中信证券研报称，近期美国齐昂银行与西联银行因借款人重大欺诈面临损失，9月两个汽车领域相关企 业破产也导致美国多家银行披露信贷损失。当前美国部分贷款拖欠率的上升反映出经济下行时期的美国 信用风险确实在增加。近年来，美国私募信贷市场迅速扩张，且其中存在监管套利现象。但美国银行信 贷质量目前较稳健，美国银行业抗风险能力较2008年明显增强，整体风险仍处于相对可控范围内。 ...

Group 1 - The international gold price closed at $3342.57 per ounce on May 26, down by $14.43 or 0.43%, with a daily high of $3356.32 and a low of $3323.59 [1] - The U.S. dollar index fell below the support level of 99.172, indicating deeper structural concerns in the market, with traders focusing on the 97.921 level [2] - Moody's downgrade of the U.S. credit rating to Aa1 reflects growing dissatisfaction with the U.S. fiscal situation, including a deficit exceeding $2 trillion and rising debt servicing costs [2] Group 2 - Federal Reserve Governor Christopher Waller warned that current fiscal trends are "fundamentally unsustainable," leading to a rise in long-term Treasury yields above 5.0% as investors seek higher compensation for perceived U.S. credit risk [2] - The market anticipates moderate easing, but doubts about Washington's ability to coordinate effective policies persist, with rising tariffs potentially increasing prices while weakening economic growth [3] - The current federal funds target rate is between 4.25% and 4.50%, but inflation risks from aggressive trade measures may limit the Fed's flexibility [3] Group 3 - Gold prices are expected to maintain an upward trend if they stabilize above $3325.00, with potential targets between $3359.00 and $3375.00 [4] - Short-term resistance for gold is identified at $3358.00 to $3359.00, while important support levels are noted between $3325.00 and $3326.00 [4]