Core Viewpoint - Cleveland Federal Reserve President Mester warns that further interest rate cuts could pose widespread risks to the economy due to persistently high inflation above the Fed's 2% target [1][2] Group 1: Interest Rate Policy - Mester emphasizes that lowering interest rates to support the labor market could prolong the current high inflation period and encourage risk-taking behavior in financial markets [1] - She opposes the recent decision by the Federal Reserve to lower the federal funds target rate by 25 basis points to a range of 3.75% to 4% to support a weak labor market [1] Group 2: Financial Conditions - Current financial conditions are described as "quite accommodative," with rising stock prices and loose credit conditions, which could lead to cheaper credit supporting high-risk loans [1] - Mester notes that a decline in short-term borrowing costs led by the Fed could distort market pricing, potentially resulting in a larger economic downturn when it occurs [1] Group 3: Economic Stability - While Mester acknowledges that rate cuts may be seen as a safeguard for the job market, she warns that this "insurance" could come at the cost of increased financial stability risks [1] - She highlights that the financial system is currently in good shape, with strong bank capital and stable household balance sheets, but raises concerns about high leverage levels in hedge funds and insurance companies [2]

本报（chinatimes.net.cn）记者陈岩鹏 北京报道 资本市场暗流涌动，一种名为"股票市值挂钩型对赌协议"的契约正悄然蔓延，将一级市场私募博弈与二 级公众股价捆绑在一起，成为悬于上市公司与投资者头顶的"达摩克利斯之剑"。 这类协议通常隐秘运作，以企业上市后某一时点的股票市值作为对赌标的或补偿计算基准，本质是私募 投资机构将其退出风险向二级市场的转嫁。在注册制改革持续推进的当下，此类安排不仅可能扭曲股票 真实价格、架空信息披露制度，更可能成为大股东与机构合谋操纵股价的温床，最终侵蚀中小投资者的 利益。 近日，中国人民大学法学院院长杨东在接受《华夏时报》记者专访时直指其弊。他强调，该协议虽在形 式上属于民事合同，却具有显著的负外部性，极易引发市场操纵、隧道行为等乱象，甚至埋下系统性风 险的隐患。当前，监管清理规则与司法裁判标准之间仍存在衔接不畅、覆盖不全等问题，导致此类对赌 协议屡禁不止、"抽屉化"延续。 在他看来，破题的关键在于构建"披露为先、责任为盾、司法托底"的多元治理框架——既需建立上市后 重大对赌的强制披露机制，也应压实大股东信义义务，更须通过司法裁判弥补监管盲区，还原市场定价 的真实性和公平 ...

Core Viewpoint - The Federal Reserve has disbanded a climate group responsible for researching financial stability risks related to climate change [1] Group 1 - The climate group was established to address the financial risks posed by climate change [1] - The disbanding of the group indicates a shift in focus or priorities within the Federal Reserve regarding climate-related financial stability [1] - This decision may impact the ongoing discussions and policies related to climate risk assessment in the financial sector [1]

Core Viewpoint - The Federal Reserve has disbanded a climate-focused group responsible for researching financial stability risks related to climate change [1] Group 1 - The disbandment of the climate group indicates a shift in the Federal Reserve's approach to addressing climate-related financial risks [1] - This decision may impact the ongoing discussions and policies regarding the integration of climate risk into financial stability assessments [1] - The move reflects broader trends in regulatory focus and priorities within the financial sector [1]

Group 1 - The Federal Reserve has disbanded a climate group responsible for researching financial stability risks [1]