该经济学家进一步预测，若12月如期加息，日本央行将开启一个循序渐进的紧缩周期，并以"每六个月 加息一次"的节奏推进。根据其预判，后续加息时点将分别落在2026年6月、2027年1月和2027年7月。 （文章来源：新华财经） 新华财经北京12月5日电美国银行（Bank of America）经济学家Takayasu Kudo表示，日本央行在即将于 12月召开的货币政策会议上进一步加息的可能性正在上升。他预计，日本央行将把当前0.5%的政策利 率上调至0.75%。 Kudo指出，支撑此次加息预期的主要因素包括：企业盈利状况持续改善、春季薪资谈判结果积极、日 元汇率长期处于贬值态势，以及日本央行与政府之间在政策协调方面取得进展。 ...

俄乌局势——①美国称，乌克兰方面已原则同意美国提出的和平协议，但仍有一些条款需要讨论。乌称 乌美已就日前在日内瓦讨论的和平协议核心条款达成共识。②乌总统：将继续与美国就和平计划进行谈 判。③川普：和平协议已非常接近达成，仅剩少数几个分歧，已指派美方人员分别与俄乌两国磋商。④ 据悉乌总统希望在27日与川普会面，敲定和平协议。 周二，随着美联储降息前景的增强被地缘政治风险的缓解所抵消，现货黄金区间震荡，盘中刷新11月14 日以来新高，最终收跌0.1%，报4130.84美元/盎司。 美国9月零售销售月率录得0.2%，逊于预期；9月PPI月率录得0.3%，与预期一致。 国际原油重回跌势，因俄乌和平谈判取得进展的迹象提振了人们对俄罗斯石油供应将保持稳定的预期。 WTI原油一度大跌3%，逼近57美元关口，创逾一个月新低，最终收跌1.36%，报58.09美元/桶；布伦特 原油最终收跌1.31%，报61.97美元/桶。 11月26日 资讯分享 美联储——①米兰：经济需要大幅降息，失业率上升是因为货币政策过于紧缩。②美财长透露，川普在 圣诞节前宣布新任主席人选的可能性非常大。消息称哈塞特在五位候选人中脱颖而出，亦有报道称尚无 ...

美东时间周三，美股三大指数集体收涨，截至收盘，道琼斯指数涨0.10%，标普500指数涨0.38%，纳斯达克综合指数涨0.59%。 大型科技股涨跌互现，谷歌、英伟达、甲骨文、英特尔涨超2%，奈飞跌超3%，AMD跌超2%，微软、Meta跌超1%。 热门中概股多数下跌，纳斯达克中国金龙指数收跌1.53%。小鹏汽车跌超6%，网易跌超4%，蔚来、哔哩哔哩、理想汽车跌超3%，京东、百度跌超1%。 01 美联储10月会议纪要 决策者对12月是否降息存在较大分歧 消息方面，美联储于北京时间11月20日凌晨3点公布货币政策会议纪要，此前延期的美国9月非农、三季度GDP等关键指标将陆续公布。 美联储公布了10月28日至29日的联邦公开市场委员会（FOMC）货币政策会议纪要。会议纪要显示，决策者对12月是否继续降息存在较大分歧。 FOMC在10月会议上以10比2的投票结果通过了降息25个基点的决定，将联邦基金利率目标区间下调至3.75%-4.00%。 金融市场此前普遍预计美联储将在12月会议上继续降息25个基点，但美联储主席鲍威尔在10月会议后的新闻发布会上表示，12月降息并非板上钉钉。 自10月底以来，多位美联储官员对继续降息表 ...

Market Overview - Major U.S. indices experienced significant declines, with the Dow Jones falling by 797.60 points (1.65%) to 47,457.22, the Nasdaq dropping 536.10 points (2.29%) to 22,870.36, and the S&P 500 decreasing by 113.43 points (1.66%) to 6,737.49 [1] - European indices also saw declines, with Germany's DAX30 down 355.55 points (1.46%) to 24,025.22, the UK FTSE 100 down 107.82 points (1.09%) to 9,803.60, and France's CAC40 down 8.75 points (0.11%) to 8,232.49 [2] Commodity Prices - Crude oil prices increased slightly, with light crude for December delivery rising by $0.20 to $58.69 per barrel (0.34%) and Brent crude for January delivery up $0.30 to $63.01 per barrel (0.48%) [2] - Gold prices fell by 0.55%, closing at $4,171.51, with intraday declines exceeding 1% [4] Currency Exchange Rates - The U.S. Dollar Index decreased by 0.34%, closing at 99.156. The Euro strengthened against the dollar, trading at 1.1635, while the British Pound also appreciated to 1.3190 [3] Federal Reserve Insights - Federal Reserve officials expressed differing views on monetary policy, with Kashkari indicating a preference for maintaining rates while acknowledging economic resilience, and Harker emphasizing the need for continued tightening to combat inflation [5][6][7] - The Fed's balance sheet has faced criticism, highlighting the importance of clear communication regarding its changes and implications [8] Economic Impact of Government Shutdown - Analysts predict that the current U.S. government shutdown will have a more severe economic impact than the previous shutdown in 2018-2019, with early indicators showing declines in beer and automobile sales [9] Company-Specific News - Tesla is reportedly developing support for Apple's CarPlay in its vehicles, marking a strategic shift to integrate a widely used feature [9] - Apple announced a new mini-program partner program, reducing its revenue share from 30% to 15% for qualifying app purchases, which may impact its competitive positioning in the app market [10] - Boeing's mechanics voted to accept a new contract proposal, ending a three-month strike that affected military aircraft production [11]

Group 1 - The core viewpoint is that Stephen Miran advocates for a more aggressive interest rate cut of 50 basis points to achieve a neutral policy rate, which he believes is significantly lower than the current level [1][4][6] - Miran argues that the recent pressures in the credit market may indicate that monetary policy is too tight, suggesting that these issues are a sign of the restrictive stance of the current policy [7] - He emphasizes that if future economic data meets expectations, the Federal Reserve should consider another 50 basis point cut [6][5] Group 2 - Miran's stance contrasts with the Federal Reserve's recent decision to lower the benchmark interest rate by only 25 basis points, highlighting his continued opposition to the more cautious approach taken by the majority [5][6] - He notes that the neutral policy rate has decreased compared to last year, suggesting it should be around 0.5%, while the current federal funds rate is between 3.75% and 4% [6] - Miran's comments come amid concerns from other Federal Reserve officials regarding the risks of rapid rate cuts potentially leading to sustained inflation [7]

Core Viewpoint - GBP/USD reversed its trend during the US trading session, rebounding approximately 100 points from its intraday low, currently around 1.3360, due to concerns over US-China trade relations and strong selling pressure on the dollar [1] Technical Analysis - GBP/USD has faced resistance near the 100-period simple moving average (SMA) multiple times, with bearish sentiment prevailing due to signs of a breakdown from a descending channel since the beginning of the month [3] - The price may further decline towards the two-month low range of 1.3330-1.3325, with a potential new selling wave if it breaks below the 1.3300 level, targeting support at 1.3260-1.3255 and possibly extending to 1.3200 [3] - Conversely, if a rebound occurs, resistance is expected at the 1.3400 level, followed by the Asian session high of 1.3420, with further upward movement potentially facing resistance at 1.3465-1.3475 [3] Fundamental Analysis - Bank of England (BoE) official Catherine Mann emphasized the need for prolonged tight monetary policy to foster a conducive growth environment, citing persistent inflation and moderate growth prospects [4] - UK Treasury Chief Secretary James Murray stated that the government will not allow departments to use emergency funds for salary increases, aiming to prevent a wage spiral and establish a stable economic foundation [4] - Amidst the US government shutdown and Senate deadlock, market risk aversion is rising, which may provide some safe-haven support for the dollar, potentially suppressing GBP performance [5] - Market expectations suggest that the Federal Reserve will maintain a dovish stance, limiting the dollar's rebound momentum [5]

Core Viewpoint - The Federal Reserve's leadership, particularly Williams, supports further interest rate cuts this year to address potential risks of a sharp slowdown in the labor market [1][4]. Group 1: Labor Market Assessment - Williams highlighted a gradual cooling trend in the labor market over the past year, with a slight increase in the unemployment rate and a decline in job vacancies and turnover rates [2]. - He noted that the latest indicators for September show a continued moderate cooling in the overall labor market without signs of accelerated deterioration [2]. - The reasons for the slowdown in job growth are complex, involving both reduced demand for new employees and a decline in available labor supply, primarily due to decreased immigration [2]. Group 2: Inflation Outlook - Williams indicated that tariff impacts on import prices have been less severe than previously anticipated, estimating that tariffs have raised inflation by 0.25 to 0.5 percentage points [3]. - He observed that core inflation is gradually approaching the 2% target, with improvements in housing costs being particularly notable [3]. - There are no signs of second-round effects from tariffs on inflation, and stable inflation expectations alongside normal supply chain indicators are present [3]. Group 3: Monetary Policy Stance - Despite low unemployment and stable consumption, Williams maintains that monetary policy remains moderately tight, reflecting economic performance relative to maximum employment and price stability goals [4]. - He supports further interest rate cuts this year, contingent on economic data developments, with expectations of inflation rising slightly to around 3% and a gradual increase in the unemployment rate [4]. Group 4: Commitment to Independence - Williams defended the independence of the Federal Reserve, emphasizing its importance in achieving economic goals and the responsibility of its staff to maintain this independence [5][6]. - He reiterated that decisions made by the Federal Reserve are based on data analysis rather than political considerations [6].

Group 1 - The trading volume of yen-denominated OTC interest rate derivatives has increased nearly eightfold compared to three years ago, driven by the Bank of Japan's monetary tightening policy [1] - In April, the average daily trading volume of yen contracts reached $411 billion, a 684% increase from 2022 levels [1] - The yen has become the fourth largest interest rate derivatives market globally, accounting for 5.2% of the market share, surpassing the Australian and Canadian dollars [1] Group 2 - The trading activity in the Japanese market is expected to become more active as investors anticipate further interest rate hikes in the coming months [4] - The yield on Japan's 2-year government bonds has risen to its highest level since 2008, amid concerns over weak demand in recent bond auctions due to rate hike fears [4] - Speculation about the Bank of Japan's next interest rate hike has increased following dissent among policy committee members regarding the decision to maintain current policies [4]

Group 1 - UBS Asset Management's Kevin Zhao predicts that the Federal Reserve will have to shift towards interest rate hikes next year due to economic growth recovery, leading to a significant widening of U.S. Treasury yield spreads [1] - Zhao's prediction contrasts sharply with the market's general expectation, which anticipates further rate cuts from the Fed, including two more cuts this year and five by the end of 2026 [1] - Zhao believes that if economic growth rebounds, unemployment decreases, and inflation remains high, the rationale for the Fed to raise rates will become evident by mid-next year [1] Group 2 - The yield spread between two-year and ten-year U.S. Treasury bonds has narrowed to about 50 basis points, with Zhao waiting for it to narrow to approximately 40 basis points before initiating a trade to profit from a steepening yield curve [2] - The Global Dynamic Bond Fund managed by Zhao has achieved a return of over 7% this year, outperforming 89% of its peers [2]

Core Viewpoint - The Federal Reserve's decision to maintain interest rates in September aligns with market expectations, despite dissent from two board members who advocate for a rate cut due to signs of labor market weakness [1][2][3] Group 1: Federal Reserve's Policy Signals - There is internal disagreement within the Federal Reserve regarding policy direction, as two board members voted against maintaining the current interest rate, marking the first time since 1993 that two members opposed a collective decision [2] - Powell and the majority of officials prefer to maintain a tightening stance, citing that the inflation effects from tariffs will gradually manifest over the coming months, impacting U.S. businesses and consumers [2][3] - Powell acknowledged that current monetary policy is somewhat restrictive, contributing to downward pressure on the labor market, but believes this is not sufficient to warrant a rate cut at this time [3] Group 2: Independence of the Federal Reserve - The Federal Reserve is committed to maintaining its independence, despite pressure from President Trump to lower interest rates, emphasizing that monetary policy aims to achieve full employment and stable inflation, not to assist the government in reducing debt costs [3][5] - The structure of the Federal Reserve's decision-making process, which involves a committee of 12 voting members, ensures that even if Trump were to dismiss Powell, the overall direction of monetary policy would remain unchanged [5] Group 3: Future Outlook on Interest Rates - The company predicts that the Federal Reserve is unlikely to be prepared for a rate cut in the near term, with future decisions dependent on inflation trends [4] - It is anticipated that inflation may rise in the latter half of the year, driven primarily by tariffs rather than overheating economic demand, suggesting that the Fed may choose to wait for inflation peaks before implementing any easing measures [4] - Given the relatively loose fiscal policy environment, economic growth and inflation are expected to remain sticky, leading to a prolonged period of tighter monetary policy [4]