The Bank of England unveiled proposals designed to improve the resilience of the UK bond market during periods of stress as officials look to avoid a repeat of the 2022 gilt crisis https://t.co/gCj9mGeK5U ...

Core Viewpoint - Financial markets are increasingly anticipating a rate cut by the Federal Reserve during the policy meeting scheduled for September 16-17, with the probability reaching 89.7% according to the CME FedWatch Tool [1][2]. Inflation Analysis - The core PCE price index, a key inflation measure favored by the Federal Reserve, remains above the 2% target, supporting the argument against a rate cut in September and potentially throughout the year [2][3]. - Tariffs complicate inflation calculations, with estimates suggesting that if tariffs are fully passed on to consumers, prices may have recently increased by 0.6%. However, the short-term likelihood of full pass-through is low [3]. Employment Market Status - The unemployment rate in the U.S. has remained stable at 4.2%, with the Congressional Budget Office estimating the natural unemployment rate at 4.3%. This indicates a healthy labor market, insufficient to justify a loosening of monetary policy [4]. - Despite media attention on layoffs, the number of unemployment insurance claims remains unusually low, suggesting a stable employment environment [4]. Economic Forecasts - Most economists predict a rise in the unemployment rate, with a survey indicating it may reach 4.5% by mid-2026. A modest rate cut could be appropriate, especially if it is part of a series of cuts rather than a single adjustment [5]. Federal Reserve's Focus on Inflation - The Federal Reserve's emphasis on inflation is rooted in the belief that low and stable inflation leads to low and stable unemployment rates. This long-term perspective may lead to opposition against rate cuts during the September meeting [6].

外币资产减少，主要是因为在货币发行局制度下出售美元及已购入但未结算证券的月底余额减少，但有 关减幅因来自投资的利息收入而被部分抵销。港元资产减少，主要是因为获认购而未交收的外汇基金票 据及债券的月底余额减少。 货币发行局帐目显示，2025年7月底的货币基础为20426亿港元，较2025年6月底减少776亿港元，减幅为 3.7%。货币基础减少，主要是由于在货币发行局制度下购买港元。 2025年7月底的支持资产总额减少733亿港元至22915亿港元，减幅为3.1%。支持资产减少，主要是因为 在货币发行局制度下出售美元，但有关减幅因来自投资的利息收入而被部分抵销。支持比率由2025年6 月底的111.54%，上升至2025年7月底的112.19%。 （原标题：香港金融管理局：截至7月底香港外汇基金总资产为41026亿港元） 智通财经APP获悉，8月29日，香港金融管理局公布外汇基金资产负债表摘要及货币发行局帐目。截至 2025年7月31日，外汇基金总资产为41026亿港元，较2025年6月底减少1945亿港元，其中外币资产减少 1061亿港元，港元资产减少884亿港元。 ...

Core Viewpoint - The situation represents a significant challenge to the independence of the Federal Reserve by Trump, with the outcome hinging on a court ruling that could set a precedent for presidential intervention in monetary policy [2][3] Group 1 - The Federal Reserve spokesperson emphasized that the terms of board members are fixed by the Federal Reserve Act, and the president can only dismiss them for "just cause" [1] - Lisa Cook, the dismissed board member, has indicated through her lawyer that she will seek judicial review, and the Federal Reserve has committed to comply with any court ruling [1] - Trump has stated he will also abide by the court's decision, indicating a willingness to follow legal processes [1] Group 2 - The Federal Reserve's insistence on resolving the matter through legal channels highlights its commitment to maintaining institutional independence [3] - The final outcome will depend on the court's decision; if Trump prevails, it may set a new precedent for presidential influence over monetary policy [3] - If Cook remains in her position, it would reinforce the independence of the Federal Reserve, but the situation currently adds uncertainty to U.S. monetary policy, potentially affecting market expectations and financial stability [3]

Core Viewpoint - The pressure from Trump on the Federal Reserve has intensified during the Jackson Hole global central bank conference, highlighting the challenging outlook for the world's most important central bank [1][2]. Group 1: Pressure on the Federal Reserve - Trump's pressure has shifted from primarily targeting Fed Chair Powell to directly threatening Fed Board member Lisa Cook, indicating a more aggressive stance [2]. - Trump has publicly stated that he would fire Cook if she does not resign over mortgage fraud allegations, showcasing a direct challenge to the Fed's independence [2][3]. - The atmosphere at the conference was tense, with increased security measures in place, reflecting the heightened stakes of the ongoing political pressure on the Fed [1]. Group 2: Potential Changes in Fed Structure - Trump has appointed two members to the seven-member Fed Board, and if he secures two more nominations, he could gain a majority, fundamentally reshaping the Fed's structure [2][3]. - A significant goal for Trump could be to weaken the 12 regional Federal Reserve Banks by potentially refusing to reappoint their presidents, which would break a long-standing precedent and undermine the Fed's independence established since its inception in 1913 [3][4]. - The regional Fed presidents are selected by local committees, and their terms coincide with the Fed Board's decisions, making this a critical area for potential influence [3]. Group 3: Historical Context and Implications - Historical lessons from the 1970s indicate that political pressure on the Fed can lead to policy mistakes, resulting in severe economic consequences such as stagflation [4]. - If investors lose confidence in the Fed's ability to make data-driven decisions free from political influence, it could erode the financial markets' historical rewards for central bank independence, such as lower borrowing costs and stable currency value [4].

Paraguay’s central bank kept its benchmark interest unchanged at 6%, saying it expects inflation will stay within its target range the rest of this year https://t.co/WOqIB9fQFn ...

Economic Overview - The U.S. economy has demonstrated resilience amid significant changes in economic policy, with the labor market near maximum employment and inflation decreasing from post-pandemic highs [2][4] - The unemployment rate has increased by almost one percentage point, a trend typically associated with recessions, while the labor market remains balanced [4][11] - GDP growth has slowed to 1.2% in the first half of the year, down from 2.5% in 2024, primarily due to a decline in consumer spending [12] Labor Market Dynamics - Payroll job growth has slowed to an average of 35,000 per month over the past three months, a significant drop from 168,000 per month in 2024 [8] - The unemployment rate stands at a historically low level of 4.2%, indicating a stable labor market despite the slowdown in job growth [8][10] - Labor supply has softened, with a notable decrease in labor force growth attributed to tighter immigration policies [10][11] Inflation Trends - Total PCE prices rose by 2.6% over the 12 months ending in July, with core PCE prices increasing by 2.9% [13] - Higher tariffs are contributing to price increases in certain goods, with expectations that these effects will accumulate over time [15][16] - Inflation expectations remain well anchored, consistent with the Federal Reserve's long-term target of 2% [19][48] Monetary Policy Framework - The Federal Reserve's monetary policy framework is designed to promote maximum employment and stable prices across various economic conditions [22][36] - The revised consensus statement emphasizes the importance of well-anchored inflation expectations and the need for flexibility in monetary policy [38][48] - The Federal Reserve will continue to conduct public reviews of its monetary policy framework approximately every five years to adapt to changing economic conditions [50]

特朗普持续施压美联储之际，关税政策正加剧其内部分歧。 美东时间8月20日周三，美联储公布的7月会议纪要显示，多数决策者支持暂不降息，仅沃勒和鲍曼两人 反对。 多数美联储官员强调，通胀风险远高于对劳动力市场的担忧。 据CME"美联储观察"，目前美联储9月降息25个基点的概率为81.9%。 10月维持利率不变的概率为8%，累计降息25个基点的概率为46.4%，累计降息50个基点的概率为 45.5%。 内部分歧加剧 7月美联储继续按兵不动，将利率维持在4.25%至4.5%区间不变。 会议纪要显示，多数名决策者认为，通胀比就业风险高，特朗普关税影响需要一些时间才会全面显现。 官员们围绕关税对通胀的影响，以及当前政策立场的"限制性"程度，展开了激烈辩论。 与会者强调，通胀长期超过2%的水平，加之关税对通胀的潜在持续影响，可能加剧长期通胀预期失控 的风险。 值得关注的是，美联储副主席鲍曼与理事沃勒则以就业市场恶化，主张立即降息25个基点。 他们的不同意见，也标志着自1993年以来首次有两位理事与美联储主席意见相左。 目前，沃勒和鲍曼已经出现在鲍威尔2026年5月第二任期结束后继任的财政部候选名单上。 一是根据鲍威尔的新闻 ...

Group 1 - The Federal Reserve officials are experiencing rare divisions regarding the timing and extent of interest rate cuts, with two dissenting votes during the July meeting signaling potential market concerns [1] - The Federal Open Market Committee decided to maintain the key interest rate at a target range of 4.25%-4.5%, despite dissent from two members who advocated for a 25 basis point cut [1] - The upcoming release of the July meeting minutes is expected to reveal the depth of internal divisions within the Federal Reserve, particularly regarding dovish and hawkish stances on inflation [1] Group 2 - Continuous pressure from the Trump administration for interest rate cuts is raising concerns about the independence of economic policy decisions, as political influences may be affecting the Federal Reserve's actions [2] - The Federal Reserve officials have historically avoided political commentary, but the ongoing competition for the Fed Chair position complicates their ability to maintain this neutrality [2] - Investors are likely to scrutinize the meeting minutes for indications of political interference that could undermine the Federal Reserve's policy independence [2]

Monetary Policy - Namibia's central bank considers benefits of adopting a lower inflation target proposed by the South African Reserve Bank [1]