Sou Hu Cai Jing·2025-09-23 03:49Market Performance - The three major US stock indices all rose, with the Dow Jones up 0.14%, Nasdaq up 0.7%, and S&P 500 up 0.44%, reaching new closing highs [1] - Major tech stocks mostly increased, with Oracle rising over 6%, Apple up over 4%, Nvidia up nearly 4% to $183.61 per share, and Tesla at $440.37 per share, up 3.36% [1][2] - Amazon and Meta both fell over 1% [1] Federal Reserve Interest Rate Outlook - There is significant divergence among Federal Reserve officials regarding future interest rate cuts, with 10 out of 19 officials suggesting two or more cuts this year, while 9 believe only one or none [3] - Atlanta Fed President Bostic does not support further cuts, citing persistent high inflation, and expects only one cut in 2025 [3] - Cleveland Fed President Harshman emphasizes caution in easing monetary policy due to inflation remaining above the 2% target [3] Economic Warnings - Investment consultant Ed Yardeni warns that the recent stock market surge resembles the tech bubble of the late 1990s, with the S&P 500's expected P/E ratio at 22, close to the 25 during the internet bubble [7] - Mariner Wealth Advisors' chief strategist expresses concern over potential economic overheating and the risk of a "melt-up" driven by excessive optimism regarding Fed rate cuts [7] - Morgan Stanley's report suggests that the key investment logic hinges on the Fed showing greater tolerance for inflation by 2026, which could lead to higher-than-expected revenue and earnings growth for US companies [8]