Core Insights - The Federal Reserve's October meeting silence period will begin next week, with Chairman Powell set to deliver his final public remarks before the silence on October 15 [1] - Market focus includes potential restructuring of the FOMC due to the new Fed Chair nomination, the impact of a weak U.S. labor market on front-end Treasury yields, and the long-term effects of global "de-dollarization" consensus on the U.S. dollar exchange rate [1] - The forecast suggests a continued weak dollar until the end of 2026, with a potential interest rate cut exceeding expectations by 75 basis points in Q4 2025 [1] Market Summary - Major U.S. indices experienced significant sell-offs due to escalating trade tensions, particularly in response to U.S. tariff comments on China [3] - The S&P 500 index fell by 2.7% to 6,549.5 points, the Dow Jones by 1.9% to 45,453 points, and the Nasdaq 100 by 3.5% to 24,175.75 points, indicating a broad market decline [5] - The VIX index surged as fear and uncertainty increased, while U.S. 10-year Treasury yields declined due to safe-haven demand and expectations of Fed easing [5] Commodity and Currency Movements - WTI crude oil saw a slight rebound from recent lows amid hopes for trade easing [4] - Gold futures surged to historical highs driven by inflows of safe-haven funds and rising rate cut expectations [6] - The dollar index remained stable due to safe-haven demand, while gold showed strength amid these conditions [9] European Market Dynamics - Despite credit rating downgrades in countries like France, European markets displayed resilience, particularly benefiting financial stocks amid regulatory and capital relief expectations [7] - Major European indices, including DAX and CAC, showed general weakness, unable to fully escape global sell-off pressures [9]