【导读】美股全线收跌，特朗普放话对美药价"动手"，医药股、加密货币股大跌；特朗普解除美联储理 事库克职位 中国基金报记者 张舟 昨晚美股市场不平静。 美东时间8月25日周一，美国三大股指全线收跌。截至收盘，道指跌0.77%，报45282.47点；标普500指 数跌0.43%，报6439.32点；纳指跌0.22%，报21449.29点。 特朗普：将把药品价格削减1400%到1500% 多只医药股大跌 （原标题：刚刚！特朗普动手了，免职，立即生效！） 8月25日，美国总统特朗普突然宣布，将把药品价格削减1400%到1500%，市场认为这是白宫对药品定 价问题上的强硬立场。同时特朗普表示，将迅速对药品征收关税。 受此消息影响，纳斯达克医疗保健指数跌1.85%。 万得美国创新药指数跌1.74%。 个股方面，莫德纳（Moderna）跌6.53%，精密科学跌3.81%，辉瑞制药、再生元制药、阿里拉姆制药、 默克均跌超2%。 然而，南加州大学谢弗中心健康政策主任Geoffrey Joyce直言，特朗普的这一说法是"完全虚构的内 容"。市场认为，它在数学层面根本不成立，若药价降幅超过100%，意味着人们购买药物时反而会获得 ...

Group 1 - The Federal Reserve has hinted at a possible interest rate cut in response to economic downturn risks, marking a significant shift in strategy for the U.S. and global capital markets [1] - Following Jerome Powell's speech at the Jackson Hole Economic Symposium, market expectations for a September rate cut surged above 90%, leading to notable market reactions including a rise in U.S. stock indices and a decline in the dollar index [1][2] - Historically, rate cuts by the Federal Reserve have led to capital reallocation and asset price reevaluation, but the current global economic landscape presents unique risks that may not replicate past liquidity booms [2] Group 2 - A potential rate cut could weaken the relative returns on dollar-denominated assets, prompting capital to flow towards high-growth emerging markets, which may alleviate local financing pressures but also create structural vulnerabilities [2][3] - The dollar index has fallen below the 100 mark, and further declines could impact global trade differently, benefiting resource-importing countries while challenging export-oriented economies [2] - The Federal Reserve's decision to cut rates amidst persistent core inflation raises concerns about the long-term value of the dollar and may accelerate the process of de-dollarization globally [3] Group 3 - The expansion of liquidity from rate cuts is expected to increase risk asset prices, but the effects will vary across markets, with U.S. equities, particularly tech stocks, already showing signs of overvaluation [3][4] - The current rate cut cycle faces unprecedented challenges to the Federal Reserve's independence, with political pressures potentially distorting policy decisions and increasing market volatility [4] - While rate cuts can stimulate economic recovery, they also mask underlying debt risks that could lead to crises if interest rate paths deviate from market expectations [4][5]

恭喜以太坊突破 5000 美金😁😁😁 https://t.co/qabvEyaGYC ...

| 1小时爆仓 | 多单爆仓 | 空单爆仓 | | --- | --- | --- | | $532.3万 | $283.2万 | $249万 | | 4小时爆仓 | 多单爆仓 | 空单爆仓 | | $4781.8万 | $1177.1万 | $3604.7万 | | 12小时爆仓 | 多单爆仓 | 空单爆仓 | | $5.3亿 | $9625.7万 | $4.3亿 | | 24小时爆仓 | 多单爆仓 | 空单爆仓 | | $6.9亿 | $2.3亿 | $4.7亿 | 美联储主席鲍威尔在杰克逊霍尔全球央行年会发表"鸽派"讲话后，加密货币市场集体上攻。 8月22日晚间至23日，加密货币市场集体走高。其中，以太坊强势拉升至4888.48美元，突破2021年11月 初创下的历史最高价，再创历史新高。 根据市场公开信息，Coinglass数据显示，过去24小时加密货币市场共有超16万人被爆仓，爆仓总金额为 6.94亿美元。也有市场人士表示，比特币资产如今正逐渐展现出成熟的迹象，其波动性也在降低，追逐 价格波动的投资者如今转而投向了比特币的"竞争对手"以太坊。 不过，圣路易斯联邦储备银行行长、联邦公开市场委员会（FO ...

Group 1 - The core viewpoint of the article is that after Federal Reserve Chairman Jerome Powell's dovish speech at the Jackson Hole Global Central Bank Conference, the cryptocurrency market experienced a significant rally, particularly Ethereum reaching a new all-time high of $4,888.48 [1][2][4] Group 2 - The cryptocurrency market saw a collective rise from the evening of August 22 to August 23, with Ethereum breaking its previous record set in November 2021 [2] - Over the past 24 hours, more than 160,000 traders were liquidated in the cryptocurrency market, with a total liquidation amount of $694 million [3] - Bitcoin is showing signs of maturity with reduced volatility, leading investors to shift their focus towards Ethereum, its competitor [3] Group 3 - Powell's speech was interpreted as a clear signal for a potential interest rate cut in September, highlighting increasing downside risks in the labor market [4] - The Federal Reserve's policy rate is currently 100 basis points lower than a year ago, allowing for cautious adjustments in policy stance [4] - The market anticipates at least a 25 basis point cut in the federal funds rate target range in September, with the probability of such a cut rising to 89.1% according to CME interest rate futures [5]

BOSS Wallet 8月20日讯，加密货币领域近期因佳士得国际地产的创新举措备受关注。该机构正式设立 加密房产交易专属部门，以企业名义全流程支持"纯数字货币进行房产交易"，成为主流奢侈地产经纪品 牌中的探索者。此举不仅标志着加密货币在房地产市场的渗透迈入新阶段，也为XBIT去中心化交易所 平台等行业参与者创造了新的发展空间。 图片来源：BOSS Wallet 加密货币引领房产交易变革 美国房地产市场规模庞大，2024年估值已接近重要量级。尽管2025年6月房价中位数呈上涨态势，同比 有一定增幅，但高房价、高按揭利率及住房库存不足等因素，显著制约了市场流动性。众多房产持有者 虽面临资产增值，却在变现时遭遇困境，传统的整体出售、出租或借贷等方式均存在明显局限。 在信息提供方面，XBIT堪称全面且精准的市场信息枢纽。无论是行业巨头的动态，还是新兴平台的项 目详情，用户均可在XBIT平台获取及时、准确的资讯。对于房产代币化项目的预期收益、潜在风险等 关键信息，XBIT会进行深度梳理与清晰呈现。同时，针对比特币等加密货币的价格走势、历史数据及 波动成因，XBIT能提供专业解读，助力投资者理解市场动态，优化投资决策。 ...

Core Viewpoint - The Vice Chair of the Federal Reserve for Financial Regulation, Bowman, suggests allowing Fed staff to hold a small amount of cryptocurrency to enhance their understanding and regulatory capabilities in financial markets [1] Summary by Relevant Categories Regulatory Perspective - Bowman believes that easing investment restrictions for employees could aid in recruiting and retaining skilled bank examiners [1] - She emphasizes that minimal holdings in cryptocurrencies and other digital assets would provide staff with practical experience in understanding the holding and transfer processes of crypto assets [1] Market Sentiment - Bowman's comments indicate a shift towards a more favorable regulatory attitude towards the cryptocurrency sector under the Trump administration [1]

Report Industry Investment Rating - The global economy in the macro and financial sector is rated as (slightly bullish) [1] Core Viewpoints - The global economy maintains an upward trend, with various countries and regions having positive developments and potential investment opportunities [1] Summary by Related Catalogs Important Information - BofA's chief strategist believes that the Fed may deal with debt through currency devaluation, making shorting the US dollar a core investment theme, and gold, cryptocurrencies, commodities, and emerging markets will be the biggest winners [1] - Michael Burry, the hedge - fund manager and the prototype of the movie "The Big Short", went from short to long on Chinese concept stocks in Q2, buying call options on Alibaba and JD.com [1] - Nomura expects Powell not to give a "clear commitment", BofA expects a hawkish stance, and Morgan Stanley expects Powell to emphasize inflation risks and resist market expectations of interest - rate cuts [1] - The Hong Kong stock market, as the world's largest RMB offshore market, has comprehensive and long - term allocation value [1] - Some public - fund professionals say this year is the "commercialization year" of humanoid robots, which will become a global trillion - dollar industry [1] - India's prime minister announced a comprehensive reform plan for the country's GST, simplifying four tax brackets to two to boost the economy [1] - Japan's Financial Services Agency will approve the country's first issuance of the yen - denominated stablecoin JPYC this month [1] - JPMorgan believes that although the "Fed put" can buffer temporary economic weakness, investors should not underestimate the tail effects of macro risks [1] Global Economic Logic - China strengthens the domestic cycle, provides loan interest subsidies, and its exports in July increased by 7.2%. Sino - US reciprocal tariffs are extended by 90 days. The US may restart interest - rate cuts in September [1] - China's comprehensive rectification of involution - style competition is expected to boost the performance of relevant listed companies. The European Central Bank has cut interest rates 8 times, and Germany's 30% military expansion may drive European economic growth [1] - Goldman Sachs believes that China's humanoid robot industry is iterating products at an amazing speed [1]

Core Viewpoint - The market is undergoing a significant paradigm shift due to intertwined U.S. debt pressures and expectations of policy changes, with a focus on currency devaluation as a core strategy to address debt challenges [1][3] Monetary Policy and Market Trends - The discussion around unconventional tools like Yield Curve Control (YCC) has resurfaced, indicating a potential shift in monetary policy [1] - Since 2025, 88 central banks globally have implemented interest rate cuts, marking the fastest easing pace since 2020, which has driven asset prices, including stocks, credit, gold, and cryptocurrencies, to new highs [1] - The S&P 500 index's price-to-book ratio has reached a record 5.3 times, surpassing the peak during the dot-com bubble, while its forward price-to-earnings ratio stands at 22.5 times, in the 95th percentile since 1988 [9] Investment Strategies - Hartnett's central argument is that "Disruption = Debasement," suggesting that discussions around the Federal Reserve's independence and higher inflation targets indicate a policy direction aimed at lowering the dollar's value to facilitate financing of U.S. debt and deficits [3][4] - Investors are advised to increase allocations to gold and cryptocurrencies as a hedge against a potential long-term bear market for the dollar [3][4] Dollar Outlook - The U.S. government's goal of achieving economic prosperity and asset bubbles by 2025-2026 is seen as a clear investment theme for shorting the dollar, with expectations that the dollar index (DXY) will fall below 90 [4] Credit Market Insights - The U.S. investment-grade A+ credit spread is currently at 64 basis points, in the 98th percentile over the past 30 years, indicating a strong preference for equities over bonds among investors [11] Commodities and Emerging Markets - In the context of dollar devaluation, gold, cryptocurrencies, commodities, and emerging markets are expected to be the biggest beneficiaries as investors seek tools to hedge against inflation and currency depreciation [16] - A survey indicated that only 9% of fund managers have exposure to cryptocurrencies, with an average allocation of 0.3% of assets under management (AUM), while 48% hold gold with an allocation of 2.2% of AUM [16] Energy Market Perspective - Hartnett presents a contrarian view on energy prices, suggesting that current oil and natural gas prices have already priced in expectations of peace in the Russia-Ukraine conflict, with a long-term trend pointing towards lower energy prices [18][20]

Group 1 - The core argument presented by Michael Hartnett is that "Disruption = Debasement," indicating that discussions around the Federal Reserve's independence, higher inflation targets, and price controls are leading to a policy shift aimed at depreciating the dollar to manage the U.S. debt and deficit [2][12] - The expectation of a policy shift suggests that the attractiveness of holding government bonds is declining, while the stock and credit markets, which are already at high valuations, face risks [2][8] - Hartnett anticipates that the U.S. dollar index (DXY) will fall below 90 as the government seeks economic prosperity and asset bubbles by 2025-2026, making shorting the dollar a clear investment theme [2][12] Group 2 - The S&P 500 index's price-to-book ratio has reached a record 5.3 times, surpassing the peak during the dot-com bubble, while its forward price-to-earnings ratio stands at 22.5 times, in the 95th percentile since 1988 [8] - The investment-grade A+ credit spread in the U.S. is only 64 basis points, placing it in the 98th percentile over the past 30 years, indicating a strong preference for equities over bonds [10][12] - Hartnett suggests that in the context of dollar depreciation, assets like gold, cryptocurrencies, commodities, and emerging markets will be the biggest beneficiaries as investors seek to hedge against inflation and currency devaluation [14] Group 3 - The upcoming Jackson Hole meeting is anticipated to provide dovish signals from the Federal Reserve, but Hartnett warns that this could lead to a "buy the rumor, sell the news" scenario, as market sentiment is already overly optimistic [12][14] - The average maturity of U.S. government debt is 5-6 years, and to stabilize annual interest payments of $1.2 trillion, the 5-year U.S. Treasury yield needs to drop below 3.1%, providing strong motivation for the Fed to adopt easing policies [12][14] - Hartnett's long-term view on energy markets suggests that current oil and natural gas prices have already priced in expectations of peace in the Russia-Ukraine conflict, with potential for further price declines if U.S.-Russia cooperation develops in Arctic resource extraction [16][18]