中国基金报·2025-08-21 00:00Core Viewpoint - The Federal Reserve's July meeting minutes indicate that nearly all decision-makers support maintaining interest rates without cuts, with only two dissenting voices [17][19][22]. Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.04% at 44,938.31 points, while the S&P 500 fell 0.24% to 6,395.78 points, marking its fourth consecutive decline. The Nasdaq dropped 0.67% to 21,172.86 points [3][22]. - Large technology stocks experienced a broad decline, with the Wande American Technology Seven Giants Index down 1.07% [7][10]. - Notable declines among major tech companies included Apple down 1.97%, Amazon down 1.84%, and Tesla down 1.64% [10][11]. Chinese Stocks - Chinese stocks showed a slight increase against the market trend, with the Nasdaq China Golden Dragon Index rising 0.33% and the Wande Chinese Technology Leaders Index up 0.01% [12][14]. - Leading gainers in the Nasdaq China Golden Dragon Index included Zhengye Biology up 24.87% and NEXT TECHNOLOGY up 12.62% [14]. Federal Reserve Insights - The minutes from the Federal Reserve's meeting highlighted that inflation remains slightly above the 2% target, with discussions indicating that tariff impacts are becoming more evident in data [19][20]. - Participants expressed concerns about the potential long-term effects of tariffs on inflation expectations and emphasized the importance of monetary policy in managing these risks [20][22]. - The labor market is observed to be close to full employment, with low unemployment rates, but there are indicators suggesting potential softening in labor demand [21][22]. Financial Stability Concerns - Concerns were raised regarding financial stability, particularly regarding high asset valuation pressures and vulnerabilities in the banking sector due to rising long-term yields [21]. - The discussion included the potential impact of payment stablecoins on the financial system, especially following the recent passage of the GENIUS Act [21].