Economic Outlook - The Federal Reserve has upgraded its U.S. economic growth outlook, expecting GDP to rise 1.6% in 2025, accelerating to 1.8% in 2026 and 1.9% in 2027 [2] - The Fed's dovish stance has led to increased optimism on Wall Street, with strategists from Wells Fargo, Barclays, and Deutsche Bank raising their S&P 500 targets due to resilient earnings, the AI investment cycle, and the prospect of lower rates [3] Market Performance - The S&P 500 has gained about 3.40% so far in September, rebounding around 33% since early April [1] - The S&P Global US PMI Composite Output Index was at 54.6 in August, indicating solid U.S. growth despite a slight decrease from July's 55.1 [5] - Financials and technology sectors were highlighted as top performers in August, contributing to the recent gains in the S&P 500 [5] Sector ETFs - The Technology Select Sector SPDR ETF (XLK) has gained 13.73% over the past three months and 19.87% over the past year, with major allocations to Microsoft (MSFT) and Apple (AAPL) [7] - The Financial Select Sector SPDR ETF (XLF) has gained 6.34% over the past three months and 19.81% over the past year, with significant exposure to JPMorgan Chase & Co. (JPM) [8] - The Industrial Select Sector SPDR ETF has gained 6.67% over the past three months and 17.23% over the past year, with RTX Corporation also included in its holdings [10] Health Care Sector - The Health Care Select Sector SPDR ETF (XLV) has an asset base of $33.76 billion and charges an annual fee of 0.08%, with top allocations to Eli Lilly (LLY), Johnson & Johnson (JNJ), and AbbVie (ABBV) [11] - Despite a 10.55% decline over the past year, the Health Care Select Sector SPDR ETF has gained 2.54% quarter to date and 0.27% month to date [10][12]

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。 风险提示及免责条款 新任美联储理事Miran：9月点阵图里的低利率预期是我给出的。 我不认为关税会造成任何实质性的通 胀。 特朗普的移民政策将带来反通胀效果。 ...

Group 1 - The post-pandemic rally in emerging markets (EM) assets has faced a decline, but there are signs that the trend may be reversing in favor of EM [1] - Anticipation for lower interest rates is building in capital markets, which typically benefits EM assets, leading to a weaker dollar and a rising MSCI Emerging Markets Index [2][3] - EM equities are expected to outperform due to easing local monetary policies boosting domestic lending and consumption, alongside a weaker dollar [3] Group 2 - The MSCI Emerging Markets Index has shown a performance disparity compared to the MSCI World Index, with the divergence beginning before the April tariff sell-offs [5] - Traders can explore individual stocks in EM for potential opportunities, but this approach carries concentration risk; diversifying through the MSCI EM index can mitigate unsystematic risk [7] - For bullish traders, Direxion offers products like the Direxion Daily MSCI Emerging Markets Bull 3X Shares (EDC) to amplify exposure to the MSCI EM index [8]