本周，美元指数表现亮眼，尽管美国政府停摆进入第二周，美元走势依然稳如磐石。今日亚欧时段，美 元指数略有回落，仍接近周四创下的两个月高点99.55，本周迄今仍上涨1.7%，有望创下一年来最佳周 度表现。 周五（10月10日）欧洲时段，美元指数跌破99.50，美元近期的复苏态势受阻，在前一交易日触及两个 月高点后，美元指数小幅下跌，日内关注美国10月一年期通胀率预期初值，美国10月密歇根大学消费者 信心指数初值等数据。 在就业数据公布前，美元指数有望维持99-99.5区间震荡。若鲍威尔在即将召开的社区银行会议中释 放"鸽派"信号，可能引发回调；但若强调"通胀粘性"，则可能助推指数突破99.5阻力位。 周五(10月10日)共和党提出的为美国政府提供资金并结束停摆的议案还是未能在参议院获得通过所需的 票数。美国政府停摆已进入第九天，几乎没有任何进展迹象。 高市早苗在日本执政党党首选举中胜出，市场预期其政策将延续超宽松货币政策，导致日元承压。但高 市早苗最新表态称"无意引发日元过度疲软"，为日元提供喘息机会。 法国总统马克龙预计将于周五任命新总理，此举缓解了市场对法国提前举行大选的担忧，减轻了欧元压 力。 特朗普表示， ...

Most active gold futures touched a high of $3,994.50 an ounce on Comex Monday. - Agence France-Presse/Getty Images Gold’s climb to record highs has become somewhat of a steady march this year, but there doesn’t appear to be anything that can soon stop the precious metal from reaching the key psychological level of $4,000 an ounce. What’s happening to gold feels “less like bracing for a storm, and more like a plane catching a powerful tailwind midflight,” Adam Koos, president and senior financial adviser ...

9月下旬，全球主要央行密集进入政策调整窗口。在贸易摩擦加剧、地缘政治风险上升与经济增长动能减弱的多重压力下，货币决策呈现出前所未有的分 化：日本央行历史性启动资产减持，美联储开启预防性降息，而欧洲与英国央行则在通胀粘性下选择按兵不动。这一轮政策调整凸显全球货币政策已从疫情 后高度协同，正式转入多速、多向、高不确定性的新周期，政策路径呈"正常化—宽松—观望"三轨并行格局。 | 央行 | 最新政策利率 | 本次决议动作 | 投票结果 | 核心理由 | | --- | --- | --- | --- | --- | | 日本央行 (BOJ) | 0.50% | 维持不变 启动减持 | 7-2 两名委员主张加息 | 通胀部分回落, 潜在通胀仍强劲 | | | | ETF/J-REITs | | | | 美联储 | | | 8-1 | 就业放缓, | | (Fed) | 4.00%-4.25% | 降息 25bp | 1 人反対 | 经济动能减弱,通胀高 | | 欧洲央行 | 2.00% | 维持不变 | 未披露 | 通胁接近目标, | | (ECB) | | | | 经济韧性 | | 英国央行 | 4.00% | 维 ...

Core Viewpoint - Neel Kashkari, President of the Minneapolis Federal Reserve, supports the Fed's recent interest rate cut and suggests two additional cuts of 25 basis points each within the year, given the current economic conditions [1][2]. Economic Conditions - Recent economic data indicates signs of weakness, with monthly job growth significantly slowing and the unemployment rate rising slightly to 4.3% [1]. - Kashkari emphasizes that the deterioration of the labor market is a primary concern for current policy decisions [1]. Inflation Outlook - Despite concerns about potential tariff re-implementation by the Trump administration, Kashkari believes the impact on overall inflation will be limited, estimating that inflation is "unlikely to exceed 3%" [1]. - He notes that the current neutral interest rate may have risen to 3.1%, suggesting that the Fed's policy stance is not as tight as previously thought [2]. Policy Flexibility - Kashkari indicates that the Fed has the flexibility to implement faster rate cuts if the labor market worsens beyond expectations [3]. - There are internal disagreements within the Fed regarding future rate paths, with some policymakers suggesting that only one more cut may be necessary this year, or potentially no further cuts at all [2].

Core Viewpoint - The article suggests that Powell's decision to cut interest rates, despite the absence of clear recession signals, represents a high-risk policy gamble aimed at demonstrating the Federal Reserve's independence and fulfilling its dual mandate [3][4]. Economic Context - Powell faces unprecedented political opposition and economic uncertainty as his term nears its end, making current policy decisions more complex and risky than ever [3][4]. - The significant slowdown in the job market is a key factor prompting the Fed's rate cut, with recent data showing a drastic reduction in average job growth from 150,000 to 29,000 [4][5]. Structural vs. Cyclical Concerns - There are concerns that the Fed may misinterpret structural changes in the economy as temporary cyclical slowdowns, influenced by policies from the Trump administration that could permanently alter production capabilities [5]. - Experts warn against the risks of excessive rate cuts, as persistent inflation concerns among consumers and businesses may lead to sustained higher inflation [5]. Political Pressures and Internal Consensus - Maintaining internal consensus within the Fed amidst political pressures is a significant challenge for Powell, who has managed to secure support for the rate cut despite differing views on the economic outlook [7]. - The division among Fed officials regarding future rate cuts indicates ongoing debates and potential challenges for Powell's leadership [7]. Market Reactions and Future Implications - The thriving stock market raises questions about consumer spending stability, as businesses invest heavily in AI infrastructure, but income growth may eventually lead to reduced spending [8]. - Powell's policy experiment could determine the future independence and effectiveness of the Fed, impacting not only the U.S. economy but also global monetary policy [8]. Historical Outcomes - The article outlines three potential historical outcomes of Powell's policy gamble: a successful "soft landing" akin to the mid-1990s, the risk of igniting inflation similar to the late 1960s, or the failure of rate cuts to prevent recession as seen in 1990, 2001, and 2007 [10].

Group 1 - The Federal Reserve lowered interest rates by 25 basis points, aligning with market expectations, with 11 out of 12 voting members supporting this decision [1] - Fed Chairman Powell emphasized that the rate cut was a "risk management" move, balancing "sticky inflation" and "employment downside risks," asserting that political pressure does not influence decisions [1] - The updated dot plot indicates that most officials expect an additional 50 basis points cut in 2025 and a further 25 basis points in 2026, suggesting a long-term easing direction that supports precious metals [1] Group 2 - Following the rate cut, gold and silver prices initially surged but later retreated due to Powell's cautious remarks, with gold dropping to $3689.4 per ounce and silver to $41.79 per ounce [2] - The short-term pullback is attributed to the market having partially priced in the rate cut expectations and profit-taking by bulls, but the long-term bullish outlook for precious metals remains intact [2] - Key technical support levels to watch are $3550 per ounce for gold and $40 per ounce for silver; as long as prices remain above these levels, the short-term upward trend is expected to continue [2]

Core Insights - The report highlights a positive outlook for the coal industry, anticipating a rebound in coal prices during the peak season, which is expected to lead to performance recovery for coking coal and elastic stocks [3][12] - The Federal Reserve's recent decision to lower interest rates by 25 basis points is seen as a precursor to further rate cuts, with projections indicating three potential cuts in 2025 [11][13] Coal Industry Analysis - Supply Side: Under the "anti-involution" policy, domestic coal production growth is expected to slow down in the second half of the year. In July and August, national raw coal production was 380 million tons and 390 million tons, respectively, showing year-on-year declines of 3.8% and 3.2%. Cumulative production from January to August reached 3.165 billion tons, up 2.8% year-on-year [3][12] - Demand Side: The profitability of the coking steel industry is expected to maintain high iron and steel production levels, which could support a rebound in coking coal prices. Additionally, with the winter heating season approaching, marginal improvements in thermal coal demand are anticipated, with price expectations set between 700-750 RMB per ton for the second half of the year [3][12] - Investment Recommendations: The report recommends undervalued elastic stocks such as Shanxi Coking Coal, Huaibei Mining, Lu'an Environmental Energy, and Yanzhou Coal Mining. It also suggests stable high-dividend stocks like China Shenhua, Shaanxi Coal, and China Coal Energy, while advising to pay attention to elastic stocks in thermal coal such as Jinkong Coal Industry, Huayang Co., Tebian Electric Apparatus, and Shanxi Coal International [3][12] Federal Reserve Insights - The Federal Reserve's recent meeting resulted in a 25 basis point rate cut, with an increased forecast for economic growth and inflation for 2026. The median dot plot indicates an increased likelihood of three rate cuts in 2025, while the space for cuts in 2026 has been reduced to one [11][13] - The Fed's focus on employment risks and inflation pressures suggests a cautious approach to future monetary policy, with the potential for further adjustments based on economic conditions [11][14]

Group 1 - The core viewpoint is that investors are betting on a potential interest rate cut by the Federal Reserve, which has led to fluctuations in gold and silver prices [1][2][3] - Spot gold first broke through $3700 per ounce but later experienced a short-term drop, ultimately closing up 0.29% at $3689.46 per ounce [1][2] - Spot silver closed down 0.38% at $42.50 per ounce, reflecting the overall market sentiment influenced by monetary policy expectations [1][2] Group 2 - The U.S. dollar index fell, while economic data showed that U.S. retail sales increased by 0.6% in August, exceeding expectations for three consecutive months, indicating strong consumer resilience [3] - The ongoing trade policy uncertainties, including agreements between the EU and Indonesia, proposed tariffs on auto parts by the U.S., and intensified trade negotiations between the U.S. and India, are supporting safe-haven demand for precious metals [3] - Market volatility is expected to increase around the Federal Reserve's policy statement, especially if the rate cut is accompanied by hawkish guidance or cautious signals regarding future policy [3] Group 3 - Overall, economic data has not changed the expectations for interest rate cuts, and ongoing trade tensions and policy uncertainties suggest that gold and silver prices will likely maintain a strong oscillating trend in the short to medium term [4] - Technically, gold is expected to find support at $3600, with potential to challenge the $3800 level, while silver could target $45 if it stabilizes around the $43 mark [4]

Group 1 - The core issue this week revolves around whether Federal Reserve officials will intervene to curb market bets on sustained interest rate cuts starting next year [1] - Most investors anticipate a 25 basis point rate cut in the upcoming Federal Reserve policy decision, with some even predicting a 50 basis point cut [3] - The market has extended its easing expectations through 2026, prompting investors to adjust asset allocations to mitigate potential recession risks [3] Group 2 - The prediction of a 50 basis point cut has led to a decline in U.S. Treasury yields, with the 10-year benchmark yield at its lowest level since April [3] - The S&P 500 index is approaching historical highs, while the Nasdaq 100 index has been on a continuous rise, benefiting from easing expectations [3] - The U.S. dollar has weakened due to market expectations of Federal Reserve rate cuts, with the dollar index failing to rebound effectively [3] Group 3 - Despite a decrease from previous peaks, U.S. inflation remains stubbornly above the Federal Reserve's 2% target, with key inflation indicators not reaching target ranges [3] - Adjustments in tariff policies have kept costs of certain imported goods high, contributing to persistent cost pressures in manufacturing and other sectors [3] - Various factors could lead to changes in the rate cut plans [3] Group 4 - Bond portfolio manager McIntyre expects a 25 basis point cut this week, emphasizing the importance of labor market conditions over inflation issues in the policy statement [4] - McIntyre has begun adjusting his investment portfolio by increasing bond holdings, particularly in 30-year Treasuries [4] - The market is particularly focused on employment concerns, with expectations of a significant volatility in the S&P 500 index around the Federal Reserve meeting [4] Group 5 - Concerns arise regarding Trump's economic advisor Milan potentially receiving a Federal Reserve Board appointment before the decision, which may influence the independence of the Fed's decision-making [4] - If the funds that entered the market due to rate cut expectations do not receive further easing signals, they may withdraw, putting short-term pressure on the stock market [4]

Group 1 - The core inflation data for August shows a year-on-year increase of 2.9% and a month-on-month increase of 0.4%, indicating that inflation has not worsened but remains sticky [3] - Initial jobless claims surged to 263,000, the highest in nearly four years, signaling a slowdown in the labor market [3] - The economic slowdown further strengthens expectations for a 25 basis point rate cut by the Federal Reserve next week, with potential for three cumulative cuts by the end of the year [3] Group 2 - The recent discussions by Treasury Secretary Besant with potential Federal Reserve chair candidates indicate a broader selection process beyond the previously publicized list [3] - Besant is advocating for a "gradual reduction of the balance sheet" as a core reform for the Federal Reserve, aiming to reduce its substantial bond holdings and lessen economic intervention [3] - The combination of pressure for rate cuts from the White House and leadership transition risks enhances market expectations for continued easing policies, supporting precious metal prices [3] Group 3 - Precious metals are expected to maintain a long-term upward trend, with short-term gold prices projected to fluctuate between $3,550 and $3,730 per ounce [4] - The medium-term outlook for gold suggests a potential new high near $3,800 per ounce [4] - Silver prices are closely monitored around the $43 per ounce resistance level, with a breakthrough potentially targeting $45 per ounce [4]