Group 1 - Spot bitcoin ETFs experienced their first daily outflows in over a week, with a net outflow of $51.28 million, breaking a seven-day inflow streak that had accumulated nearly $3 billion [1] - Assets under management for bitcoin ETFs remain above $150 billion, despite the recent outflows [1] - The Federal Reserve's cautious outlook on future policy, highlighted by Chair Jerome Powell, has shifted market sentiment, leading to a pullback in risk assets [3] Group 2 - The Federal Reserve lowered its benchmark rate by 25 basis points to a range of 4.00% to 4.25%, marking its first cut of the year [2] - Updated projections from the Fed indicated only two more rate cuts in 2025 and fewer in 2026 than the market had anticipated [2] - Powell's warnings about "elevated" inflation and rising "downside risks" to employment contributed to a hawkish interpretation of the rate cut, affecting market confidence [3] Group 3 - Ethereum ETFs also faced redemptions, with net outflows of $1.89 million following a previous exit of $61.7 million [3] - Cryptocurrency prices showed slight increases, with Bitcoin rising approximately 0.3% and Ether increasing by 1.7% in the last 24 hours [4] - The broader CoinDesk 20 index rose by 2%, indicating a general positive movement in the cryptocurrency market [4]

Group 1 - Current Federal Reserve Chairman Jerome Powell is facing pressure from President Trump, who is considering nominating a successor to weaken Powell's influence before his term ends in May 2024 [1] - Two Republican candidates named "Kevin" are competing for the next Federal Reserve Chair position, with Kevin Hassett emerging as a strong contender against Kevin Warsh [1][3] - Hassett has shifted his stance and is now open to accepting the Federal Reserve Chair position, having met with Trump multiple times in June [3] Group 2 - Hassett has become a vocal critic of Powell, accusing him of making decisions based on partisan bias rather than economic data [3] - Warsh, who has been a candidate for the position for years, is also actively seeking meetings to discuss the role, indicating his continued interest [3][4] - Warsh is attempting to pivot from his previous support for hawkish monetary policy to a more collaborative approach with Treasury Secretary Mnuchin [4] Group 3 - Warsh's connections in the financial elite and his media presence may give him an edge over Hassett, who has been more aligned with Trump's inner circle [5] - Treasury Secretary Mnuchin is in a unique position to influence the selection of the next Federal Reserve Chair, as Trump has expressed interest in having him take on both roles [5]

Group 1 - The competition for the next Federal Reserve Chair is intensifying, with Kevin Hassett and Kevin Warsh as the main contenders [1][2] - Hassett's momentum is rising, having met with President Trump multiple times, while Warsh faces skepticism due to his earlier popularity and "hawkish" stance [2][4] - Treasury Secretary Mnuchin is also rumored to be interested in the Fed Chair position, with suggestions of him potentially holding both roles [2][9] Group 2 - Hassett, a seasoned economist with a strong academic background, has shifted his stance to align more closely with Trump's views, becoming a vocal critic of current Fed Chair Powell [3][4][5] - Warsh, with a high-profile financial background, is attempting to reshape his "hawkish" image and has proposed aggressive rate cuts in collaboration with Mnuchin [6][7] - Mnuchin's dual role as an advisor and potential candidate adds complexity to the selection process, with his comments possibly exacerbating divisions within the Fed [8][9] Group 3 - Trump's dissatisfaction with Powell has fueled the search for a new Fed Chair, emphasizing the need for rapid interest rate cuts to support economic growth [10][11] - The expectation for the next Chair to prioritize rate cuts is clearer than during Trump's first term, raising concerns about the potential impact on Fed independence and inflation expectations [11]

Group 1 - The US stock market has experienced fluctuations due to escalating tensions in the Middle East and the Federal Reserve's decisions, with the Dow Jones remaining within a range of 42,700 to 42,600 this week [1] - The Federal Reserve's latest monetary policy stance is interpreted as hawkish, maintaining the overnight interest rate target range at 4.25%-4.50%, with a warning from Chairman Powell about potential inflation from tariffs [3] - The Fed's economic forecast indicates a mild stagflation scenario, with expected economic growth slowing to 1.4% this year, an unemployment rate of 4.5%, and inflation reaching 3% [3] Group 2 - Current stock risk exposure is high enough to trigger significant risk-averse actions, while also being low enough to encourage buying on dips, indicating that any minor event could lead to volatility in the US stock market [4] - Hedge funds continued to buy stocks last week, but at a slower pace, while mutual funds saw an outflow of $10 billion, indicating a cautious market sentiment [6] - The upcoming rebalancing by pension and target-date funds, which are expected to sell $89 billion worth of stocks, may further weigh on the market in the coming days [4] Group 3 - As trade tensions ease, there is a partial recovery in US economic confidence, but investors are advised to reconsider geopolitical issues before increasing positions, as the Middle East situation could catalyze further market volatility [7] - The potential for rising energy prices due to prolonged Middle Eastern conflicts could exacerbate inflation fears, negatively impacting the US stock market [7]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - During the Tomb-Sweeping Festival holiday, overseas precious metal prices dropped significantly. From 15:00 on April 3 to 7:00 this morning on April 7, the price of the COMEX gold main contract fell 3.75% to $3033.1 per ounce, and the London gold price fell 3.71% to $3011.74 per ounce. The price of the COMEX silver main contract fell 13.7% to $28.8 per ounce, and the London silver price fell 12.87% to $28.93 per ounce [2]. - The decline in precious metal prices was mainly affected by two factors. Firstly, the Trump administration announced the implementation of "reciprocal tariffs", but gold and silver were not on the list, ending the previous market's expected trading on potential US tariffs. Secondly, after Powell's speech on Friday, US stocks and precious metal prices further declined, and the Fed's monetary policy is expected to remain hawkish. In the short term, precious metal prices, especially silver, still have room to fall [3][4]. Group 3: Summary by Related Catalogs Price Changes - COMEX gold main contract price fell 3.75% to $3033.1 per ounce, London gold price fell 3.71% to $3011.74 per ounce. COMEX silver main contract price fell 13.7% to $28.8 per ounce, London silver price fell 12.87% to $28.93 per ounce [2]. - Au(T+D) price rose 0.98% to 738.97 yuan/gram, Ag(T+D) price fell 1.47% to 8263 yuan/kg. London gold price fell 2.04% to $3054.5 per ounce, London silver price fell 3.49% to $31.34 per ounce [5]. Factors Affecting Price Changes - The end of the previous market's expected trading on potential US tariffs due to the "reciprocal tariffs" policy and the subsequent exemption list [3]. - The Fed's hawkish monetary policy stance and the slowdown of tariff trading [4]. Market Expectations - In the short term, precious metal prices, especially silver, still have room to fall. The Shanghai silver main contract is expected to open at the limit - down price today, with a reference opening price of 7535 yuan/kg. The Shanghai gold main contract is expected to operate in the range of 694 - 720 yuan/gram [4].