Group 1 - International silver is currently trading below $49.72, having opened at $50.68 and reaching a high of $50.84 and a low of $49.38, indicating a short-term sideways trend [1] - The recent non-farm payroll report from the U.S. Labor Department shows that average hourly earnings in the private sector rose by 0.2% month-over-month in September, a slowdown compared to the 0.3% increases in August and July, suggesting wage growth is below post-pandemic inflation levels [3] - The White House Press Secretary stated that the strong non-farm report demonstrates significant progress under President Trump's agenda, contrasting with wage declines attributed to the Democratic administration [3] Group 2 - International silver experienced volatility, rising to $52.5 earlier in the week before retreating to $49.5, indicating a potential trading range between $49.5 and $52.5, with opportunities for bullish positions if it falls to $49.5 [4] - The analysis suggests that the current trading pattern for silver indicates a period of consolidation, with resistance levels at $51 and $52.5, encouraging patience for potential rebounds [4]

Group 1 - The U.S. added 119,000 jobs in September, exceeding expectations of 50,000, marking the largest increase since April [1] - The unemployment rate rose to 4.4%, higher than the expected 4.3%, with the previous value also at 4.3% [1] - Average hourly wage growth year-over-year was recorded at 3.8%, above the expected 3.7%, while the month-over-month growth was 0.2%, below the expected 0.3% [1] Group 2 - The healthcare sector added 43,000 jobs, with outpatient services contributing 23,000 and hospitals adding 16,000 jobs [3] - The restaurant and drinking places sector also saw significant hiring, adding 37,000 jobs [3] - Federal government employment decreased by 3,000, totaling a reduction of 97,000 jobs since January [3] Group 3 - The manufacturing sector experienced a decline of 6,000 jobs in September, continuing a concerning trend [3] - Analysts express concerns over the slowdown in wage growth, which may lead to a deceleration in overall labor income [3] - The expectation remains that the Federal Reserve will pause any rate cuts in December, despite increased bets on potential cuts [4]

摩根士丹利发布2026年全球战略展望，预计政策三重刺激与AI投资周期共振，将推动风险资产迎来强势年份，叠加强劲的企业盈利增长，美股有望领 跑全球市场。 11月17日，据追风交易台消息，大摩在最新发布的全球经济展望报告中将2026年定义为"风险重启之年"（The Year of Risk Reboot），认为市场焦点将 从宏观不确定性转向微观基本面，为风险资产创造了强劲的上涨环境。 大摩认为，财政政策、货币政策和放松监管的"政策三重奏"将在2026年形成罕见的顺周期组合，为风险资产营造有利环境。与此同时，AI相关资本支出 周期仍处于早期阶段，预计将为企业盈利提供持续动力。 该行首席美国股票策略师Michael Wilson将2026年标普500指数年末目标价上调至7800点，较当前水平上涨约15%，成为华尔街最乐观的声音之一，主要 得益于强劲的盈利增长、AI驱动的效率提升以及有利的政策环境支撑。 | | As of Nov | | Q4 2026 Forecast | | | Q4 2026 Return Forecast | | Volatility | Base Case | | --- | --- | - ...

Core Viewpoint - The unprecedented rise in gold prices reached a new peak in September, marking the largest quarterly increase in over 40 years, with further potential for growth anticipated [1][3]. Group 1: Price Performance - Gold prices increased nearly 17% over the past three months, the best quarterly performance since Q2 1982 [3]. - Year-to-date, gold has risen 47%, the strongest increase since 1979 [3]. - As of Thursday, gold was trading around $3,870 per ounce, with expectations that it could reach $4,000 per ounce in the future [1][4]. Group 2: Investment Demand - September saw unprecedented investment demand for gold, with record inflows into gold ETFs, particularly the SPDR Gold Trust (GLD), which added 35.2 tons of gold in September [3]. - On September 19, a single-day inflow of 18.9 tons was recorded, the largest on record [3]. - Despite the high demand, gold ETF holdings remain significantly below the peak levels seen in 2020, indicating that gold is not yet an over-allocated asset [3]. Group 3: Market Dynamics - The current market conditions are driving investors to seek gold as a hedge against unusual market circumstances [3]. - The Federal Reserve's new easing cycle is creating a "bullish steepening" curve in the U.S. bond market, which is expected to weaken the dollar and provide new momentum for gold [4]. - The ongoing uncertainty in the U.S. and global economy continues to enhance gold's appeal as a safe-haven asset [4]. Group 4: Future Outlook - The analyst believes that while gold reaching $4,000 is a matter of "when" rather than "if," immediate upward movement is not expected [4]. - A new support level for gold is anticipated at $3,500, with continued buying interest expected on dips [4]. - The potential impact of a U.S. government shutdown on gold and the economy remains uncertain, but prolonged shutdowns could have negative growth consequences, which would be beneficial for gold [4].

Group 1 - Citigroup's strategists have exited a bet that long-term U.S. Treasuries would underperform short-term Treasuries amid increasing attacks on the Federal Reserve, indicating a reduction in concerns over the central bank's independence [1][3] - The initial recommendation was based on expectations that President Trump's tax and spending policies would inflate government debt, putting pressure on longer-term debt [1][3] - The strategists noted that supply concerns for long-term Treasuries have eased since the trade was initiated in May, and the recent FOMC meeting has marginally reduced worries about the Fed's independence [3] Group 2 - The recent FOMC meeting resulted in a 25 basis point rate cut, with a near-unanimous consensus that surprised some market participants [3] - The only dissenting vote came from a Trump-appointed governor who favored a larger cut, while other previously dovish members aligned with the majority this time [3] - The strategists observed that past easing cycles during soft landing scenarios have been relatively shallow, limiting the potential for a steepening of the yield curve [3]

Core Viewpoint - The article discusses the recent decline in short-term U.S. Treasury yields, particularly the 2-year yield, and the implications of this trend for future interest rates and economic conditions [1][2][4][7]. Group 1: Yield Curve Dynamics - As of August 28, the 2-year Treasury yield fell to 3.59%, the lowest since September 2024, indicating a significant downward adjustment in the yield curve, particularly in the short-term segment [1]. - The yield curve has shifted from an inverted state to a normal upward slope, with the 2-year to 10-year spread moving from negative to positive, reflecting market expectations of Federal Reserve rate cuts [4][6]. - The phenomenon of "bull steepening" is observed, where short-term yields decline faster than long-term yields, suggesting a market shift in risk-return preferences following the Fed's signaling of rate cuts [4][5]. Group 2: Economic Fundamentals - Labor market indicators show a slowdown in job growth, with the Beveridge curve indicating structural weaknesses, which aligns with the Fed's acknowledgment of labor market risks being greater than inflation risks [5][7]. - The current economic environment, characterized by high federal debt exceeding $37 trillion, is not leading to a crisis in the Treasury market but rather increasing demand for safe assets [3][7]. - Historical data suggests that high debt levels are often associated with low interest rate cycles, as investors seek liquidity and safety during economic downturns [3][6]. Group 3: Market Sentiment and Demand - Recent Treasury auctions have shown strong demand, with the 2-year and 5-year auctions reflecting robust interest despite a slight decline in bid coverage ratios, indicating a preference for safety among investors [3][6]. - The stability of foreign holdings of U.S. Treasuries suggests that global capital inflows remain strong, maintaining the dollar's status as a reserve asset despite the heavy debt burden [7]. - The article emphasizes the need for economists and market participants to focus on actual market signals rather than outdated models, as the current yield curve dynamics are a response to real economic conditions rather than purely Fed-driven [6][7].