美联储哈马克：消费支出保持稳健，但主要由高收入人群推动。 来源：滚动播报 ...

Group 1 - The core inflation measure favored by the Federal Reserve, which was delayed due to the government shutdown, shows a moderate increase in consumer prices for October and November, with month-on-month increases of 0.2% and year-on-year increases of 2.7% in October and 2.8% in November [2][6] - Despite a significant drop from the peak levels post-pandemic, inflation continues to affect American households, with a rebound in goods inflation observed after tariffs were imposed by the Trump administration in spring [2][6] - The upcoming data will provide more decision-making basis for the Federal Reserve's monetary policy meeting, with expectations that interest rates will remain unchanged in the short term due to stable economic growth and low unemployment [2][6] Group 2 - The chief economist at KPMG noted that wealthy households are driving economic growth, masking the struggles expressed by many in consumer confidence surveys [3][7] - Personal income in the U.S. increased by $80 billion in November, showing a stable month-on-month growth of 0.3%, but real disposable income adjusted for inflation decreased by 0.1% in October and slightly rebounded by 0.1% in November, indicating ongoing price pressures on households [3][7][8] - The inflation rate in the U.S. has remained above the Federal Reserve's target of 2% since 2021, and as long as inflation stays close to 3%, some Federal Reserve officials may be cautious about rate cuts [8] Group 3 - The labor market data indicates that while the unemployment rate remains low at 4.4%, the number of net new jobs has significantly declined, affecting recent graduates and long-term unemployed individuals [4][8] - Initial claims for unemployment benefits have remained low and stable, suggesting that layoffs in American companies are currently at a moderate level [4][8]

Core Viewpoint - The U.S. economy's growth in the third quarter exceeded initial reports, primarily driven by stronger export growth [1][2]. Economic Indicators Summary - GDP growth was revised to an annualized rate of 4.4%, up from the previous estimate of 4.3%, marking the fastest growth in two years [1][2]. - Gross Domestic Income (GDI) remained unchanged at a growth rate of 2.4% [2][3]. - Consumer spending increased by 3.5%, consistent with prior estimates [2][3]. - Residential investment declined by 7.1%, worse than the previous estimate of a 5.1% decline [2][3]. - Non-residential investment grew by 3.2%, revised up from an earlier estimate of 2.8% [2][3].

Economic Growth - After two consecutive years of recession, the German economy is projected to grow by 0.2% in 2025 according to preliminary calculations by the Federal Statistical Office of Germany [1] Consumption and Investment - Household consumption is expected to increase by 1.4%, while government consumption is projected to rise by 1.5% in 2025 [2] - Total asset investment in Germany is forecasted to decline by 0.5%, with construction investment decreasing by 0.9% for the fifth consecutive year [1][2] Export and Import Trends - German exports are anticipated to decrease by 0.3% in 2025, marking the third consecutive year of decline, while imports are expected to grow significantly by 3.6% after two years of decline [2] Sector Performance - The manufacturing sector is expected to see a continuous output decrease for the third year, with a year-on-year decline of 1.3%, particularly in the automotive and mechanical engineering industries [1] - The construction industry is projected to decline by 3.6% due to high construction costs, while the service sector shows mixed results with certain industries like sports and entertainment declining, but trade, transportation, accommodation, and food services growing by 1.2% [1]

美国银行（BAC）数据显示，美国2025年的消费支出主要由高收入家庭推动，而低收入消费者则面临 食品和公用事业成本上涨困境；12月份消费者价格指数同比稳定在2.7%，关税给部分商品带来上行压 力。 美国银行（BAC）数据显示，美国2025年的消费支出主要由高收入家庭推动，而低收入消费者则面临 食品和公用事业成本上涨困境；12月份消费者价格指数同比稳定在2.7%，关税给部分商品带来上行压 力。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

Domestic Insights - High-frequency data indicates that effective demand has been insufficient since Q4 2025, continuously squeezing corporate profit margins, leading to a significant reduction in the marginal effect of "price for volume" [2][12] - In November, the profit growth rate of industrial enterprises remained in negative territory, with a decline of 7.6 percentage points compared to the previous month [2][14] - The appreciation of the RMB may be nearing its peak, driven by concentrated settlement demand near year-end, but the central bank may begin to intentionally control the extent of appreciation [2][12] - A break of the 7 mark in the central parity requires an increase in corporate hedging rates and the proportion of cross-border RMB settlements, with expectations for a favorable timing in mid to late 2026 [2][12] Overseas Insights - Following the Bank of Japan's monetary policy meeting, Governor Ueda stated that they are steadily approaching the 2% inflation target and will continue to raise interest rates, maintaining a gradual tightening pace [2][13] - The U.S. Q3 GDP growth rate exceeded expectations at 4.3%, with over half of this growth attributed to personal consumption expenditures, while government investment has rebounded [2][13] - The high mortgage rates have a delayed transmission effect on the real estate market but are expected to significantly impact current consumption [2][13] Asset Market Insights - The A-share equity market continues its allocation trend, but short-term volatility may increase, especially with external disturbances expected after the New Year [3][12] - The USD/JPY exchange rate remains above 155, and any intervention by the Bank of Japan or a cooling of Fed rate cut expectations could cause temporary disturbances to domestic equity assets [3][12] Monetary Liquidity Tracking - The central bank's flexible operations have resulted in a tight balance in the funding environment, with a net injection of 652 billion yuan from various operations [4][12] - The average weekly rate for DR001 decreased by 0.950 basis points to 1.2633%, while DR007 increased by 0.330 basis points to 1.4464% [5][16] Government Bonds - The supply pressure of government bonds has significantly decreased, with a maturity repayment scale of 2,948.57 billion yuan, and the planned issuance for the upcoming week is 26 billion yuan, a substantial drop from the previous week [6][17] Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit was 1.6394%, down 1.46 basis points from the previous week, while the secondary market saw slight increases in rates for various maturities [7][18] Major Asset Performance - Domestic long-term and short-term government bond yields showed a divergence, with short-term yields declining significantly [8][34] - Gold prices surged, while oil prices experienced fluctuations [11][34]

Global Central Bank Dynamics - Kevin Hassett is viewed as the leading candidate for the next Federal Reserve Chair, with a 72% chance of being nominated by President Trump, as he aligns with Trump's proposed interest rate cuts [1] - The Federal Reserve's Beige Book indicates that most of the twelve districts report little change in economic activity, with a decline in overall consumer spending attributed to government shutdown impacts and rising costs in manufacturing and retail due to tariffs [1] - The New Zealand Reserve Bank has lowered its benchmark interest rate by 25 basis points to 2.25%, indicating potential further easing if economic recovery remains weak [2][4] Federal Reserve Officials' Statements - Fed Governor Waller supports a rate cut in December, citing weak labor market data, while warning that upcoming economic reports may complicate January's policy decisions [2] - New York Fed President Williams and San Francisco Fed President Daly both express support for a potential rate cut in December, with concerns about a sudden deterioration in the job market [3] - Fed's repurchase operations on November 28 received bids totaling $2.44 billion, indicating a stable banking reserve environment and low reliance on Fed liquidity tools [3] European Central Bank Insights - The European Central Bank (ECB) acknowledges high financial stability vulnerabilities in the Eurozone, influenced by trade uncertainties and U.S. tariff policies [6] - ECB President Lagarde states that current interest rates are appropriate, but warns of potential inflationary pressures if U.S. tariffs are imposed or supply chains are disrupted [5] - The ECB's financial stability report highlights risks from U.S. fiscal deficits and rising debt servicing costs, which could undermine the safety of U.S. Treasury securities and weaken the dollar [6] Market Observations - Barclays economists predict a high likelihood of a 25 basis point rate cut by the Fed in December, with internal divisions expected among officials regarding the extent of future cuts [8] - JPMorgan economists also anticipate rate cuts in December and January, influenced by recent statements from key Fed officials [8] - Analysts from the Commonwealth Bank of Australia suggest that Japan's central bank may delay rate hikes due to political factors, despite ongoing inflation pressures [9]

Core Insights - The Federal Reserve's Beige Book indicates that economic activity has not changed significantly since the last report, with most districts reporting stable conditions, while two districts noted slight declines and one district reported slight growth [1] - High-end retail spending remains resilient, but overall consumer spending in the U.S. has declined further [1] - Retailers have pointed out that the government shutdown has negatively impacted consumer purchasing power [1] - There is widespread upward pressure on costs in the manufacturing and retail sectors, attributed to tariff-induced cost increases [1] - Most businesses connected to the Federal Reserve districts expect cost pressures to persist in the future [1]

Across many districts, the Beige Book found that employment "edged lower,†marking a shift from earlier reports. ...

Despite tariffs, stick to inflation, and the lack of key data, the outlook for spending remains bullish, according to the Mastercard Economics Institute. Here with us now at Post9 is chief economist of the Mastercard Economics Institute, Michelle Meyer. It's good to have you back.Welcome. >> Thank you. >> So, what do you guys expect. >> Well, exactly what you said.I mean, the consumer is still very much engaged despite all of these different headlines. They're trying to navigate relative price differentials ...