Core Viewpoint - President Trump has nominated Stephen Miran, the chairman of the Council of Economic Advisers, to fill the upcoming vacancy on the Federal Reserve Board, which is currently held by Adriana Kugler, whose term ends in January [1][4][7] Group 1: Nomination Details - The nomination of Miran is intended to fill the position left by Kugler, who will officially resign on August 8 [7] - Miran has been working with Trump since the beginning of his second term and is noted for his exceptional expertise in economics [4] - The nomination requires approval from the U.S. Senate [4] Group 2: Miran's Background and Views - Miran previously served as a senior economic advisor at the U.S. Treasury during Trump's first term and holds a Ph.D. in economics from Harvard University [4] - He has been a critic of the Federal Reserve's recent performance and advocates for fundamental reforms within the institution [8] Group 3: Proposed Reforms - In a 24-page reform plan co-authored with Dan Katz, Miran attributes the Federal Reserve's policy errors to "groupthink" [9] - The report argues that the Federal Reserve has extended its authority into political realms beyond its statutory limits, raising questions about its operational independence [10] - A notable reform proposal suggests separating monetary policy formulation from banking regulation and oversight functions, which would require legislative action [10][11]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has activated the "weak-side convertibility guarantee" at 7.85, indicating a significant shift in the Hong Kong dollar's exchange rate dynamics due to various market factors [1][2]. Group 1: Currency Exchange Dynamics - The HKMA bought 39.25 billion HKD on July 31, reducing the banking system's balance to 82.55 billion HKD on August 1 [1]. - The last activation of the 7.85 weak-side guarantee occurred on July 16, involving 14.83 billion HKD [1]. - Since June, the HKMA has intervened in the market seven times, absorbing a total of 911.08 billion HKD, which is 70% of the hot money inflow in May [1]. Group 2: Interest Rate and Market Conditions - The HKMA's president, Yu Weiwen, indicated that multiple factors have contributed to the weakening of the Hong Kong dollar, including ample liquidity in the market leading to lower local interest rates and an expanded interest rate differential with the U.S. [1][2]. - There is a potential for the "weak-side convertibility guarantee" to be triggered again, as the banking system's balance decreases and local interest rates may rise, aligning with the design of the linked exchange rate system [2]. Group 3: Market Demand for HKD - The peak period for dividend payouts by listed companies is nearing its end, which may reduce demand for HKD [3]. - Non-local companies are expected to convert HKD raised from IPOs or bond issuances back to their home currencies [3]. - The demand for HKD related to half-year settlements has largely been met, leading to a decrease in market demand for the currency [3].

Group 1 - The Hong Kong Monetary Authority (HKMA) injected liquidity of 20 million Hong Kong dollars into the banking system through the discount window [1]

Core Insights - The Hong Kong Monetary Authority (HKMA) reported a decrease in the composite interest rate to 1.26% at the end of June 2025, down 35 basis points from 1.61% at the end of May 2025 [1] Summary by Category Interest Rates - The composite interest rate reflects the average funding cost for banks and has decreased significantly in June 2025 [1] - The reduction in the composite interest rate is primarily attributed to a decrease in the weighted funding cost of deposits during the month [1]

Core Points - The White House advisor Russell Vought criticized the Federal Reserve's renovation project for including luxurious features such as a "VIP private dining room and elevator" [1] - The Federal Reserve launched a "Renovation Controversy FAQ" section on its website, denying the existence of a VIP dining room, VIP elevator, and new water features [1] - The renovation site is currently under construction, with asbestos removal causing significant cost increases due to safety measures [1][4] Group 1 - The Federal Reserve's renovation project has sparked controversy, with accusations of excessive spending and luxury features [3] - The project manager presented original architectural plans to counter claims of a luxury dining room, clarifying that the space has historically been used for dining and meetings [3] - Key cost drivers include a 109% increase in North American oak prices and a 42% rise in galvanized steel procurement costs [3] Group 2 - Asbestos removal has become a significant budget concern, with 36% of the original building materials containing asbestos, exceeding initial estimates by 2.3 times [4] - The Federal Reserve's financial records indicate that budget overruns are funded by interest from its $4.2 trillion in government bonds, with projected earnings of $127.9 billion in 2024 [4] - The White House budget office has sent a request for documents to the Federal Reserve, focusing on verifying the accuracy of statements made by Chairman Powell during congressional hearings [7] Group 3 - The final marble flooring plan involves recycling 85% of existing materials, with new marble only used for specific repairs [7] - The Federal Reserve's renovation is claimed to fall under its statutory autonomy, as stated in the Federal Reserve Act [7] - Increased security measures have been implemented at the construction site due to warnings of potential protests [9]

Group 1 - The People's Bank of China has maintained the one-year and five-year Loan Prime Rate (LPR) at 3% and 3.5% respectively [1]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell stated that the Federal Reserve is conducting a thorough review of its internal personnel, expecting to find that approximately 10% of employees could be suitable for other positions [1] Group 1 - The Federal Reserve is focusing on internal personnel evaluation [1] - An estimated 10% of employees may be reassigned to different roles [1]

Group 1 - The Federal Reserve aims to achieve a 10% reduction in workforce over the next two years through natural attrition [1] - There are potential opportunities to implement certain artificial intelligence technologies within the Federal Reserve [1]

Group 1 - The Federal Deposit Insurance Corporation (FDIC) plans to lay off over 1,200 employees as part of the Trump administration's federal workforce reduction initiative [1] - The layoffs will be conducted through voluntary retirements, internal departures, and by leaving vacant positions unfilled, with a total of 1,250 positions targeted [1] - Not all departments will be affected by the layoffs, and eligible employees must accept voluntary departure between April 28 and May 5 [1]

据《华尔街日报》报道，美联储的这些亏损主要源于其在2020年和2021年新冠疫情期间采取的激进经济 支持举措，以及随后在2022年和2023年为抗击高通胀而大幅加息的决定。这些政策虽然在一定程度上稳 定了经济，但也给美联储自身的财务状况带来了巨大压力。 美联储作为一个自筹资金的机构，其盈利主要来源于持有的证券和为金融机构提供的服务。在过去，美 联储经常通过其运营盈余向美国财政部上缴巨额资金。然而，从2022年开始，情况发生了显著变化。面 对40年来的最高通胀水平，美联储不得不采取迅猛加息的策略，将联邦基金利率从接近零的水平上调至 2023年7月份的峰值区间。 美联储连续两年巨额亏损：激进政策下的财务困境 在过去十年利率较低的时候，美联储经常向美国财政部返还巨额资金。然而，在最近两年，由于通胀压 力和加息策略的实施，美联储的财务状况发生了翻天覆地的变化。这一变化不仅反映了美联储货币政策 的复杂性，也凸显了其在维护经济稳定和自身财务状况之间所面临的挑战。 近日，美联储发布的财务报告显示，该机构在2024年全年亏损高达776亿美元（约合5600亿元人民 币），这是继2023年亏损1145亿美元后，美联储连续第二年出 ...