纽约联储总裁威廉姆斯表示，美联储上周降息使其处于应对未来挑战的良好位置，并补充说，他认为随 着就业市场降温，通胀将会回落。威廉姆斯称，美联储最近降息使政策立场从温和限制性转向中性，认 为关税对价格的影响是一次性的。他并表示，美联储上周的降息决定是正确的，但未来的政策走向仍难 以确定。威廉姆斯还说，商业地产领域并未处于压力状态。波士顿联储总裁柯林斯表示，通胀前景的变 化使她倾向于支持上周美联储的降息决定。美联储理事米兰表示，美联储过去购买的抵押贷款支持证券 (MBS)向房地产市场注入了大量信贷，很可能加剧了当前家庭面临的住房负担能力问题。 CNBC援引知情人士报道称，美联储主席热门人选哈西特的候选资格遭到总统特朗普部分身边人士的反 对。报道称，反对意见源于担忧哈西特与总统关系过于密切。美联储理事米兰就此表示，金融市场只关 心美联储政策的实际结果，而不是官员动机或他们是否与总统关系密切。 12月17日，沪金主力暂报979.04元/克，涨幅达0.35%，今日沪金主力开盘价972.50元/克，截至目前最高 982.78元/克，最低971.72元/克。 【宏观消息】 【黄金期货行情表现】 美国11月非农就业数据呈现复杂 ...

Core Viewpoint - The article discusses the implications of the "14th Five-Year Plan" and the recent shifts in the U.S. labor market, highlighting potential investment opportunities and risks in the current economic landscape [8][12][24]. Deep Dive Topic - The "14th Five-Year Plan" emphasizes industrial restructuring and the signals from central authorities regarding adjustments in industrial structure, aiming to understand the pathways from the previous five-year plan and how the new plan will be implemented [8]. Hot Topics - The U.S. non-farm payroll data for August showed a cooling trend, leading the market to shift from "rate cut trading" to "recession trading." The employment market's weakness raises questions about the extent of potential rate cuts by the Federal Reserve [12]. - A recent surge in overseas risk-free interest rates has triggered a sell-off in global sovereign bonds, prompting discussions on the reasons and sustainability of this market behavior [12][24]. - The article critiques the misconception that the decline in exports is due to a "rush to export," asserting that the August trade data reflects broader economic conditions rather than a simple market reaction [17]. High-Frequency Tracking - The analysis of August's CPI indicates that core inflation is no longer the primary concern for the Federal Reserve, with limited transmission of tariffs on goods inflation and a weakening trend in super-core service inflation [21]. - The commentary on commodity price increases suggests that while upstream price hikes have positively impacted PPI, low capacity utilization in downstream sectors continues to exert downward pressure on PPI [18].