深夜，全线大涨！中国资产爆发！

Market Performance - US stock market indices showed significant gains, with the S&P 500 rising by 1.03% and the Nasdaq Composite increasing by 1.78%. Notable stocks such as Google, Tesla, and Broadcom saw their gains exceed 5% [1] - The Nasdaq China Golden Dragon Index also experienced an increase of 2.38%, reaching 7692.89 points [2] Federal Reserve Outlook - Goldman Sachs predicts that the Federal Reserve will implement its third consecutive rate cut in December, citing easing inflation and a cooling labor market as factors allowing for further monetary policy relaxation [5] - The bank anticipates two additional rate cuts in March and June 2026, bringing the federal funds rate down to a range of 3.00% to 3.25% [5] - Goldman Sachs believes that the Fed will increasingly trust the trend of slowing inflation, suggesting that monetary policy does not need to remain at a restrictive level [6] Economic Conditions - Analysts from Goldman Sachs indicate that while the Fed may maintain a cautious tone in the short term, the trajectory of core prices and wage growth suggests a gradual transition to a neutral policy stance next year [7] - Since the Fed began its rate-cutting cycle, financial conditions have significantly eased, stabilizing corporate borrowing costs and household credit flow [8] - By mid-2026, Goldman Sachs expects the Fed to complete its first substantial easing cycle since the pandemic, with rates significantly lower than last year's peak but still above the ultra-loose levels of the past decade [8] Market Expectations - According to CME FedWatch data, the market currently estimates a 30.5% probability that the Fed will maintain rates in December, while the probability of a 25 basis point rate cut has risen to 69.5%, up from approximately 42% a week prior [9] Upcoming Economic Data - Key economic data that had accumulated during the US federal government shutdown will be released prior to the Fed's December meeting. This includes the October Producer Price Index (PPI) from the Labor Department and the core Personal Consumption Expenditures (PCE) price index, which is favored by the Fed, along with the revised third-quarter GDP data [10]