Core Viewpoint - The Federal Reserve's Kashkari emphasizes the need for a better understanding of the actual economic situation before making policy adjustments [1] Group 1 - Kashkari's statement indicates a cautious approach by the Federal Reserve regarding future monetary policy changes [1] - The focus on understanding the real economic conditions suggests potential uncertainty in the current economic landscape [1]

美联储威廉姆斯：市场一直波动，但考虑到政策调整，这并不令人意外。 ...

美联储主席鲍威尔：在调整政策之前，目前可以等待更多关于经济可能走向的信息。 ...

Group 1: Report Overview - The report is the daily journal of GOLDTRUST FUTURES CO., LTD, dated June 20, 2025 [1] - It analyzes the reasons for the rise of jujube futures and provides technical analysis of various futures including stock index, gold, iron ore, glass, and urea [2][7][11] Group 2: Jujube Futures Analysis Investment Rating - Treat the jujube futures market with an oscillating and slightly bullish view [5] Core View - The rise of jujube futures on June 19, 2025, is due to weather speculation and capital promotion, and future trends depend on weather, growth, and consumption [3][5] Key Points - Fundamental factor: High - temperature weather in southern Xinjiang may cause jujube yield reduction, leading to supply concerns and price rebound, despite ring - cutting measures [4] - Market factor: Zhengzhou Commodity Exchange's policy adjustment (lowering margin ratio to 9% and adjusting daily price limit to 8% from June 20) attracts more capital and stimulates speculation [4] - Inhibiting factor: Seasonal fresh fruits replace jujubes, and it's the off - season for jujube demand. Current inventory is 10,693 tons, down 0.14% week - on - week but up 69.51% year - on - year [4] Group 3: Technical Analysis of Other Futures Stock Index Futures - Asian stock markets adjusted due to an attack schedule, and the A - share market closed with a large negative line. The market is expected to continue to oscillate [8][9] Gold Futures - After the Fed's decision not to cut interest rates, gold adjusted, but the long - term trend is still bullish. A low - buying strategy is recommended [12][13] Iron Ore Futures - Supply is increasing, iron - water production is seasonally weakening, and ports are restocking. The market faces over - valuation risks. Observe the lower support level and view it with an oscillating perspective [14][15] Glass Futures - Supply has no major cold - repair situation, factory inventory is high, and downstream demand is weak. Wait for real - estate stimulus or major policies. The market is viewed with an oscillating mindset after a small rebound [17][18] Urea Futures - Domestic daily urea production is about 205,600 tons with an 87.23% operating rate. Agricultural demand is slow, and prices are weakly adjusting. Be cautious of a strong long - position rebound when reaching the previous support area [21]

美联储哈克：硬数据依然强劲，美国经济具有韧性，但基础面存在压力。尚不清楚政策调整将如何影响 经济。 ...

智通财经5月21日电，美联储博斯蒂克表示，需观察经济走向后再采取行动，不确定性增加可能会延长 政策调整的时间。 ...

Core Viewpoint - The leading economic index in the U.S. fell to 99.4 points in April, marking the largest decline since March 2023, raising concerns about the economic growth outlook [1][9] Group 1: Reasons for Decline in Leading Economic Index - Global economic slowdown significantly impacts the U.S. economy, with factors such as international trade tensions, slowing growth in emerging markets, and global policy uncertainty contributing to the decline [3] - Domestic policy uncertainty, including adjustments in fiscal policy, changes in tax policy, and regulatory environment, leads to cautious investment and expansion decisions by businesses [4] Group 2: Economic Growth Forecasts - The forecast indicates that the U.S. real GDP growth rate will slow to 1.6% by 2025, lower than previous expectations, reflecting market concerns about the growth outlook [5] Group 3: Inflation Pressures - Despite the economic slowdown, inflationary pressures remain, with the inflation rate in the U.S. rising over the past year, complicating the Federal Reserve's monetary policy adjustments [6] Group 4: Policy Adjustments and Market Expectations - The Federal Reserve may need to adjust monetary policy in response to the anticipated economic slowdown, potentially leading to more accommodative measures to support growth, which will impact market interest rates and asset prices [8] - Market expectations regarding the U.S. economic growth outlook have shifted, with investor concerns about the slowdown potentially leading to increased market volatility, particularly in equity and bond markets [9]

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, indicates that achieving the price target is within reach while maintaining a stance on interest rate hikes [1] Economic Data - Japan's economic data remains robust, suggesting a stable economic environment [1] Policy Adjustments - The possibility of policy adjustments will depend on how the economic outlook evolves [1]

日本央行行长植田和男：由于我们相信通胀将在预测期内达到2%，因此对未来调整的立场保持不变。 ...