Core Viewpoint - Kevin Warsh, a leading candidate to succeed Jerome Powell as Fed Chair, criticized the Federal Reserve's approach, advocating for a return to a more traditional, low-profile stance in monetary policy and less public communication [1][2] Group 1: Criticism of the Federal Reserve - Warsh argued that the Fed has been too vocal and involved in social issues, failing to hold lawmakers accountable for excessive spending [1] - He emphasized that the Fed should not rely heavily on economic data for decision-making, as such data is often lagging and subject to revisions [1][2] - Warsh suggested that the Fed should operate without the expectation of public applause or scrutiny, indicating a need for a strategic reset to restore credibility [2] Group 2: Historical Context and Comparisons - Warsh referenced a historical Fed motto of "never explain, never apologize," highlighting a time when the Fed maintained a more reserved public presence [2] - He noted that past Fed leaders, like Paul Volcker, often avoided public discussions about the economy, contrasting with the current Fed's more open communication style initiated by Ben Bernanke [2] Group 3: Political Context and Future Implications - Warsh's potential nomination as Fed Chair has been a topic of speculation, especially following Trump's recent comments about Powell's performance and the independence of the Fed [3] - He affirmed the importance of the Fed's operational independence from political pressures while also stating that the Fed should be open to serious questioning when monetary policy outcomes are poor [3]

近期，据美国《纽约时报》援引一位知情人士的话说，赫格塞思在一个包括他的妻子、兄弟和私人律师在内的信息群中分享了3月美军计划袭 击也门胡塞武装的细节，这个群聊称作"防务团队会"，且同样使用了"信号"应用。 特朗普（资料图） 虽然特朗普认为，他随时能让鲍威尔走人，但实际上，只要鲍威尔不主动递交辞呈，特朗普暂时还真没辙。用鲍威尔的话说就是，特朗普没有 将他免职的权力。有很多美国专家认为，如果特朗普真的做到了将鲍威尔免职，美国市场就会出现震动。可以肯定的是，美联储不会对特朗普 认怂。接下来，鲍威尔将与特朗普展开一场漫长的较量，两人都不会轻易认怂，但无论如何，最终赢家只有一个，结果不是特朗普对美联储让 步，就是鲍威尔对白宫妥协。 日前，特朗普在其个人社交平台"真相媒体"上公开发文，用三个词痛骂美联储主席鲍威尔："又一个、典型的、完全的'混乱'"。两天后，白宫 传出风声：特朗普团队正研究如何解雇鲍威尔。这场白宫与美联储的公开决裂，撕开了美国经济政策溃烂的伤疤。 特朗普（资料图） 别看鲍威尔表面上八风不动，22号当天芝加哥联储主席古尔斯比在芝加哥大学演讲时，特意把1987年格林斯潘刚上任就碰上股灾的案例拿出来 讲。这故事华 ...

Core Viewpoint - The article discusses President Trump's ongoing tensions with the Federal Reserve and its Chairman Jerome Powell, highlighting Trump's fluctuating stance on Powell's leadership and the implications for U.S. economic policy [1][2][3]. Group 1: Trump's Criticism of the Federal Reserve - Trump has repeatedly criticized the Federal Reserve's policies, labeling them as "ridiculous" and calling Powell an "enemy," despite having appointed him [2]. - Initially, Trump expected Powell to maintain low interest rates to stimulate investment, but Powell's decision to raise rates in response to a strengthening economy led to Trump's dissatisfaction [2][3]. Group 2: Economic Pressure and Political Dynamics - Trump's administration faces increasing economic pressure due to tariffs and inflation, leading him to call for interest rate cuts from the Federal Reserve [2][4]. - A recent national survey indicated that Trump's economic approval rating has dropped to 43%, with disapproval at 55%, marking a significant shift in public sentiment regarding his economic management [4]. Group 3: Independence of the Federal Reserve - Powell has emphasized that the Federal Reserve's policy adjustments should be based on economic data rather than political influence, maintaining the institution's historical independence from the White House [3]. - The article suggests that Trump's attempts to exert control over the Federal Reserve reflect broader challenges he faces in implementing his agenda across various issues [3][4].

特朗普多次"炮轰"鲍威尔后，美联储可能难逃独立性受损？ 4月24日周四，有"新美联储通讯社"之称的Nick Timiraos发文称，在多次公开指责美联储主席鲍威尔后，尽管特朗普"变脸"表示无意解雇，但其干预美联储的强 硬姿态可能会削弱投资者对下一任美联储主席的信心。 文章进一步指出，市场的担忧在于， 即便特朗普放过了鲍威尔，但伤害已经造成，无论下一任主席是谁，美联储的独立性都将存疑，进而削弱未来货币政策的 效力。 美联储独立性为何如此重要？ 文章表示，自上世纪80年代，美联储成功驯服了高通胀这一"洪水猛兽"以来，其相对于白宫的独立性就一直被视作是"压舱石"的存在。 为什么？因为一个独立运作的央行，其制定的利率政策通常被认为更客观、更专业，从而也更有效。 简单来说， 如果市场相信美联储的决策是基于经济数据和长期目标，而非短期的政治考量，那么这些决策就更容易引导市场预期，稳定经济。 反之，如果美联储主席像个随时听候总统指令的下属，那么每次利率调整都可能被解读为政治操作，市场的反应就会变得混乱且难以预测。 文章表示，正是认识到这一点， 从克林顿总统时期开始，历任美国总统大都采取了"不干预"美联储具体操作的姿态，因为 ...

Group 1 - A Republican congressman, Frank Lucas, advocates for the isolation of the Federal Reserve from political influences to stabilize financial markets, especially after President Trump's recent criticisms of Fed Chair Powell [1] - Lucas believes that the President made a wise decision by not firing Powell, emphasizing the need for certainty in the financial sector amidst global uncertainties [1] - The special task force led by Lucas aims to propose policies that reinforce the independence of the Federal Reserve and enhance the liquidity of the U.S. Treasury market, seeking bipartisan support for these initiatives [1][2] Group 2 - Lucas expresses the importance of ensuring that monetary policy remains free from political manipulation, not just for the current president but for future administrations as well, which he believes would provide stability [2] - The task force, established in January, is expected to hold its third hearing on the structure and resilience of the U.S. Treasury market during the upcoming four-week session of the House [2] - Lucas plans to explore methods to increase institutional participation in the U.S. Treasury market and gradually reduce the Federal Reserve's balance sheet size over time [3]

转自：新华财经 新华财经北京4月24日电（崔凯）特朗普政府的关税政策，致使美国遭遇经济史上最为严峻的贸易不确定性。美 联储最新褐皮书报告表明，"围绕国际贸易政策的不确定性广泛存在"，虽然当下经济仍在"稳步扩张"，然而这种 不确定性"或将在未来数月内抑制增长势头"。 褐皮书显示，自2025年2月底起，美国经济活动近乎零变化，仅有五个地区报告稍有增长，三个地区维持原状， 其余四个地区的经济活动则呈下降态势。制造业尤为疲弱，三分之二的地区表示制造业活动无明显变化或有所下 滑。 报告中"不确定性"一词出现达80次，与关税相关的表述高达107处，远超以往水平，这表明企业因政策不明晰而 普遍暂停或放缓投资、招聘等经济活动。 近期，美联储多位官员对特朗普政府关税政策可能产生的经济影响表示担忧。 克利夫兰联储主席哈马克称，当前条件仍支持继续缩减资产负债表，但在高度不确定的环境下，并非改变货币政 策的时机。她强调，需保持耐心，在采取利率行动前需观察更多数据变化。 美联储理事阿德里安娜·库格勒指出，关税可能给物价带来上行压力，并产生比预期更大的经济影响。库格勒认 为，经济面临高度不确定性，通胀有上行风险，就业则有下行风险。 里士 ...

Group 1 - The A-share market experienced slight fluctuations after a high opening, with the index finding support around 3293 points, while sectors like automotive parts, general equipment, consumer electronics, and communication equipment performed well, whereas precious metals, jewelry, commercial retail, and food and beverage sectors lagged [1] - The fiscal policy is expected to become more proactive by 2025, and the central bank may consider lowering reserve requirements and interest rates to maintain ample market liquidity and support economic recovery [1] - The market is currently in a phase of sectoral divergence, with large-cap blue chips in finance and real estate benefiting from continued institutional inflows, while the technology growth sector continues to adjust [1] Group 2 - The market showed mixed performance with rapid rotation of hotspots, and the overall sentiment improved as concerns over the independence of the Federal Reserve eased, leading to a decrease in global risk aversion [2] - Domestic macro policies are expected to focus on stimulating consumption, stabilizing the real estate market, supporting the stock market, and promoting private enterprises in the second quarter [2] - The market is advised to focus on sectors with certainty and safety margins, particularly those related to performance, domestic demand, and self-sufficiency [2] Group 3 - The countdown to mass production of Tesla's Optimus robot is underway, with a target of one million units by 2029, which has catalyzed activity in the robotics sector [3] - The approval of Meituan's drone logistics qualifications has stimulated significant stock movements in related companies, with the sector's trading volume surpassing 50 billion [3] - The sustainability of the robotics and low-altitude economy sectors remains uncertain, depending on the emergence of new leading companies [3]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 24, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoint - Trump's concessions in Sino-US trade disputes and on the issue of the Fed's independence have eased market concerns and weakened risk aversion. The domestic non-ferrous metals market opened higher, but Shanghai zinc faced upward pressure and fluctuated during the day. The import window is open, and April refined zinc imports may rebound to over 30,000 tons. With overseas mine disruptions and domestic TC remaining flat, and considering factors such as refinery maintenance, new production, and pre-holiday restocking demand, a short position on rallies is recommended [7]. Summary by Directory 1. Market Review - Shanghai zinc futures showed different fluctuations. For example, the 2505 contract opened at 22,595 yuan/ton, closed at 22,745 yuan/ton, up 265 yuan or 1.18%. The 2506 contract (the main contract) opened at 22,325 yuan/ton, closed at 22,460 yuan/ton, up 215 yuan or 0.97%, with a decrease in positions. The 2507 contract opened at 22,220 yuan/ton, closed at 22,245 yuan/ton, up 170 yuan or 0.77%, with an increase in positions [7]. - The Shanghai-London ratio was 8.69, and the exchange-excluded ratio was 1.21, with the import window open. LME zinc stocks decreased by 7,200 tons to 185,025 tons, and the 0 - 3C spread widened to 42.09. There were rumors of a full shutdown at Peru's Antamina due to an accident, strengthening overseas mine support [7]. 2. Industry News - On April 23, 2025, the spot prices of 0 zinc in different regions varied. In Shanghai, the mainstream transaction price of 0 zinc was 22,815 - 23,040 yuan/ton. In Ningbo, it was 22,805 - 23,000 yuan/ton. In Guangdong, it was 22,835 - 23,120 yuan/ton. In Tianjin, it was 22,850 - 23,250 yuan/ton. The spot premiums in different regions also showed different levels and trends [8][9]. 3. Data Overview - The report provides data on the price trends of zinc in two markets, the Shanghai-London ratio and exchange-excluded ratio, and zinc inventories in seven regions and LME, but specific data details in this part are not further elaborated [10][15].

个股方面，特斯拉涨5.3%，此前特斯拉首席执行官马斯克表示，他将大幅减少在美国政府效率部的 工作时间，投入更多时间经营公司。这家电动汽车制造商公布的季度净利润暴跌71%。 明星科技股中，亚马逊涨4.2%，Meta Platforms涨4.0%，英伟达涨3.6%，谷歌涨2.5%，苹果涨 2.2%，微软涨1.9%。 英特尔涨5.5%，有消息称该芯片制造商将裁员20%以上。 2025.04. 24 本文字数：1117，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三，美股全线上涨，特朗普政府连续就关税放风，贸易战缓和预期提振市场情绪，同时，美国总统 特朗普表示不打算罢免美联储主席鲍威尔。 截至收盘，道指涨419.59点，涨幅1.07%，报39606.57点，纳指涨2.50%，报16708.05点，标普500 指数涨1.67%，报5375.86点。 波音涨6.1%，公司季度亏损小于预期，一季度生产和交付了更多的飞机。 纳斯达克中国金龙指数涨2.9%，阿里巴巴涨2.7%，拼多多涨2.2%，网易涨1.6%，京东跌0.3%。 国际油价走弱，市场传言产油国组织（OPEC+）可能进一步增产。WTI原油近月合约跌2.20%， ...

Market Overview - US stock market saw a significant rally with the Nasdaq rising by 2.5% and the Dow Jones increasing by 1.07% to close at 39,606.57 points [1] - Tesla's stock surged by 5.3% as CEO Elon Musk announced plans to reduce his time at the government efficiency department to focus more on the company, despite a 71% drop in quarterly net profit [2] - Major tech stocks performed well, with Amazon up 4.2%, Meta Platforms up 4.0%, Nvidia up 3.6%, Google up 2.5%, Apple up 2.2%, and Microsoft up 1.9% [2] - Boeing's stock increased by 6.1% as the company reported a smaller-than-expected quarterly loss and higher production and delivery of aircraft [3] International Market - The Nasdaq Golden Dragon China Index rose by 2.9%, with Alibaba up 2.7%, Pinduoduo up 2.2%, and NetEase up 1.6%, while JD.com fell by 0.3% [4] - International oil prices weakened, with WTI crude oil down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel amid rumors of potential production increases by OPEC+ [4] Commodity Market - International gold prices saw a significant decline, with COMEX gold futures for April delivery dropping by 3.66% to $3,276.30 per ounce [5] - The yield on the 2-year US Treasury bond rose by 8.3 basis points to 3.87%, while the 10-year Treasury yield fell by 1.1 basis points to 4.39% [5] Economic Indicators - The US Composite PMI fell to 51.4, marking a 16-month low, indicating deteriorating economic sentiment amid macroeconomic uncertainties [6] - The Federal Reserve's Beige Book reported little change in US economic activity since early March, with several regions experiencing a "significant deterioration" in outlook [7]