Group 1 - The current trading price of gold T+D is around 943.13 CNY per gram, with a slight increase of 0.33% [1] - The highest price reached today was 944.47 CNY per gram, while the lowest was 934.53 CNY per gram, indicating a bullish short-term trend [1] - Key support for gold T+D is identified between 915-940 CNY per gram, and if this support is broken, prices may drop further [3] Group 2 - U.S. Treasury Secretary Scott Basset highlighted the need for simplification reforms in the Federal Reserve's current interest rate management framework, which he believes has become overly complex [2] - Basset expressed concerns about the expanding balance sheet of the Federal Reserve, suggesting it distorts market pricing mechanisms and increases policy execution complexity [2] - The core criticisms focus on the reliance on liquidity adjustment tools and the abandonment of systematic regulation methods used for nearly two decades prior to the financial crisis [2]

Core Viewpoint - The research institution Wrightson ICAP indicates that the Federal Reserve may announce the end of its balance sheet reduction next week due to signs of funding pressure in the repurchase market [1][2]. Group 1: Federal Reserve Actions - The Federal Reserve is expected to halt the reduction of its bond holdings in the upcoming interest rate decision [1][2]. - Federal Reserve Chairman Jerome Powell hinted earlier this month that the central bank is waiting for the right moment to end the balance sheet reduction [1][2]. - The institution anticipates that the Federal Reserve will begin purchasing U.S. Treasury bonds to offset maturing mortgage-backed securities, thereby maintaining a stable overall balance sheet size [1][2]. Group 2: Market Implications - As the Federal Reserve shifts towards a neutral policy stance, the supply of short-term government bonds in the market may decrease by approximately $20 billion per month [1][2].

美联储理事沃勒：假设的5.8万亿美元资产负债表规模可能是相较于当前6.7万亿美元的合理目标水平。 ...