Core Viewpoint - The article discusses the need for reforms within the Federal Reserve, emphasizing the importance of accountability, transparency, and cognitive diversity to improve decision-making processes and outcomes. Group 1: Federal Reserve Leadership and Accountability - There is a growing concern regarding the relationship between the administration and the Fed, with indications that the administration is seeking reasons to dismiss Chair Powell [1] - The need for fundamental reforms in the Fed is highlighted, including greater accountability and transparency, as well as reducing groupthink [1][3] - The example of the Bank of England is cited, where external members are included in decision-making to prevent groupthink and enhance accountability [4][5] Group 2: Cognitive Diversity and Decision-Making - The article points out that a lack of cognitive diversity within the Fed has led to consistent delays in decision-making, particularly at critical economic turning points [3] - It is suggested that having diverse viewpoints in discussions can lead to better outcomes, as different perspectives can challenge prevailing assumptions [6] - The importance of asking difficult questions and fostering an environment where diverse opinions are welcomed is emphasized as a way to improve the Fed's effectiveness [4][6]

Core Viewpoint - The Bank of England has decided to maintain the benchmark interest rate at 4%, aligning with market expectations, primarily due to persistent inflationary pressures [1] Inflation and Economic Indicators - The Consumer Price Index (CPI) data released by the UK National Statistics Office on the 17th of August shows that both year-on-year and month-on-month inflation rates met market expectations but remain significantly above the 2% inflation target [1] - Given the ongoing inflation rates exceeding the target and signs of fatigue in the labor market, international institutions widely predict that the Bank of England will not rush to lower interest rates [1]

Core Viewpoint - Treasury Secretary Scott Besson has raised concerns about the Federal Reserve's mission creep and institutional bloat, advocating for an independent review of the organization [1] Group 1: Federal Reserve's Structure and Employment - The Federal Reserve is currently undergoing a 10% reduction in headcount across the entire organization, including the board and all reserve banks [3] - Following this reduction, employment at the Federal Reserve will revert to levels seen over a decade ago, indicating zero job growth for more than ten years [4] - The Federal Reserve is open to constructive criticism and exploring ways to improve its operations, but it does not support the idea of an independent review [4]

Group 1 - The Bank of England is expected to slow its pace of reducing government bond holdings from 100 billion pounds a year due to increased volatility in bond markets, while maintaining its main interest rate [1][3] - Since 2022, the Bank of England has reduced its gilt holdings from 875 billion pounds to 558 billion pounds, conducting outright sales rather than allowing bonds to mature [2] - Economists predict the Monetary Policy Committee will reduce the pace of quantitative tightening to a median of 67.5 billion pounds, a larger decrease than previously anticipated [3] Group 2 - British 30-year government bond yields reached their highest level since 1998, indicating significant market pressure ahead of the upcoming budget [4] - The Bank of England estimated that its quantitative tightening has only added 0.15-0.25 percentage points to British government borrowing costs [5] - A survey indicated that banks believe the neutral level of reserves is between 385-540 billion pounds, while current levels are around 650 billion pounds [6] Group 3 - To completely end active sales and achieve quantitative tightening solely through maturing gilts, the Bank of England would need to reduce the pace of quantitative tightening to 49 billion pounds [7]

每经AI快讯，为保持银行体系流动性充裕，2025年9月15日，中国人民银行将以固定数量、利率招标、 多重价位中标方式开展6000亿元买断式逆回购操作，期限为6个月(182天)。 ...

Core Viewpoint - The Bank of Japan (BOJ) is preparing to gradually sell its substantial holdings of exchange-traded funds (ETFs) as part of a strategy to unwind its massive monetary stimulus program initiated over a decade ago [1][2][3] Group 1: BOJ's Strategy and Holdings - The BOJ's plan to sell ETFs is a significant step in reducing its balance sheet, which has ballooned to 125% of Japan's GDP, the largest among major central banks [2] - The BOJ currently holds 37 trillion yen (approximately $251 billion) in ETFs, accumulated since 2010 to stimulate the economy [3] - The timing of the ETF sales remains uncertain, complicated by political factors, including the resignation of Prime Minister Shigeru Ishiba [1][3] Group 2: Communication and Signals - Deputy Governor Ryozo Himino has indicated that the BOJ is considering how to manage its ETF and real estate trust fund holdings, suggesting that a decision may be approaching [4] - The BOJ's communication has shifted, indicating progress towards selling ETFs, contrasting with Governor Ueda's previous statements about taking time to reach a decision [4][6] Group 3: Historical Context and Methodology - The BOJ plans to leverage its past experience in selling stocks acquired from banks between 2002 and 2010, suggesting a gradual approach to unloading ETFs rather than transferring them to government entities [5] - The previous stock sales, which took 20 years to complete, ended in July, allowing the BOJ to focus on its ETF holdings [6]

Core Points - The Hong Kong Monetary Authority announced that the official foreign exchange reserves for Hong Kong as of the end of August 2025 amounted to 421.6 billion USD, a decrease from 425.4 billion USD at the end of July 2025 [1] Summary by Category - **Foreign Exchange Reserves** - As of August 2025, Hong Kong's official foreign exchange reserves are 421.6 billion USD [1] - This represents a decline of 0.9% from the previous month, where reserves were recorded at 425.4 billion USD [1]

Core Viewpoint - The People's Bank of China (PBOC) announced a reverse repurchase operation of 1 trillion yuan to maintain liquidity in the banking system, scheduled for September 5, 2025, with a term of 3 months [1]. Group 1 - The operation will be conducted using a fixed quantity and interest rate bidding method, allowing for multiple price-level bidding [1]. - The total amount for the reverse repurchase operation is set at 1 trillion yuan (10,000 billion yuan) [1]. - The duration of the operation is specified as 91 days, equivalent to 3 months [1].

蒙古央行消息，蒙古国央行2025年8月份共收购黄金690.1公斤，2025年以来累计收购贵金属7.7吨，同比 下降24.1%。其中，达尔汗乌拉省分行收购贵金属494公斤，巴彦洪格尔省分行收购贵金属1138.7公斤。 8月份黄金收购均价为每克38.7万图格里克（约774元人民币）。 ...

Core Points - The People's Bank of China conducted a reverse repurchase operation amounting to 229.1 billion yuan on September 3, 2025, at a fixed interest rate [1] Group 1: Reverse Repo Operation Details - The operation was conducted with a 7-day maturity period [1] - The interest rate for the operation was set at 1.40% [1] - The total bidding amount matched the amount awarded, both being 229.1 billion yuan [1]