Group 1 - International gold is currently trading around $3740, with a slight decline of 0.21%, and has shown a bullish short-term trend [1] - The highest price reached was $3753.12, while the lowest was $3737.06, indicating volatility within a narrow range [1] Group 2 - Dallas Federal Reserve President Logan suggests that the Federal Reserve should abandon the federal funds rate as the benchmark for monetary policy and consider linking it to a more robust overnight rate tied to the U.S. Treasury collateral loan market [2] - Logan emphasizes that the federal funds rate target is outdated and that the connection between the interbank market and the overnight money market is weak, which could lead to sudden disruptions [2] - She advocates for updating the Federal Reserve's monetary policy implementation mechanism to enhance the efficiency and effectiveness of the central banking system [2] Group 3 - Recent gold price movements have shown fluctuations, with a pattern of rising and falling, but overall remaining within the expected range of $3368-$3420 [3] - A descending triangle pattern has formed, indicating that the volatility range is narrowing, which suggests a potential breakout could occur [3] - Key support is identified at the previous low of $3717, and if this level is breached, further declines could extend to $3705, $3690, and $3680 [3]

Core Viewpoint - The suggestion by Federal Reserve's Logan to replace the federal funds rate with the Tri-Party General Collateral Rate (TGCR) is considered reasonable by market analysts, indicating a potential shift in monetary policy approach [1] Group 1 - TD Securities strategist Jan Nevruzi notes that the TGCR could be a more stable reference compared to the federal funds market, which experiences higher daily volatility [1] - Wrightson ICAP's chief economist Lou Crandall emphasizes the importance of having a backup plan for the Federal Reserve in case of significant divergence between the federal funds rate and more relevant market rates like TGCR [1]

Core Viewpoint - The Dallas Fed President Logan suggests that the Federal Reserve should abandon the federal funds rate as the benchmark for monetary policy and consider linking it to a more robust overnight rate tied to the U.S. Treasury collateralized loan market [1] Group 1 - Logan believes the target for the federal funds rate is outdated and that the connection between the interbank market and the overnight money market is weak and could suddenly break [1] - She emphasizes that updating the mechanism for implementing monetary policy will be part of an efficient and effective central banking system [1] - Logan argues that the Tri-Party General Collateral Rate (TGCR) could provide the most benefits, as it covers over $1 trillion in transactions daily, allowing for effective transmission in the money market [1] Group 2 - The average trading volume in the federal funds market is currently less than $100 billion, highlighting the disparity in transaction volumes compared to TGCR [1] - Logan warns that if the transmission mechanism of the federal funds rate fails, a quick alternative target will be necessary, and making important decisions under time pressure is not conducive to a strong economy and financial system [1]

Core Viewpoint - The Dallas Fed President Logan suggests that the Federal Reserve should abandon the federal funds rate as the benchmark for implementing monetary policy and consider linking it to a more robust overnight rate tied to the U.S. Treasury collateralized loan market [1] Group 1 - Logan believes the target for the federal funds rate is outdated and that the connection between the interbank market and the overnight money market is weak and could suddenly break [1] - She emphasizes that updating the mechanism for implementing monetary policy will be part of an efficient and effective central banking system [1] - Logan argues that the Tri-Party General Collateral Rate (TGCR) could provide the most benefits, as it covers over $1 trillion in transactions daily, allowing for effective transmission in the money market [1] Group 2 - The average trading volume in the federal funds market is currently less than $100 billion, highlighting the disparity in transaction volumes compared to TGCR [1] - Logan warns that if the transmission mechanism between the federal funds rate and other money markets fails, a quick alternative target will be necessary, and making important decisions under time pressure is not conducive to a strong economy and financial system [1]

他说，正如美联储9月"褐皮书"所指出的，企业仍普遍认为不确定性正在压制他们的预期。消费者和企 业信心指标在春季大幅下滑，之后有所回升，但仍低于年初水平。劳动力供给和需求双双明显放缓，就 业下行风险增加。 鲍威尔说，由于就业风险加大，美联储17日降息25个基点。但通胀走势的不确定性依然很高。关税上调 可能需要一些时间在供应链中传导，可能会在未来几个季度表现为通胀上升。 美联储17日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间下调25个基点到4.00%至 4.25%之间。这是美联储2025年第一次降息，也是继2024年三次降息后再次降息。此次会议上，由美国 总统特朗普提名、刚刚出任美联储理事的白宫经济顾问委员会主席斯蒂芬·米兰投了唯一反对票，他认 为此次降息幅度应该达到50个基点。 新华财经纽约9月24日电 美国联邦储备委员会主席鲍威尔23日表示，美国经济面临通胀上升与就业下行 的"双向风险"，贸易、移民、财政和监管政策的重大变化对美国经济的影响有待观察。 鲍威尔当天在罗德岛州出席商会活动时说，短期内美国通胀面临上行风险，就业面临下行风险，这是一 个充满挑战的局面。如果降息"过于激进"，可能导致2%的通 ...

Core Viewpoint - The current interest rate level is described as "very restrictive" by Federal Reserve Governor Milan, emphasizing the commitment to reducing the inflation rate to 2% and suggesting that the appropriate level for the federal funds rate is in the mid-range of 2%, which is nearly 2 percentage points lower than the current level [1] Summary by Relevant Sections - Interest Rate Level - The Federal Reserve's current interest rate is considered very restrictive [1] - The appropriate federal funds rate is suggested to be in the mid-range of 2%, indicating a potential decrease of nearly 2 percentage points from the current level [1] - Inflation Target - The Federal Reserve is focused on reducing the inflation rate to 2% [1]

风险提示及免责条款 美联储理事米兰：当前利率非常有限制性。适当的联邦基金利率大约在2%-2.5%。预计中性利率将接近 零。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Group 1 - The Federal Reserve announced a reduction in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut of the year and the first in nine months, with expectations of two more cuts by the end of the year [1] - From January to August, the national general public budget revenue reached 148,198 million yuan, a year-on-year increase of 0.3%, while expenditures totaled 179,324 million yuan, up 3.1% year-on-year [3] - The unemployment rate for urban labor aged 16-24 was reported at 18.9% in August, with rates of 7.2% for those aged 25-29 and 3.9% for those aged 30-59 [3] Group 2 - In the first eight months, Hebei province led the country in crude steel production with 141,986,300 tons, followed by Jiangsu with 81,192,900 tons [3] - Several listed steel companies disclosed significant equity and non-equity investment projects in their 2025 semi-annual reports, focusing on equity acquisitions, subsidiary establishment to extend the industrial chain, overseas expansion, green low-carbon transformation, and intelligent manufacturing [3] - The company specializes in intelligent manufacturing, offering a series of industrial online measurement products based on CCD imaging, laser measurement, and machine vision technologies, suitable for various scenarios with high precision and low latency [4]

Group 1 - The Federal Reserve lowered the federal funds rate by 25 basis points to 4.25%, aligning with market expectations, with a previous rate of 4.50% [2] - Most Federal Reserve officials anticipate at least three more rate cuts by the end of the year, with only one official advocating for a 50 basis point cut [2] - The Bank of England maintained its interest rate at 4%, consistent with market expectations, while the Bank of Japan kept its benchmark rate unchanged at 0.5% for the fifth consecutive time [2] Group 2 - Upcoming key events include the release of manufacturing PMI for multiple countries on September 23, initial jobless claims for the week ending September 20, and the final value of Q2 real GDP and core PCE price index on September 25 [3] - On September 26, the U.S. will release the year-on-year core PCE price index for August, along with the final consumer sentiment index from the University of Michigan for September [3] - Several Federal Reserve officials, including Bowman and Williams, are scheduled to speak on monetary policy and economic outlook on September 26 [3]

Group 1 - International gold is currently trading around $3655, with a latest price of $3656.39 per ounce, reflecting a 0.33% increase, and has reached a high of $3660.91 and a low of $3632.02 [1] - The short-term outlook for international gold appears bullish, with a significant upward trend observed [1][4] - If gold can maintain above the key level of $3600, the subsequent market outlook remains positive, with potential targets of $3750 and $3800 if resistance levels are broken [4] Group 2 - In the week ending September 13, initial jobless claims in the U.S. were reported at 231,000, lower than the market expectation of 240,000 and revised previous value of 264,000 [2] - The Philadelphia Fed manufacturing index rose significantly from -0.3 in August to 23.2 in September, surpassing the expected growth of 2.3 [2] - The Federal Reserve indicated that inflation is showing signs of "some recovery and remains high," while economic growth is expected to slow down in the first half of 2025 [2][3]