他还表示，最高法院上周五裁定撤销特朗普以紧急权力实施的大部分对等关税，这不太可能对他关于美 联储应如何制定货币政策路径的看法产生显著影响。 沃勒表示，他欢迎这些积极的统计数据，但也担心它们"噪音可能大于信号"，尤其是因为报告中的数据 修正还显示，2025年全年净新增就业几乎为零。他表示，这表明2025年的非农劳动力就业市场"疲弱"以 及持续"脆弱"。 美国劳工统计局(Bureau of Labor Statistics)将于美东时间3月6日发布2月份的非农就业报告。 沃勒再次表示，在评估通胀时，他仍会剔除唐纳德·特朗普领导的联邦政府主导的激进贸易政策的影 响。"我预计，我所称的基础通胀——不包含关税影响的通胀指标——已经接近FOMC的2%目标，"他 表示。 智通财经APP获悉，在任期内具有美联储FOMC货币政策永久投票权的美联储理事克里斯托弗·沃勒表 示，他是否会在美联储的下一次货币政策会议上支持降息，将取决于即将公布的非农劳动力市场数据。 沃勒表示，如果2月劳动力市场统计数据像1月那样显示劳动力市场下行风险已经减弱，那么在联邦公开 市场委员会(FOMC)于美东时间3月17日至18日举行下一次货币政策会议时， ...

Core Viewpoint - The Bank of Japan raised its policy interest rate by 25 basis points to 0.75%, marking the highest level since September 1995 and ending nearly three decades of ultra-low interest rates [1] Group 1: Interest Rate Decision - The decision to raise interest rates was unanimously approved by the policy committee, indicating a strong consensus on the need for this adjustment [1] - Bank of Japan Governor Kazuo Ueda emphasized that the rate hike was due to reduced risks of declining inflation and growth rates [1] - Ueda highlighted the importance of monitoring the impact of a weak yen on core inflation while avoiding direct comments on exchange rate levels [1] Group 2: Economic Indicators - Ueda pointed out that the current wage growth is a key factor supporting stable core inflation, stating that as long as wages continue to rise, core inflation will not decline [1] - The governor acknowledged the challenges in accurately defining the neutral interest rate and admitted the risk of exceeding it with the current rate hike [2] - He noted that the Bank of Japan's balance sheet effects are still in play, suggesting that a loose monetary environment will persist even during the rate hike cycle [2] Group 3: Policy Framework and Future Outlook - Ueda reiterated the Bank's data-driven approach, stating that future policy decisions will depend on available data, focusing on core inflation rather than short-term fluctuations in overall CPI [2][3] - The Bank of Japan is transitioning to a data-driven normalization phase, moving away from the previous paradigm of unlimited easing [3] - Ueda's statements indicate a cautious path towards exiting ultra-loose monetary policy, emphasizing a wage-price positive cycle as an anchor for policy adjustments [3] Group 4: Market Reactions and Analyst Opinions - Analyst Justin Low expressed skepticism about the likelihood of a strong response from Ueda towards the government, suggesting that the threshold for the next rate hike will be higher than the recent one [4] - Low noted that while Ueda has opened the door for further rate hikes, his statements did not convey a strong commitment to raise rates again by March 2026 [4]

Core Viewpoint - The Bank of Japan raised its policy interest rate by 25 basis points to 0.75%, marking the highest level since September 1995 and ending nearly three decades of ultra-low interest rates [1] Group 1: Monetary Policy Changes - The decision to raise interest rates was unanimously approved by the policy committee, indicating a significant shift in Japan's monetary policy [1] - Bank of Japan Governor Kazuo Ueda emphasized that the rate hike was due to reduced risks of inflation and growth rate declines [1] - Ueda stated that the central bank will closely monitor the impact of a weak yen on core inflation while avoiding direct comments on exchange rate levels [1] Group 2: Economic Indicators and Data Dependency - Ueda highlighted that the current wage growth is a key factor supporting stable core inflation, asserting that as long as wages continue to rise, core inflation will not decline [1][2] - The central bank's policy decisions will depend on available data in future meetings, focusing on core inflation rather than short-term fluctuations in overall CPI [2] - Ueda acknowledged the challenges in defining the neutral interest rate and indicated that the current policy rate is still below the lower bound of the neutral rate range [2] Group 3: Collaboration and Future Outlook - Ueda reaffirmed the collaboration between the central bank and the government, maintaining good communication with the Minister of Finance [3] - The central bank is transitioning towards a data-driven normalization phase, aiming to avoid both lagging and excessive tightening in its policy adjustments [3] - Analysts express skepticism about the likelihood of further aggressive rate hikes, noting that while the door for future increases is open, the threshold for the next hike will be higher [4]

Group 1 - China's manufacturing PMI for November will be released on December 1, with the previous index at 50.6 indicating continued expansion but slowing growth, raising questions about the sustainability of the recovery [1] - The official reserve asset data for China will be published on December 7, with October's gold reserves reported at 74.09 million ounces, marking a month-on-month increase of 30,000 ounces and a 12-month consecutive increase in gold holdings [1] - The US Federal Reserve has entered a quiet period ahead of its meeting on December 9-10, shifting market focus to the delayed release of the September PCE report on December 5, with expectations of a slight decrease in core PCE month-on-month to 0.22% and a year-on-year growth rate steady at 2.9% [1] Group 2 - The US will release the ISM manufacturing index for November on December 1, with expectations of a slight increase from 48.7 to 49.0, still in contraction territory, but supported by improved employment and inventory factors [2] - The Bank of Japan's Governor will speak on December 1, with market attention on his assessment of the preliminary momentum of the "Shunto" wage negotiations and core inflation returning to 2%, which could signal a strong indication for a rate hike in December [2] - A total of 35 companies in the A-share market will have their restricted shares unlocked next week, totaling 3.591 billion shares, with an estimated market value exceeding 58 billion yuan based on the latest closing prices [2] Group 3 - The 2025 AI + Industry Ecosystem Conference will be held in Beijing from December 1 to 3, with the theme "Intelligent Empowerment and Ecological Resonance" [3] - The launch event for the Livis AI glasses by Li Auto is scheduled for December 3 at 19:30 [4] - XREAL and Google are set to release the AR glasses Project Aura in December, with the exact date yet to be determined [5] Group 4 - Samsung's first tri-fold smartphone, the Galaxy Z TriFold, is expected to be officially launched on December 5 [6] - A busy earnings report period for the AI industry is anticipated, with Credo disclosing its results on December 2, Marvell on December 3, and C3.ai and Salesforce on December 4 [6] - Other companies such as ZTE, Montreal Bank, Scotiabank, Canadian National Bank, Crowdstrike, and Huiyu Technology are also scheduled to release their earnings reports next week [6]

Core Viewpoint - The Federal Reserve Governor Waller supports the FOMC's potential interest rate cut in December for "risk management" purposes, highlighting a weak labor market and stagnant economic conditions [1] Group 1: Economic Conditions - The U.S. labor market remains weak, approaching stagnation [1] - Excluding tariff impacts, core inflation is close to the 2% target [1] - Mid-term and long-term inflation expectations are anchored [1] Group 2: GDP and Housing Market - After excluding the effects of the government shutdown, GDP may slow down in the second half of 2025 [1] - Many households are struggling to afford homes and cars [1] Group 3: Employment Trends - The demand for workers is decreasing at a faster rate than the decline in supply [1] - Many companies are laying off employees or allowing headcount to decrease [1]

Core Viewpoint - The Bank of Japan (BOJ) is laying the groundwork for a potential interest rate hike, acknowledging the risk of broad-based inflation due to persistent food price increases [2][5] Group 1: BOJ's Policy Direction - The BOJ's recent comments indicate a shift towards a more hawkish stance, suggesting that the central bank is preparing to act on interest rates after a period of inaction [2][3] - BOJ Governor Kazuo Ueda emphasized that the decision to raise rates will depend on the likelihood of core inflation reaching the 2% target, rather than waiting for it to be firmly established [2][3] - Analysts predict that the BOJ may raise rates in upcoming meetings, with a 54% chance of a hike to 0.75% in October and a 71% chance by December [3] Group 2: Economic Indicators and Inflation Risks - The BOJ has revised its inflation outlook, indicating that the risks to price stability are now balanced, contrasting with previous assessments that highlighted downside risks [4] - The central bank is particularly focused on the second-round effects of rising food prices, which could lead to broader inflationary pressures [5][6] - Recent data shows a significant increase in food prices, with 1,010 food and beverage items rising in August and over 3,000 expected to increase in October [5]

Core Viewpoint - The Bank of Japan's report indicates that due to slowing economic growth, core inflation may stagnate but is expected to gradually accelerate thereafter [1] Economic Growth - Economic growth in Japan is currently experiencing a slowdown, which is impacting inflation trends [1] Inflation Trends - The report suggests that while core inflation may stagnate in the short term, there is an expectation for a gradual increase in inflation rates in the future [1]

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, stated that core inflation is currently below the price target set by the central bank [1] Group 1 - The Bank of Japan's current core inflation rate is lower than the target, indicating potential challenges in achieving desired inflation levels [1] - Ueda emphasized the need for continued monitoring of economic conditions to assess inflation trends [1] - The statement reflects ongoing concerns regarding Japan's economic recovery and inflation dynamics [1]

Core Insights - The Federal Reserve's Williams stated that overall inflation is nearing 2%, but core inflation remains elevated [1] Group 1 - Overall inflation is approaching the target rate of 2% [1] - Core inflation, which excludes volatile items, is still considered high [1]

Core Insights - The Brazilian Central Bank has indicated that recent data shows core inflation and underlying inflation metrics remain above the inflation target [1] Summary by Category - **Inflation Metrics** - Core inflation and underlying inflation indicators are currently higher than the established inflation target [1]