Core Viewpoint - Three Federal Reserve officials support the idea of setting an inflation target range instead of maintaining the current fixed target of 2% [1][4][5] Group 1: Federal Reserve Officials' Perspectives - Stephen Milan, Michelle Bowman, and Raphael Bostic have discussed the potential shift towards an inflation target range following the Federal Reserve's policy framework review in August [1][4] - Milan, a temporary member of the Federal Reserve, expressed that a "very clear" inflation target could lead to excessive micro-management and suggested that the Fed should remain open to other options [4] - Bowman, also a Trump appointee, noted that other countries use target ranges, which could alleviate anxiety over specific inflation numbers [4] Group 2: Current Inflation Context - The inflation rate has been above the Federal Reserve's 2% target for four and a half years, influenced by economic disruptions from the COVID-19 pandemic and recent tariffs imposed by Trump on global trade partners [4] - Prior to 2020, the Federal Reserve was primarily concerned with inflation rates being persistently below the target, which raised concerns about the ability to normalize interest rates [4] Group 3: Bostic's View on Inflation Range - Bostic indicated that the public often misunderstands the precision with which the Federal Reserve controls inflation and expressed a preference for discussing inflation in terms of a range [5] - He suggested a desired inflation range of approximately 1.75% to 2.25% to prevent upward inflationary pressures [5]

Market Overview - U.S. stock markets ended their consecutive gains, with all three major indices closing lower, influenced by comments from Federal Reserve Chairman Jerome Powell [1][4] - The S&P 500 index fell by 0.55% to 6656.92 points, the Dow Jones index decreased by 0.19% to 46292.78 points, and the Nasdaq index dropped by 0.95% to 22573.47 points [3] Federal Reserve Insights - Powell reiterated the Fed's recent decision to lower the benchmark interest rate to a range of 4%–4.25%, marking the first rate cut of 2025, aimed at managing risks in the labor market [4][22] - He highlighted the dual risks of rising inflation and declining employment, indicating a challenging situation for monetary policy [4][22] - Powell acknowledged that stock prices are "fairly highly valued," which contributed to the negative market sentiment [4][22] Technology Sector Performance - Major tech stocks experienced declines, with Nvidia down nearly 3%, Microsoft down 1.01%, and Amazon down 3.04% [11] - The overall sentiment in the tech sector was negatively impacted by Powell's remarks regarding high asset valuations [4][11] AI and Data Center Developments - OpenAI, Oracle, and SoftBank announced plans to build five new data centers across the U.S. to expand the government-supported AI project "Stargate" [12][24] - This initiative reflects the growing investment in AI infrastructure and the increasing importance of data centers in supporting technological advancements [12][24] Consumer Sector Adjustments - Amazon plans to close all 19 of its Fresh grocery stores in the UK, indicating a strategic shift in its grocery business operations [13] - The company aims to convert five of these stores into Whole Foods locations, highlighting a focus on optimizing its grocery strategy [13]

随着主席鲍威尔的任期将于明年5月结束，特朗普将有机会任命新的人选，这引发了市场对于美联储在 新领导层下可能发生结构性变化的猜测。 特朗普盟友率先发声 本周，三位官员从不同角度阐述了通胀目标区间的合理性。 周一，特朗普盟友、于9月16日临时加入美联储的理事米兰在纽约经济俱乐部表示： 一个过于精确的通胀目标可能导致过度的微观管理。 三位美联储官员相继表态支持采用通胀目标区间，而非目前2%的固定目标，暗示央行政策框架可能面 临调整。 本周，美联储理事米兰和鲍曼，以及亚特兰大联储主席博斯蒂克在不同场合分别发表讲话，均认为用一 个通胀目标范围取代精确的2%目标存在优势。 美联储去年8月完成的五年一度政策框架评估中，通胀目标调整被排除在外，但官员们的最新言论显示 内部对此仍有讨论。 这些讨论浮现于一个微妙的政治背景之下。美国总统特朗普今年以来持续向美联储施压，要求其降低利 率。 他指出，"衡量通胀极其困难"，并认为回归2012年以前追求"低而稳定物价"而不设具体数值的做法，也 是"一种有趣的方式"。 不过，米兰强调，在做出任何改变前，官员们必须首先让通胀回到2%。 鲍威尔潜在接班人呼应 周二，由特朗普任命、并被视为鲍威尔 ...