Group 1: Hot News - The U.S. House of Representatives passed President Trump's "big and beautiful" tax and spending bill with 218 votes in favor and 214 against. The bill raises the federal government's debt ceiling by $5 trillion and may increase the budget deficit by $3.4 trillion in the next decade [3] - In June, China's warehousing index was 51%, up 0.5 percentage points from the previous month, and has been in the expansion range for eight consecutive months. Major sub - indices have rebounded [3] - U.S. non - farm payrolls increased by 147,000 in June, far exceeding the expected 110,000. The unemployment rate unexpectedly dropped to 4.1%. After the data release, the market abandoned bets on a Fed rate cut in July, and the probability of a rate cut in September dropped to about 80% [3] - OPEC+ has started discussing an 8 - month production increase of 411,000 barrels per day and will further discuss it in an online meeting this weekend [4] - As of the week of July 3, rebar production increased for the third consecutive week, factory inventory decreased, social inventory increased, and apparent demand increased for two consecutive weeks. Rebar production was 2210800 tons, up 1.49%; factory inventory was 1804700 tons, down 2.76%; social inventory was 3647400 tons, up 0.37%; apparent demand was 2248700 tons, up 2.26% [4] Group 2: Key Focus and Market Performance - Key commodities to focus on are urea, lithium carbonate, hot - rolled coil, soybean oil, and PVC [5] - Night - session performance by sectors: Non - metallic building materials 2.75%, precious metals 27.92%, oilseeds 12.06%, non - ferrous metals 21.61%, soft commodities 2.82%, coal, coke, steel and ore 13.52%, energy 3.05%, chemicals 12.35%, grains 1.11%, agricultural and sideline products 2.81% [5] Group 3: Asset Performance - Equity: The Shanghai Composite Index had a daily increase of 0.18%, a monthly increase of 0.49%, and an annual increase of 3.26%. Other indices also had different performance [7] - Fixed - income: 10 - year, 5 - year, and 2 - year treasury bond futures had their respective daily, monthly, and annual performance [7] - Commodities: The CRB commodity index, WTI crude oil, London spot gold, LME copper, and Wind commodity index had different performance [7] - Others: The U.S. dollar index and CBOE volatility had their respective performance [7]

Group 1 - The core argument presented by Summers is that Trump's tax and spending plan will ultimately weaken the United States' global leadership by increasing the national debt burden [1] - Summers estimates that the actual increase in the budget deficit due to the proposed legislation will exceed $4 trillion, significantly higher than the Congressional Budget Office's (CBO) estimate of $2.4 trillion over ten years [1][2] - The CBO also projects that the additional interest costs over the next decade will reach $551 billion, which does not account for other dynamic impacts such as the potential effects on economic growth [1] Group 2 - Summers identifies three main reasons for the rising debt burden: an increasing population over 65 years old raising welfare costs, rising government healthcare expenses, and expanding interest payments by the Treasury [2] - He warns that the proposed tax plan could push the annual fiscal deficit as a percentage of GDP significantly above 7%, a level rarely seen outside of economic crises [2] - Summers supports Trump's recent comments on abolishing the statutory debt ceiling, arguing that it poses a significant risk to the nation [2][3]

6月2日，美国总统特朗普抨击财政保守派兰德·保罗（Rand Paul）"疯了"——他的想法真疯狂（一群失 败者！）"，并敦促那些不愿接受的共和党参议员迅速推进他的大规模税收和支出方案。这位来自肯塔 基州的参议员早些时候在CNBC上表示，他不会投票支持总统签署的这项法案，因为它会提高美国的法 定债务上限。"我根本不支持这项法案。这不符合保守主义，"保罗说道，他还认为这项税收措施会大幅 增加国家债务。 ...