净持仓（日，手） | -2820.00 | +86624.00↑ 焦炭前20名合约净持仓（日，手） | 0.00 | +165.00↑ | | | JM5-1月合约价差（日，元/吨） | 107.00 | +8.50↑ J5-1月合约价差（日，元/吨） | 174.00 | +11.00↑ | | | 焦煤仓单（日，张） | 300.00 | 0.00 焦炭仓单（日，张） | 2070.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 960.00 ...

截至目前不完全统计，25/26榨季广西已开榨糖厂56家，同比减少11家；日榨甘蔗产能42.5万吨，同比减少 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 11.25万吨，本周预计将有10家糖厂开榨。云南开榨糖厂已达12家，同比增加6家。总体上，市场糖源多样 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5328 | -15 主力合约持仓量:白糖(日,手) | 241501 | -18964 | | | 仓单数量:白糖(日,张) | 396 | 215 期货前20名持仓:净买单量:白糖(日,手) | -56723 | 1625 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 1705 | 0 | | | | 现货市场 | | 4017 | -67 进口加工估算价(配额内): ...

大幅去库，后市继续关注外轮卸货情况。需求方面，上周青海盐湖烯烃装置负荷提升，烯烃行业整体开工 数据来源第三方，观点仅供参考，市场有风险，投资需谨慎！ 提升，宁波富德后期预期停车检修，整体开工率预计有所下降。MA2601合约短线预计在2000-2090区间波 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | | 甲醇产业日报 2025-12-10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元 ...

，而汽车等领域政策支持带来部分亮点。下游市场以逢低按需采购为主，近期锌价回调，成交氛围有所回 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 暖，现货升水持稳，国内库存小幅下降；LME锌库存回升，现货升水有所下调。技术面，缩量减仓价格回 免责声明 调，多头氛围下降。观点参考：预计沪锌高位调整，关注2.3关口争夺。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 23075 | 5 01-02月合约价差: ...

| | | 沪锡产业日报 2025-12-10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 322630 | 10310 1月-2月合约收盘价:沪锡(日,元/吨) | -770 | -180 | | | LME3个月锡(日,美元/吨) | 39850 | 50 主力合约持仓量:沪锡(日,手) | 47499 | 4075 | | | 期货前20名净持仓:沪锡(日,手) | 753 | 1084 LME锡:总库存(日,吨) | 3050 | -25 | | | 上期所库存:锡(周,吨) | 6865 | 506 LME锡:注销仓单(日,吨) | 260 | -25 | | | 上期所仓单:锡(日,吨) | 7151 | -86 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 316700 | 700 长江有色市场1#锡现货价(日,元/吨) | 317140 | 1550 | | | 沪锡主力合约基差(日,元/吨) | ...

Report Industry Investment Rating - No relevant information provided Core View - Fed rate cut expectations boost the precious metals market sentiment, with London platinum and palladium prices breaking through the trading range, and the main platinum and palladium contracts on the Guangzhou Futures Exchange showing a slightly stronger intraday performance. In the medium to long term, platinum may continue to see price support under expectations of Fed easing, a continued structural deficit in supply and demand, and long - term expansion of demand in the hydrogen economy. Palladium's demand outlook is weakening due to over - concentration in the automotive catalyst field and the continuous popularization of new energy vehicles, with the market shifting from supply shortage to surplus. However, the bullish sentiment driven by rate cut expectations may support prices, and its current low price may make it a cost - effective option again. Recently, palladium prices have shown stronger resilience than platinum, and a subsequent catch - up rally may continue [2] Summary by Directory Futures Market - Platinum's main contract closing price (daily, yuan/gram) is 444.45, up 4.75; palladium's main contract closing price (daily, yuan/gram) is 387.65, up 4.15. Platinum's main contract open interest (daily, lots) is 10387, down 277; palladium's main contract open interest (daily, lots) is 3179, up 90 [2] Spot Market - The Shanghai Gold Exchange's platinum spot price (Pt9995) is 438.26, up 7.18; the Yangtze River palladium spot price is 366, up 6. The platinum main contract basis (daily, yuan/gram) is - 6.19, up 2.43; the palladium main contract basis (daily, yuan/gram) is - 21.65, up 1.85. Platinum's CFTC non - commercial long positions (weekly, contracts) are 9966, down 243; palladium's CFTC non - commercial long positions (weekly, contracts) are 3003, down 342 [2] Supply and Demand - The total annual supply of platinum in 2025 is expected to be 220.4 tons, down 0.8 tons; the total annual supply of palladium in 2025 is expected to be 293 tons, down 5 tons. The total annual demand for platinum in 2025 is expected to be 261.6 tons, up 25.6 tons; the total annual demand for palladium in 2025 is expected to be 287 tons, down 27 tons [2] Macroeconomic Data - The US dollar index is 99.24, up 0.27; the VIX volatility index is 16.93, up 0.14; the 10 - year US Treasury real yield is 1.92%, up 0.01 [2] Industry News - The Fed is expected to cut rates for the third consecutive time with internal disagreements, and officials may hint at a pause. The CME FedWatch tool shows that the market has highly priced in a 25 - basis - point rate cut. White House National Economic Council Director Kevin Hassett believes there is still much room for the Fed to cut rates. US President Trump said he will use support for immediate and substantial rate cuts as a "litmus test" for the new Fed chair and may adjust tariff policies to lower some commodity prices. ADP data shows that US private employers added an average of 4,750 jobs per week in the four weeks ending November 22, ending four consecutive weeks of job losses, and US job openings in October were 7.67 million, far exceeding the expected 7.117 million. Bank of Japan Governor Kazuo Ueda said the central bank will continue to slowly adjust monetary easing until it achieves a sustainable 2% inflation target and the policy rate returns to the natural rate level, and will increase bond purchases in "special cases" due to the recent rapid rise in interest rates [2] Key Points of Attention - At 03:00 on December 11, the Fed will announce its December FOMC meeting interest rate decision [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - In the short - term, the market has largely priced in a 25 - basis - point Fed rate cut, and the recent rapid rise of silver prices may increase short - term correction risks. In the long - term, the US debt problem may enhance gold's appeal as a hedge against US dollar credit risks, and central bank gold purchases will provide strong support for gold prices. The suggested price ranges are: Shanghai Gold Main 2602 contract at 930 - 980 yuan/gram; Shanghai Silver Main 2602 contract at 13300 - 14500 yuan/kilogram; London Gold at 4100 - 4300 US dollars/ounce; London Silver at 58 - 62 US dollars/ounce [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 956.400 yuan/gram, up 4.9 yuan; the closing price of the Shanghai Silver main contract was 14373 yuan/kilogram, up 766 yuan [2]. - **Positions**: The position of the Shanghai Gold main contract was 192,659.00 lots, down 1834 lots; the position of the Shanghai Silver main contract was 8,972.00 lots, down 9632 lots [2]. - **Volumes**: The trading volume of the Shanghai Gold main contract was 222,609.00 lots, down 6955 lots; the trading volume of the Shanghai Silver main contract was 1,814,842.00 lots, up 505812 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of Shanghai Gold was 91299 kilograms, unchanged; the warehouse receipt quantity of Shanghai Silver was 741,845 kilograms, up 24057 kilograms [2]. 3.2 Spot Market - **Spot Prices**: The spot price of gold on the Shanghai Gold Exchange was 950.91 yuan, up 3.78 yuan; the spot price of Huatong No.1 silver was 14,276.00 yuan, up 646 yuan [2]. - **Basis**: The basis of the Shanghai Gold main contract was - 5.49 yuan/gram, down 1.08 yuan; the basis of the Shanghai Silver main contract was - 97.00 yuan/gram, down 120 yuan [2]. - **ETF Holdings**: The SPDR Gold ETF holdings were 1047.97 tons, down 1.14 tons; the SLV Silver ETF holdings were 15,973.16 tons, up 84.62 tons [2]. 3.3 Supply and Demand - **CFTC Non - commercial Net Positions**: The weekly non - commercial net position of gold was 202307.00 contracts, down 2357 contracts; the weekly non - commercial net position of silver was 33,221.00 contracts, down 3898 contracts [2]. - **Supply**: The quarterly total supply of gold was 1313.07 tons, up 86.24 tons; the annual total supply of silver was 32,056.00 tons, up 482 tons [2]. - **Demand**: The quarterly total demand for gold was 1257.90 tons, up 174.15 tons; the annual total demand for silver was 35,716.00 tons, down 491 tons [2]. 3.4 Macro Data - **Indices**: The US dollar index was 99.24, up 0.14; the 10 - year US Treasury real yield was 1.92%, up 0.01%; the VIX volatility index was 16.93, up 0.27; the CBOE gold volatility index was 20.35, up 0.77; the S&P 500/gold price ratio was 1.63, down 0.01; the gold - silver ratio was 71.60, down 0.15 [2]. 3.5 Industry News - **Fed Expectations**: The Fed is expected to cut rates by 25 basis points for the third time with internal differences, and may hint at a pause. The market has highly priced in this rate cut. Kevin Hassett believes there is more room for rate cuts, and Trump will use support for significant rate cuts as a criterion for choosing the new Fed chairman [2]. - **US Economy**: US private employers added an average of 4750 jobs per week in the four weeks to November 22, ending four - week job losses. US job openings in October were 7.67 million, far exceeding the expected 7.117 million [2]. - **Japan's Central Bank**: The Bank of Japan will continue to gradually adjust monetary easing until it achieves 2% inflation and the policy rate returns to the natural rate. It will increase bond purchases in "special cases" [2].