Sou Hu Cai Jing·2025-09-23 02:41Market Commentary - The Federal Reserve has lowered interest rates by 25 basis points, with officials subsequently commenting on the decision [2] - Federal Reserve Governor Stephen Milan emphasized the necessity of significant rate cuts in the coming months to protect the labor market, citing that current rates are too high [2] - Milan's speech marked his first policy address since being appointed by Trump, where he discussed the decline of the neutral interest rate due to factors like tariffs, immigration restrictions, and tax policies [2] - Cleveland Federal Reserve Bank President Beth Harmack expressed ongoing concerns about inflation, warning that officials should remain vigilant during rate cuts to prevent economic overheating [2] - Harmack noted that inflation has been above the Fed's 2% target for over four years, and it may take several more years to return to the target level [2] Stock Market Activity - The Hong Kong Stock Connect recorded a net inflow of HKD 12.7 billion on Monday, with the Tracker Fund of Hong Kong (02800.HK) seeing the highest net inflow of HKD 2.86 billion [2] - Alibaba (09988.HK) followed closely with significant net inflows, while Meituan (03690.HK) experienced the largest net outflow, amounting to HKD 385 million [2]