全线下挫，美联储突变

Group 1 - The expectation for a Federal Reserve interest rate cut has cooled due to unexpectedly high PPI data, which raised inflation concerns and altered market sentiment regarding potential rate cuts in September [1][4][6] - The July PPI increased by 0.9% month-over-month, significantly exceeding the market expectation of 0.2%, marking the largest increase since June 2022 [2][4] - Core PPI, excluding food and energy, also rose by 0.9% month-over-month and 3.7% year-over-year, both surpassing expectations, indicating persistent inflationary pressures [4][8] Group 2 - Major U.S. stock indices experienced volatility, with semiconductor stocks declining sharply, particularly the Philadelphia Semiconductor Index, which fell over 1% [2][3] - Chinese concept stocks also faced significant declines, with the Nasdaq Golden Dragon China Index dropping by 1.9% [2] - Labor market data showed initial jobless claims at 224,000, slightly below expectations, suggesting stability in the labor market [5] Group 3 - Federal Reserve officials, including San Francisco Fed President Mary Daly, expressed opposition to a substantial 50 basis point rate cut in September, indicating a preference for a gradual approach to policy adjustments [7][8] - Daly suggested that two rate cuts this year could be reasonable if labor market conditions weaken, but emphasized the need to monitor inflation closely [8][9] - Atlanta Fed President Bostic indicated that a single rate cut in 2025 might be appropriate, contingent on the labor market remaining stable [8]