银河期货：美联储降息预期未稳 警惕黄金高位多杀多

Macro News - The latest report from the U.S. Bureau of Labor Statistics shows that job openings in July were 7.181 million, which is below expectations, indicating a gradual weakening in hiring demand among U.S. companies [1] - Following the data release, the U.S. dollar index experienced a sharp decline, benefiting precious metals priced in dollars, such as gold [1] - Federal Reserve Governor Christopher Waller stated that the Fed should begin lowering interest rates this month and continue to do so in the coming months [1] - ISM data indicates that U.S. manufacturing activity has contracted for the sixth consecutive month in August, with factory output metrics falling back into contraction territory for the first time in three months [1] Institutional Perspectives - Concerns regarding the independence of the Federal Reserve have resurfaced due to ongoing issues related to Governor Cook, leading to increased market volatility and heightened risk aversion [1] - The combination of moderate inflation rebound, a cooling labor market, and dovish comments from Fed officials has solidified market expectations for a rate cut in September [1] - There is an increasing likelihood of the U.S. entering a "stagflation-like" scenario due to the cooling labor market and potential tariff impacts [1] - Precious metals have achieved significant technical breakthroughs and are expected to maintain a strong upward trend at high levels [1] - Attention is needed on upcoming employment data from the U.S. to assess the health of the U.S. economy [1]