被美国总统特朗普提名为美联储理事的Stephen Miran对国会议员强调，美联储的独立性至关重要，并否 认他得到提名有支持降息的附加条件。 美东时间9月4日周四，在美国参议院银行委员会有关确认其理事提名的听证会上，Miran表示，没有人 要求他承诺会投票支持降息。 在为本次听证会事先准备的发言稿中，Miran试图缓解外界对他试图破坏联储决策长期以来不受白宫影 响这一独立性的担忧。讲稿写道： 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。 "在我看来，联储最重要的职责是防止经济萧条和恶性通胀。货币政策的独立性是其成功的 关键因素。" 风险提示及免责条款 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report suggests a band - trading approach for treasury bond futures. It indicates that the bond market may enter a period of oscillation as the 10 - year treasury bond yield faces significant resistance around 1.75%. It advises against chasing high prices and recommends taking profit on previous long positions [1][3] 3. Summary by Related Catalogs 3.1. Market Conditions - On Thursday, treasury bond futures opened higher across the board, with narrow intraday fluctuations. Medium - and long - term bonds closed higher, while short - term bonds weakened at the end of the session. Spot bond yields first declined and then rose, with most turning upward by the end of the day. The open market had a net withdrawal of 20.35 billion yuan, and the funds were loose, with DR001 remaining at 1.31% [1] 3.2. Intraday News - The second group leader meeting of the Ministry of Finance and the central bank aims to jointly ensure the better implementation of fiscal and monetary policies - Bloomberg reported that China is considering measures to curb stock market speculation and seek stable development of the A - share market - Federal Reserve Governor Waller suggested starting interest rate cuts this month and multiple cuts in the next 3 - 6 months, with the pace depending on data [2] 3.3. Market Judgment - The opening of spot bonds continued the upward trend from the previous day's close, driving treasury bond futures to open higher. Then, each variety basically maintained a narrow - range shock. The A - share market fell for the third consecutive day, with the Shanghai Composite Index dropping by up to 2% during the session, and the previous hot sectors experiencing greater declines. However, the bond market did not gain more upward momentum. After the futures market closed, spot bonds weakened, indicating a lack of further upward drivers in the bond market [3] 3.4. Treasury Bond Futures Daily Data - **Contract Prices and Changes**: TS2512 was at 102.44 (unchanged), TF2512 at 105.745 (up 0.055), T2512 at 108.27 (up 0.15), and TL2512 at 117.4 (up 0.37) - **Contract Positions and Changes**: TS contract positions increased by 429 to 76,004 hands, TF by 3,428 to 142,981 hands, T by 4,090 to 217,136 hands, and TL decreased by 2,021 to 140,684 hands - **Basis and Changes**: TS basis (CTD) was - 0.0299 (down 0.0074), TF basis (CTD) was 0.0269 (down 0.0577), T basis (CTD) was 0.3866 (down 0.0537), and TL basis (CTD) was 0.8792 (up 0.1384) - **Trading Volume and Changes**: TS main contract trading volume increased by 5,941 to 31,545 hands, TF by 501 to 62,934 hands, T decreased by 2,944 to 83,913 hands, and TL decreased by 21,692 to 135,244 hands [4]

Core Viewpoint - The Federal Reserve is considering starting interest rate cuts in the upcoming meetings, with multiple cuts expected in the next three to six months based on economic developments [1][3]. Group 1: Economic Context - The call for rate cuts comes amid concerns over economic impacts from tariffs and signs of a weakening labor market, with recent data indicating a sharp slowdown in job growth [2][5]. - Inflation remains a concern, particularly with rising service sector prices keeping overall inflation above the Fed's 2% target [5]. Group 2: Rate Cut Strategy - The pace and magnitude of rate cuts will depend on incoming economic data, with the current policy rate still above the neutral rate that neither stimulates nor suppresses the economy [4]. - The Fed aims to approach the neutral rate, estimating potential cuts of around 100 to 150 basis points, but the speed of achieving this will be data-dependent [4]. Group 3: Leadership Insights - Waller has been a long-time advocate for rate cuts, previously dissenting against the decision to maintain rates in July, favoring a 25 basis point cut [6]. - He has commented on the potential for leadership changes within the Fed, indicating past discussions with Treasury Secretary Yellen but no current interviews for the Fed Chair position [6].

Core Insights - The Federal Reserve is likely to initiate interest rate cuts in the upcoming meeting, with a potential for multiple cuts over the next three to six months [1][8] - The direction of monetary policy is aimed at moving towards a neutral interest rate, which may require a reduction of 100 to 150 basis points [9][10] - The internal consensus within the Federal Reserve is strengthening, with key figures like Powell and Waller aligning on the need for rate cuts [10] Economic Conditions - The labor market is showing signs of significant cooling, with recent data indicating a slowdown in job growth, raising concerns about rising unemployment [5][10] - Inflation remains stubbornly above the Fed's 2% target, particularly driven by rising service sector prices, complicating the monetary policy landscape [3][5] - Waller believes that concerns about inflation from tariffs are short-term and expects inflation to return to the target within six to seven months [5] Future Outlook - The Federal Reserve's approach will be data-dependent, with the pace and magnitude of rate cuts contingent on upcoming economic indicators [8][10] - The overall monetary policy is expected to transition into a relatively accommodative phase in the coming months, prioritizing economic stability over immediate inflation concerns [10]

美联储理事、下任美联储主席候选人克里斯托弗·沃勒3日表示，未来几个月有可能多次降息。 美联储理事、下一任美联储主席候选人克里斯托弗·沃勒（ChristopherWaller）表示，美联储未来几个月可能多次降息。美联储是决定美国货币政策的中央银 行。 他的观点是，随着唐纳德·特朗普政府全球关税政策引发的通胀担忧逐渐消退，以及劳动力市场收紧迹象的出现，提前降息是合理的。 沃勒3日接受CNBC采访时表示："一旦劳动力市场开始恶化，就会迅速恶化"，并补充道："我们需要在下次会议上开始降息。"他主张在本月16日至17日举行 的联邦公开市场委员会会议上降息。沃勒还主张在美联储7月份会议上（当时美联储决定维持利率不变）降息0.25个百分点。 他表示："我认为未来三到六个月可能会多次降息"，并补充道："是每隔一个月降息一次，还是每次会议都降息一次，这取决于数据并做出决定。"沃勒在采 访中表示，尽管特朗普政府的全球关税可能会减缓经济增长，但他并不认为这会带来经济衰退的风险。 沃勒的言论意义重大，因为他与国家经济委员会主任凯文·哈塞特和前美联储理事凯文·沃什一起，跻身下一任美联储主席的热门候选人之列。 沃勒是"特朗普盟友"，在特 ...

Core Viewpoint - The article highlights U.S. President Trump's acknowledgment of watching China's military parade, expressing admiration for the event and its significance [1]. Summary by Sections - **Trump's Remarks on China's Parade** - Trump described the Chinese military parade as a "beautiful celebration" and found it "very impressive," indicating an understanding of China's motivations for holding such an event [1]. - He confirmed that he watched the parade via video and expressed good wishes for the Chinese people during their celebration [1].

Wind资讯报道，美联储在其最新公布的褐皮书调查中表示，近几周全美大部分地区的经济活动几乎没有变化。报告指 出，美联储各辖区反馈显示，由于许多家庭的工资未能跟上物价上涨，消费者支出持平或下降。 另据褐皮书，各地区均出现价格上涨，其中10个辖区报告为"温和或轻微"的通胀，另外两个则出现"强劲的投入价格增 长"。随着关税在经济中逐步传导，企业为了弥补成本上升，至少部分地提高了商品和服务价格。 华安证券近日发布研报认为，美联储确定利率水平时通胀的权重正在下降，而就业权重有所抬升；美联储9月大概 率"重启"降息，年内降息幅度有望达到50BP。 Wind资讯报道，美联储在其最新公布的褐皮书调查中表示，近几周全美大部分地区的经济活动几乎没有变化。 对此，美联储理事沃勒表示，美联储应在本月开始降息，并在未来数月内进行多次下调，但他对降息的具体节奏持开 放态度，认为这将取决于未来的经济数据。 圣路易斯联储主席穆萨莱姆则认为，当前利率水平非常适合目前的经济环境，政策不应过度偏向于支持劳动力市场或 抗击通胀。 美国劳工统计局报告也显示，美国7月职位空缺数从6月下修后的736万个降至718.1万个，降至10个月低点，远低于预 期的 ...

9月3日晚间， 美联储再次确认降息信号。美联储理事沃勒称："我已经明确表示，我认为下次会议应该降息， 预计未来几个 月将有多次降息 。"他表示，希望在美国劳动力市场下行前行动。 沃勒是美联储新主席热门人选。 他认为， 可以随时调整降息的步伐， 降息不必拘泥于固定的连续节奏，"是年内每次会议都 降息，还是隔次会议降息，将取决于经济数据的表现"。他强调，美国通胀率将在6-7个月的时间里开始回归2%， 关税不会 导致长期通胀。 | 受此消息影响，黄金、白银飙涨。国际黄金现货再创历史新高，COMEX黄金突破3600美元/盎司，国内沪金、沪银期货主力 | | --- | | 合约同步上涨。 | | 代码 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | --- | | GOOG | 谷歌(ALPHABET)-C | 229.607 | 8.31% | | AAPL | 苹果(APPLE) | 237.482 | 3.38% | | TSLA | 特斯拉(TESLA) | 339.740 | 3.15% | | NVDA | 英伟达(NVIDIA) | 172.177 | 0.82% | | ...

Report Industry Investment Rating - Not provided in the report Core View of the Report - The expectation of a Fed rate cut in September, combined with Trump's continuous pressure and potential replacement of Fed officials, and the continuous gold purchases by central banks of many countries around the world, may make precious metal prices more likely to rise than fall. It is recommended that investors mainly take long positions when prices decline [1]. Summary by Relevant Categories Precious Metal Market Data - **Gold**: Shanghai gold's closing price on 2025 - 09 - 02 was 809.97 (yuan/gram), with a trading volume of 70268.00 and an open interest of 221198.00; COMEX futures active contract's closing price was 3619.70, with a trading volume of 94317.00 and an open interest of 360647.00; London gold spot price was 3556.20 (USD/ounce); SPDR gold ETF holding was 984.26, and iShare gold ETF holding was 456.92 [1]. - **Silver**: Shanghai silver's closing price on 2025 - 09 - 02 was 9377.00 (yuan/kilogram), with a trading volume of 627101.00 and an open interest of 270592.00; COMEX futures active contract's closing price was 41.73, with a trading volume of 22029.00 and an open interest of 88833.00; London silver spot price was 40.86 (USD/ounce); US iShare silver ETF holding was 15288.82, and Canadian PSLV silver ETF holding was 6065.79 [1]. Price Difference and Basis - **Gold**: The spread between near - month continuous and far - month active contracts was - 1.58, and the basis between spot and futures prices was - 3.36 [1]. - **Silver**: The spread between near - month continuous and far - month active contracts was - 12.00, and the basis between spot and futures prices was - 40.00 [1]. Macroeconomic and Policy Information - **US**: In July, TOLTS job openings dropped to a 10 - month low; in August, tariffs exceeded $31 billion, a record high; Fed Governor Waller suggested starting rate cuts this month and multiple cuts in the next 3 - 6 months; the Fed's Beige Book showed flat or declining consumer spending and price increases in all districts; due to weak employment supply and demand, Fed Chairman Powell hinted at a possible policy adjustment, making a September rate cut almost certain [1]. - **Eurozone**: In August, the PMI final value was slightly revised downwards, and Germany's service sector unexpectedly shrank; the ECB may cut rates at most twice before the end of 2025 [1]. - **UK**: In August, the key interest rate was cut by 25 basis points to 4.0%, and the Bank of England may cut rates at most once before the end of 2025 [1]. - **Japan**: The central bank may raise rates before the end of 2025, with the earliest possible time in October [1]. Trading Strategy - For precious metals, it is recommended that investors mainly take long positions when prices decline. For London gold, focus on the support level around 3200 - 3300 and the resistance level around 3600 - 3700; for Shanghai gold, focus on the support level around 760 - 770 and the resistance level around 840 - 850; for London silver, focus on the support level around 36 - 37 and the resistance level around 41 - 43; for Shanghai silver, focus on the support level around 9000 - 9400 and the resistance level around 10000 - 10500 [1].

Report Overview - The report is a daily strategy report on precious metals by Shenwan Futures, covering market data, macro news, and analysis of precious metal trends [1] Market Data Futures Market - **Gold Futures**: The current prices of Shanghai Gold 2510 and 2512 are 821.68 and 823.66 respectively, with daily increases of 0.83% and 0.86%. Their trading volumes are 265,502 and 111,269, and open interests are 142,330 and 193,360 [2] - **Silver Futures**: The current prices of Shanghai Silver 2510 and 2512 are 9,918.00 and 9,940.00 respectively, with daily increases of 1.00% and 0.98%. Their trading volumes are 627,101 and 238,141, and open interests are 270,592 and 333,080 [2] Spot Market - **Gold Spot**: Shanghai Gold T+D closed at 809.97 the previous day, up 1.27% with a gain of 10.19. London Gold closed at 817.04, up 0.77% with a gain of 6.27 [2] - **Silver Spot**: Shanghai Silver T+D closed at 9,780.00 the previous day, down 0.20% with a loss of 20.00. London Silver closed at 41.19, up 0.91% with a gain of 0.37 [2] Inventory - **Gold Inventory**: The current inventory of Shanghai Futures Exchange is 40,251 kilograms, an increase of 627 kilograms from the previous day. COMEX gold inventory remains unchanged at 38,957,798 ounces [2] - **Silver Inventory**: The current inventory of Shanghai Futures Exchange is 1,207,227 kilograms, an increase of 11,231 kilograms from the previous day. COMEX silver inventory decreased by 2,164,636 ounces to 516,067,724 ounces [2] Related Market Indicators - The current value of the US Dollar Index is 98.1485, up 0.29% from the previous day. The S&P Index is 6,460.26, down 0.64%. The US Treasury yield is 4.22%, down 1.40%. Brent crude oil is at $67.39, up 0.01%. The USD/CNY exchange rate is 7.1221, up 0.02% [2] Macro News - The Fed's latest Beige Book shows that economic activity in most parts of the US has hardly changed in recent weeks. Consumer spending is flat or declining as wages fail to keep up with price increases. All regions reported price increases, with 10 reporting "moderate or slight" inflation and 2 reporting "strong input price growth" [3] - The US Bureau of Labor Statistics reported that the number of job openings in July dropped to 7.181 million from a revised 7.36 million in June, hitting a 10 - month low and well below the expected 7.382 million [3] - Fed Governor Waller suggests starting interest - rate cuts this month and making multiple cuts in the coming months, but remains open to the specific pace. St. Louis Fed President Mousalem believes the current interest - rate level is suitable for the economic environment [3] - The final Eurozone Composite PMI for August slightly rose to 51, revised down 0.1 percentage point from the preliminary value, reaching a 12 - month high. The Services PMI dropped from 51 in July to 50.5 [3] Analysis and Strategy - Gold and silver have strengthened, with gold showing a convergent breakout. The market is focused on Friday's non - farm payroll data [3] - The decrease in US job openings, Trump's attempt to fire a Fed governor, and the proposal to include silver in the 2025 critical minerals list have influenced the market [3] - Powell's remarks at the Jackson Hole meeting are considered dovish, increasing expectations of a September interest - rate cut. Coupled with disappointing July non - farm payroll data, it is beneficial for precious metals [3] - The Fed's internal views are divided. Trump's personnel appointments affect market expectations of the Fed. However, due to tariff - induced inflation pressure, the Fed may still take a preventive approach to interest - rate cuts in September [3] - Trade negotiations have shown progress, but the overall trade environment has deteriorated. The "Big and Beautiful" bill is expected to increase the US fiscal deficit. The People's Bank of China's continuous gold purchases support the long - term trend of gold [3] - Overall, gold and silver are likely to show a stronger trend as the interest - rate cut approaches and Trump interferes with the Fed's independence. The market is focused on this week's non - farm payroll data [3]