Group 1 - The secured overnight financing rate (SOFR) was reported at 4.32% on July 30, down from 4.36% the previous day [1] - The effective federal funds rate was reported at 4.33% on the same day, unchanged from the previous day [1]

中新社华盛顿7月30日电 (记者 沙晗汀)美国商务部当地时间30日公布的首次预估数据显示，今年第二季 度美国实际国内生产总值(GDP)环比按年率计算增长3%，高于市场普遍预期。 数据显示，2025年二季度美国经济环比增长3%，扭转了第一季度经济环比萎缩0.5%的局面。 美媒认为，第二季度经济增长主要受进口大幅下降和个人消费支出增加影响。进口大幅下降主要与第一 季度进口大幅增长有关，第一季度企业试图在特朗普政府加征关税政策实施前大量进口外国商品。 经济学家认为，美国经济显示出韧性，当前消费者仍在消费，但消费者对因关税政策带来的不确定性感 到担忧。 美国总统特朗普当天在社交媒体发文称，第二季度经济数据"比预期好太多了"，美国联邦储备委员 会"必须现在降息"，促进民众消费。 从具体环比数据来看，今年二季度，占美国经济总量约70%的个人消费支出增长1.4%；反映企业投资状 况的非住宅类固定资产投资增长1.9%；住宅类固定资产投资下降4.6%；政府消费支出和投资增长 0.4%；出口下降1.8%，进口大幅下降30.3%。 按贡献度计算，个人消费支出拉动当季经济增长0.98个百分点；政府消费支出和投资拉动当季经济增长 0. ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The impact of the news on Shanghai copper is limited, and COMEX copper will move towards the price before the tariff increase [3] - In the short term, the spread between COMEX copper and LME and SHFE copper will still fluctuate, and the market needs 1 - 2 trading days to determine a reasonable spread range [7] - The price of Shanghai copper is still closely linked to LME copper, and its price trend depends on global macro - market policies and expected changes [7] Group 3: Summaries Based on Related Contents Tariff Policy and Copper Price Changes - Trump announced that starting this Friday, a 50% import tariff will be imposed on copper tubes, copper fittings, and other semi - finished copper products, and it will be extended to copper - intensive finished products such as cables and electrical components, but core upstream products like electrolytic copper are excluded [1] - Before the news, the US copper price was up to 28% higher than the London copper futures due to market expectations. After the news, the COMEX copper price in the US dropped by over 17%, and the spread with LME copper was quickly narrowed [1] Fed's Action and Copper Price - The slight decline in Shanghai copper price on Wednesday night was mainly due to the rise of the US dollar index, which was mostly caused by the Fed's actions. The Fed kept the federal funds rate target range at 4.25% - 4.5% in July, with some members in favor of a rate cut. The description of economic activity was changed, and the market's expectation of a September rate cut was dampened [3] Reasons for COMEX Copper Price Drop - The cancellation of the US refined copper import tariff led to the expected decline in COMEX copper price. The US imports nearly half of its about 160 million tons of annual refined copper consumption due to insufficient smelting capacity. The characteristics of the copper smelting industry conflict with the goals of large US capital companies, which is also an obstacle to Trump's encouragement of manufacturing return [6] - Due to the long - term speculation on copper tariffs, the COMEX copper inventory has reached 250,000 tons, almost twice that of LME. After the tariff policy change, the large amount of copper in the US cannot be digested in the short term, resulting in a large decline in COMEX copper price [6] Future Outlook - The high copper inventory in the COMEX market may not flow out, and the quantity of imported copper in transit and in the fourth quarter in the US may be greatly affected [7] - Global tariff policies' impact on demand may cast a shadow over copper prices [7]

Group 1 - The Federal Reserve announced that it will maintain the federal funds rate target range at 4.25% to 4.50%, which aligns with market expectations [1] - This decision marks the fifth consecutive time that the Federal Reserve has opted to keep interest rates unchanged [1]

作者：李丹、赵雨荷，华尔街见闻 "新美联储通讯社"："罕见"两人反对，要求立即降息，凸显联储决策者对关税影响的共识在 破裂。 经济学家认为本次声明比预期偏鸽派，9月降息可能性增加，预计本周将公布的PCE和非农 就业数据可能加剧联储分歧。 鲍威尔未就9月降息给出指引，称现在就断言美联储是否会像金融市场预期的那样在9月下调 联邦基金利率还为时过早，给市场对9月降息的预期降温。 尽管美国总统特朗普最近首次亲自"上门"敦促降息，特朗普政府的官员和共和党人一再借"装修门"施 压，美联储仍不为所动。 但这一次，美联储暴露了自去年9月启动降息周期以来对降息行动最大的内部分歧，并且对经济活动的 表述有偏鸽派的调整。 美东时间7月30日周三，美联储在货币政策委员会FOMC会后公布，联邦基金利率的目标区间仍维持在 4.25%至4.5%。 要点： 美联储如市场所料继续暂停降息。 至此，FOMC连续五次货币政策会议决定暂停行动。联储自去年9月起连续三次会议降息，合计降幅100 个基点，自今年1月特朗普上台以来，一直按兵不动。 FOMC票委中，鲍威尔等九人继续支持按兵不动，沃勒和鲍曼主张本次降息25个基点。 相比上次声明，本次删除经济 ...

Group 1 - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fifth consecutive meeting this year where rates were held steady, aligning with market expectations [1] - The Fed's policy statement indicated a slowdown in U.S. economic growth during the first half of the year, suggesting that if this trend continues, it may provide grounds for future rate cuts [1] - The statement also highlighted high uncertainty regarding economic prospects, with risks to both inflation and employment targets, reflecting a cautious stance from the Fed [1] Group 2 - There was a notable occurrence in this meeting where two Federal Reserve governors voted against the rate decision, indicating the influence of external pressures, particularly from President Trump, who has been vocal about his desire for rate cuts [1] - The pressure on Fed Chairman Powell has increased, especially as Trump continues to express expectations for rate cuts during public appearances [2] - Historical analysis suggests that the Federal Reserve's institutional independence has gradually strengthened, maintaining its policy framework despite governmental fiscal pressures, indicating resilience in its decision-making process [2]

7月30日，美国联邦储备委员会主席鲍威尔在华盛顿出席记者会。 新华社记者 胡友松 摄 3 2 2 3 alles 0 , 2 183 ar and r with a al 2017 STATE and and tica 2005 SCHITE t and phone in the Spirit are 12 2017 n Free STERICAN 012652 n and are t - 1 - 1 - 1 - p 1000 1999 and the production of the align the state and and the state r print t a 10 12 STINE the state n the NO. 117 n 1200 美国联邦储备委员会30日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在4.25%至4.50%之间不变。这一决定符合市场预期，同时也是 美联储货币政策会议连续第五次决定维持利率不变。 203 01:205 stic and the RECE 200 202 0172 e and signed r with the count STACTI ...

Core Viewpoint - Federal Reserve Chairman Jerome Powell stated that it is too early to assert whether the Fed will lower the federal funds rate in September as the financial markets expect [2] Group 1: Federal Reserve's Decision - The Federal Reserve concluded a two-day monetary policy meeting on July 30, maintaining the federal funds rate target range at 4.25% to 4.50% [2] - Powell indicated that no decision has been made regarding the September interest rate and that they will consider economic information before the next meeting [2]

Core Viewpoint - The Federal Reserve has decided to maintain the target range for the federal funds rate, leading to a decline in precious metals, with spot gold falling below $3280 per ounce and experiencing a daily drop of over 1%, while spot silver saw a daily decline of over 3% [1] Group 1 - The Federal Reserve's decision to keep interest rates unchanged has impacted the precious metals market [1] - Spot gold prices have dropped below $3280 per ounce, indicating a significant decline in value [1] - Spot silver has also experienced a notable decrease, falling over 3% in a single day [1]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell stated that the Fed cannot control mortgage rates, which are more closely tied to the 10-year U.S. Treasury yield rather than the federal funds rate [1] Group 1: Federal Reserve and Interest Rates - The federal funds rate influences some savings and borrowing rates, but mortgage rates are primarily linked to the 10-year Treasury yield [1] - Despite potential rate cuts by the Federal Reserve, it may not effectively resolve housing market issues [1] Group 2: Housing Market Challenges - The U.S. housing market has been facing a long-term supply shortage since the subprime mortgage crisis [1] - Rising costs of building materials and the forced removal of foreign workers, who are crucial to the industry, have exacerbated the housing inventory shortage [1] - Following the Fed's rate cuts last year, mortgage rates did not decrease; instead, they increased [1]