据公开消息，美联储在10月的会议将在28日至29日举行。目前市场投资者普遍相信美联储将再次降息25 个基点，即0.25%，以完成其促进市场就业和控制通胀率在2%的目标。 此外，鲍威尔还表示，美联储可能"在未来几个月内"停止量化紧缩操作，即允许其在应对危机的量化宽 松操作下购买的资产流失，并表示美联储"正在密切关注各种指标，以告知这一决定"。 鲍威尔还表示，即便当前美国联邦政府因停摆而无法获得劳工统计局的新数据，目前私人机构发布的就 业市场指标以及美联储内部研究也足以表明美国就业市场正在降温。鲍威尔称，"现有证据"表明"裁员 和招聘人数都保持在低位"，而"家庭对就业机会的看法和企业对招聘难度的看法继续呈下降趋势"。有 数据显示，9月份美国企业裁员数量达到了32000人。 这意味着，尽管许多经济学家担心特朗普政府的关税政策将引发美国经济新一轮通胀，但鲍威尔在"降 息"的货币政策态度上正在变得更加温和。而美联储在9月份的会议已经将利率下调至4.00%-4.25%。 据《金融时报》10月14日报道，美联储主席鲍威尔在参加美国全国商业经济协会在费城举办的一场活动 时发布警告称，美国劳动力市场的就业下行风险还在上升，而这 ...

来源：滚动播报 "美联储传声筒"Nick Timiraos表示，美联储主席鲍威尔关于资产负债表的讲话做了几件事： 1)鉴于近期 隔夜拆借利率呈现走强迹象，该讲话对当前量化紧缩前景进行了按市价计价的评估； 2)它反驳了最近 的批评（如美国财长贝森特等人），这些批评认为疫情期间的支持措施——当时在国会和特朗普政府初 期的广泛支持下实施——属于荒谬的政策干预。鲍威尔承认（就像他之前承认的那样），更快地停止量 化宽松看起来会更明智，但鉴于美联储在2022年如此迅速和急剧地改变路线，此举对宏观经济并无实质 性影响。 3)它还对两党民粹主义参议员试图剥夺美联储支付超额准备金利率（IOR）能力的努力进行了 辩护，警告称撤销这一政策工具可能对市场造成更大的破坏。 ...

南方财经 21世纪经济报道记者 张伟泽 香港报道 （星展银行首席投资官侯伟福 图源/星展银行） 10月13日，星展银行首席投资官侯伟福在2024年第四季度CIO洞察报告会上表示，预计2026年亚洲企业 盈利将实现16%的强劲增长，显著高于12%的全球平均水平，其核心驱动力源自人工智能应用普及带来 的科技红利。 对于中国市场，侯伟福认为，中国市场虽已回暖，但全球机构投资者的配置仍处于"早期布局阶段"， 实际配置比例仍显著低于基准水平，未来资金流入潜力巨大。 他指出，目前中国股市占全球市值的3%，美国则占60%，若美国市场资金向中国小幅再配置（1%再配 置可使中国股市市值增21%），将显著提振中国股市。 侯伟福强调，尽管已经经历了显著的反弹，但中国的科技企业估值仍显著低于美国科技企业，以阿里巴 巴为例，当前阿里巴巴的市盈率为27倍，与对标的亚马逊的34倍仍有一定差距。他建议，投资者应持续 关注市场基本面。 在谈及具体的投资策略时，侯伟福表示，其投资视角主要集中于两大核心资产，包括以获取稳定现金流 为目标的收益型资产（如短期投资级债券）和聚焦资本增值的优质成长型资产，再辅以作为风险对冲的 风险分散资产（如黄金）。 ...

Group 1: Federal Reserve Rate Cuts Overview - The Federal Reserve has conducted 5 easing cycles and 5 preventive rate cuts since 1980, with rate reductions ranging from approximately 75 basis points (bp) to 1150 bp[13] - Preventive rate cuts occur when economic growth slows but has not yet entered a recession, while easing cuts are implemented during severe economic downturns[17] - The current easing cycle shares similarities with those in 1995 and 2019, with marginal economic weakening but resilient consumption and services[5] Group 2: Asset Performance During Rate Cuts - U.S. Treasury yields typically decline significantly before the first rate cut, with average declines of 73 bp and 85 bp for easing and preventive cuts, respectively[53] - U.S. equities generally rise during preventive cuts (with an 80% success rate for the Nasdaq and S&P 500) but tend to decline during easing cuts, averaging a drop of 11%-13%[52] - The U.S. dollar usually weakens during both types of rate cuts but tends to rebound after the cycle ends, with an average increase of 2.7% six months post-cut[52] - Gold performs better during preventive cuts, with an 80% success rate, while industrial metals depend more on global demand fundamentals[52]

Core Viewpoint - The People's Bank of China (PBOC) has significantly increased liquidity net injection in September, amounting to 926.8 billion yuan, indicating a potential for further monetary easing in the fourth quarter, including possible reserve requirement ratio (RRR) cuts and interest rate reductions [1][4]. Group 1: Monetary Policy Tools - In September, the PBOC's liquidity injection included 19 million yuan from the Standing Lending Facility (SLF), 300 billion yuan from the Medium-term Lending Facility (MLF), and 3.9 trillion yuan from short-term reverse repos, while there was no activity in government bond transactions [3][4]. - The MLF and reverse repos can serve as substitutes for government bond transactions, reducing the necessity for the PBOC to inject liquidity through bond purchases [3][4]. - The PBOC's toolbox remains rich, with significant room for both quantity-based tools like RRR cuts and price-based tools like interest rate cuts [3][4]. Group 2: Economic Context and Future Outlook - The current macroeconomic environment is characterized by weak recovery, necessitating a continuation of a moderately loose monetary policy to address external shocks and domestic demand deficiencies [4][9]. - The introduction of 500 billion yuan in new policy financial tools is expected to be a crucial pathway for stimulating investment, with a projected leverage effect that could lead to an additional investment scale of approximately 1 trillion to 1.7 trillion yuan [4][7]. - The PBOC's approach to government bond transactions differs fundamentally from quantitative easing (QE) practices in developed economies, focusing on liquidity management rather than a large-scale, one-sided purchase of bonds [6][7]. Group 3: Market Reactions and Indicators - The market liquidity remains ample, with funding rates stabilizing around policy rates, and the PBOC is expected to maintain a balance between financial stability and economic development [3][8]. - Observations of market interest rates should focus on the weighted average of key rates rather than individual transaction rates, as fiscal factors can influence liquidity conditions [8][9]. - The anticipated gradual recovery of prices will require coordinated efforts across various sectors, with expectations for the 10-year government bond yield to trend down to around 1.6% amid ongoing economic adjustments [9].

上周坐上职业生涯过山车的政治人物，非高市早苗莫属。这位极右翼自民党人，在党魁选举中从第一轮 排名第三到第二轮拔得头筹，冲上了政治生涯的巅峰，一时间剑指首相大位。然而，她在组建执政联盟 上却遭遇了滑铁卢，与自民党合作26年的公明党宣布退出筹组联盟谈判。和"高市交易"有关的资产价格 直接坍塌。 赤字财政不结束，量化宽松就不会真正结束，长远看金价就没有涨完。 上周充满了戏剧性。高市早苗夺得日本自民党总裁一职，成为下一任日本首相似乎板上钉钉，却忽然传 来执政联盟公明党退出的消息。"高市交易"先暴涨，后暴跌。美股在FOMO（fear of missing out，踏空 恐惧）情绪下大涨，接下来因为中美贸易纠纷再起，美国总统特朗普威胁再加100%关税而大挫。以色 列与哈马斯达成停火协议，特朗普却失意诺贝尔和平奖。虚拟货币纷纷创下历史新高后，因杠杆交易崩 塌而暴跌。 债市也受到市场情绪和流动性的冲击，不过价格波动稍微小一点，市场对政策利率走势的预期没有大的 改变。美元指数受到高市交易和贸易冲突的双重挤压而走强，黄金价格再破4000美元大关，白银一度逼 近50点位。地缘政治因素将恐慌指数拉回到20点以上，能源价格走弱。 自媒 ...

Core Viewpoint - The article discusses former President Trump's criticism of Federal Reserve Chairman Jerome Powell and his push for a new chairman who will lower interest rates to 1%, highlighting the tension between political influence and the independence of the Federal Reserve [1][11]. Group 1: Trump's Influence on the Federal Reserve - Trump has openly criticized Powell, calling him an "idiot" for not lowering interest rates from 4%-4.25% to his desired 1% [1]. - The selection of a new chairman is driven by Trump's desire for someone who will comply with his demand for lower interest rates, rather than focusing on economic qualifications [1][11]. - The independence of the Federal Reserve is at risk due to Trump's interference and the pressure he places on the selection process [1][11]. Group 2: Selection Process for New Chairman - The selection process involves discussions with 11 candidates, where the primary question revolves around their willingness to reduce interest rates significantly [3]. - Candidates are also questioned about their approach to handling U.S. Treasury bonds purchased during previous financial crises [3]. - The selection is complicated by the need to find a candidate who aligns with both Trump's desire for lower rates and the criticism of the Federal Reserve's past policies [5][7]. Group 3: Economic Implications - Trump's insistence on lowering interest rates is aimed at improving economic data for political gain, disregarding potential long-term consequences [7][12]. - The article suggests that while lower interest rates may benefit wealthier individuals through asset appreciation, they could exacerbate difficulties for lower-income individuals due to rising inflation [12]. - The credibility of the Federal Reserve may suffer as a result of this political maneuvering, raising concerns about its future effectiveness [12].

当时美股反弹，仅仅说明市场的底部与估值的底部相互脱节，结束了市场的恐慌性动荡。 第一，经过了恐慌性的下跌，美股当中泡沫已经充分挤出，距离真实估值较为接近。 第二，美联储大量的刺激计划，促进了美股反弹。 美联储在美股下跌之后，迅速将利率水平降低为0，并且开启了7000亿美元的量化宽松，无限量的量化 宽松都帮助美股筑底。虽然宽松的货币政策在疫情的冲击面前对经济几乎没有帮助，但这些货币流动性 的释放显然有助于股市的反弹。 资本市场的底部与估值底部并不一定完全同步，因此美国股市在强烈的刺激计划之下，出现反弹是正常 的，但由于经济未来仍然有下行空间，美股未来还有持续动荡的风险。 美股一度达到了18,000点以下，按照此前美股达到高点时的测算，美国股市中泡沫大约存在百分之35以 上，而经过了一段时间的迅速下跌，也就是说泡沫与高估基本挤出的差不多了，这与美股的真实价值相 对接近，所以在经济基本面没有遭受严重冲击之前，美股非常可能出现反弹。 ...

Core Insights - The recent list of candidates for the Federal Reserve Chair reveals complex implications for global monetary policy, with potential shifts in liquidity management and market dynamics [2][7]. Group 1: Federal Reserve Candidates - Current Vice Chair Bowman represents policy continuity, while Waller is a traditional monetary policy expert, and Reed from BlackRock carries Wall Street influence [2]. - The nomination of economic advisor Hassett indicates unprecedented political influence over the Federal Reserve [2][7]. - Historical transitions in Federal Reserve leadership have consistently led to significant changes in monetary policy, highlighting the importance of candidate perspectives on quantitative easing [7]. Group 2: Market Dynamics - The current market rally is primarily liquidity-driven, with a significant disparity between index performance and individual stock movements, leading to a phenomenon termed "double slap" market [2][3]. - Over 40% of stocks have underperformed the index despite the Shanghai Composite Index rising by over 700 points since April 2025, indicating a disconnect between broader market trends and individual stock performance [2][3]. - Institutional investment patterns reveal that while some stocks show strong rebounds, the absence of institutional support can lead to a lack of sustained momentum [5]. Group 3: Investment Strategies - Investors are advised to focus on data-driven analysis rather than traditional technical indicators, as the market operates on complex liquidity dynamics [7][8]. - Establishing a robust data radar to track capital flows is essential for navigating market noise and identifying genuine trends [7]. - Acknowledging the critical role of liquidity in both U.S. and domestic markets is vital for investment decision-making, as liquidity ultimately dictates market movements [7][8].

Core Viewpoint - The U.S. Treasury Secretary has narrowed down the list of candidates for the Federal Reserve Chair from 11 to 5, with the final selection expected to be nominated by President Trump as early as January 2026 [1][3]. Candidate Profiles - **Michelle Bowman**: Current Vice Chair for Supervision at the Federal Reserve, familiar with regulatory affairs [2]. - **Christopher Waller**: Current Fed Governor, known for hawkish monetary policy views and strong academic background [2]. - **Kevin Hassett**: Director of the National Economic Council, former White House economic advisor with a Republican background [2]. - **Kevin Warsh**: Former Fed Governor (2006-2011), criticized quantitative easing, previously an executive at Morgan Stanley [2]. - **Rick Rieder**: Chief Investment Officer of Fixed Income at BlackRock, a Wall Street veteran with significant market influence but no prior Fed experience [2]. Selection Process - Secretary Becerra will lead a new round of interviews for the five candidates, with the process expected to conclude after Thanksgiving due to upcoming international engagements [3]. - A streamlined recommendation list will be submitted to President Trump after the interviews, with the final decision resting with him [3]. Candidate Standards - Becerra prefers candidates with experience in economics, monetary policy, banking regulation, and management, who are open to new ideas regarding Fed operations and monetary policy [4]. - No candidate currently stands out as a clear favorite, but Rieder has made a strong impression due to his extensive experience in fixed income markets [4]. Candidate Views on Monetary Policy - **Michelle Bowman**: Advocates for a proactive monetary policy approach, suggesting that the Fed should act decisively in response to economic conditions, with a preference for a gradual adjustment of interest rates [5][6]. - **Christopher Waller**: Supports interest rate cuts but emphasizes caution in policy actions due to mixed economic signals [8][9]. - **Kevin Hassett**: Stresses the importance of Fed independence from political influence while supporting a comprehensive review of the Fed's mission and policies [10][11]. - **Kevin Warsh**: Calls for a complete overhaul of the Fed to restore its credibility, criticizing current leadership for failing to maintain appropriate interest rates [13][14]. - **Rick Rieder**: Believes there is room for about 100 basis points of rate cuts and questions the diminishing impact of tariffs on inflation [17][18].