by every editor.
On Wednesday (September 17), the closing of the three major indices of the U.S. Stock Exchange increased variably, as of the closing, the index rose by 0.57%, the index fell by 0.33%, and the SP500 index fell by 0.1%.
Major science and technology stocks rose and fell, Nvidia fell more than 2%, Oracle fell more than 1%, Navi rose more than 2%, and Tesla rose more than 1%.
Most of the high-profile shares rose, and the Nasdaq China Gold Range Index rose by 2.85%. percentage increased by more than 11%, the high-profile increased by more than 6%, Alibaba, Billiards, and ideal cars increased by more than 2%.
The US Federal Reserve (Fed) announced on September 17 local time that it would lower the federal fund interest rate target range by 25 basis points, adjusted from 4.25% to 4.50% to 4.0% to 4.25%.
In a statement after the meeting, the Fed noted that the growth of economic activity in the first half of 2025 has slowed and the expansion of the job market has slowed.unemploymentThe rate has risen slightly but remains at a historic low, while inflation has risen and remains at a relatively high level.
The Fed’s monetary policy goal is to full employment and a stable long-term inflation rate of 2%. The statement notes that the current economic outlook remains uncertain and the Committee remains highly concerned about the risks faced by the achievement of its “dual mandate” goal.
China's Golden Dragon Index rose 2.8%
On Wednesday, the Federal Reserve reduced interest rates by 25 basis points, and the three major indices, such as the mountain car, eventually closed up.The PresidentPowell said the move did not mean the opening of a long-term rate-cutting cycle that hit the market.
As of the closing, the index rose 260.42, the increase was 0.57%, the report 46018.32 points; the index fell 72.63 points, the drop was 0.33%, the report 22261.33 points; the index of the SIP 500 fell 6.41 points, the drop was 0.10%, the report 6600.35 points.
Of the 11 shares of the SIP 500 index, financial shares rose by 0.96%, energy shares rose by 0.28%, industrial shares fell by 0.47%, information technology / science and technology shares fell by 0.7%, and real estate shares fell by 0.06%.
In the US stock industry ETFs, semiconductor ETFs fell 0.64%, global science and technology stock index ETFs, science and technology industry ETFs, optional consumer ETFs fell to as much as 0.50%, energy industry ETFs rose 0.23%, network equity index ETFs rose 0.47%, financial industry ETFs rose 0.97%, banking ETFs rose 1.10%, regional bank ETFs rose 1.19%.
Big tech stocks rose variably, NVIDIA fell 2.62%, Amazon fell 1.04%, Google A fell 0.65%, Meta fell 0.42%, Microsoft rose 0.19%, Apple rose 0.35%, and Tesla rose 1.01%.
Lyft jumped 13 percent, Google-owned Waymo announced next year that Lyft will launch a driverless taxi service in Nashville, with competitor Uber falling 5 percent.
Human resources cloud service provider Workday surged 7.25% on reports that activist investor Elliott Management has bought more than $2 billion in the company.
On-line ticketing platform StubHub dropped more than 6 percent on its first day, a reversal for the hottest IPO market in recent years.
Most popular Chinese concept stocks rose, and the Nasdaq China Golden Dragon Index closed up 2.85%. Baidu rose more than 11%, Weilai rose more than 6%, Pinduoduo rose 4.5%, and Alibaba, Bilibili, and Li Auto rose more than 2%.
The FTSE A50 futures index closed up 0.19% at 15210 points in consecutive night trading.
Spot gold fell 0.81% to $3,659.79 an ounce; COMEX gold futures fell 0.82% to $3,694.60 an ounce.
Currency silver dropped 2.8%, $41,648 / ounce; COMEX silver futures dropped 2.15%, $41,995 / ounce.
As of the closing day, the price of lightweight crude oil futures delivered on the New York Commodity Exchange in October fell by 47 cents, reaching $64.05 per barrel, falling by 0.73%; the price of London Brent crude oil futures delivered in November fell by 52 cents, reaching $67.95 per barrel, falling by 0.76%.
The dollar index, which measured the dollar against six major currencies, rose 0.25 percent on the same day, reaching 96,876 at the exchange end.
Wednesday (September 17) New York end (February 04:59 Beijing time), offshore RMB (CNH) against the US dollar 7,1018 yuan, 28 points higher than Tuesday's New York end, the entire day trade in the range of 7,1077 ~ 7,0851 yuan.
On Wednesday (17 September) at the end of New York, CME’s Bitcoin futures BTC main force contract fell 1.03 percent compared to Tuesday’s New York end, losing $11.6 million. CME’s Ethereum futures DCR main force contract rose 0.10 percent, reporting $4514.50.
The Federal Reserve announced: interest rate cut by 25 basis points!
At 2 a.m. on September 18 Beijing time, the Federal Reserve announced that the target range of the federal fund interest rate was reduced from 4.25% to 4.50% to 4.00% to 4.25%, down by 25 basis points.
It is worth noting that the decision was not supported by all members of the Federal Open Market Commission (FOMC) voting.The resolution statement shows that one voted against the rate cuts at 25 basis points, and the new governor of the Federal Reserve, Stephen Milan, the White House economic adviser, called for the rate cuts at 50 basis points, while two other officials in July, Michelle Bauman and Christopher Waller, supported the rate cuts at 25 basis points.
The FOMC wrote in a statement that recent indicators indicate that the growth rate of economic activity in the United States has slowed down in the first half of this year. Employment growth weakens,unemploymentThe rate has risen slightly but remains low.Inflation has recovered and remains at a relatively high level.
The FOMC stressed that the committee is committed to achieving the “maximum employment” and “2% inflation” targets over a longer period of time. The uncertainty over the current economic outlook remains high. The committee closely monitors the risks of both aspects of its “double mission” and judges the risks facing employment have increased.
Given the progress of inflation and the risk balance, the FOMC decided to lower the range of federal fund interest rate targets by 0.25 percentage points (i.e. 25 basis points) to 4.00% to 4.25%.When considering further adjustments, the Committee will carefully assess the latest data, the evolution of economic outlook and the risk balance.
The FOMC also said it will continue to reduce its holdings of U.S. government bonds, institutional debt and institutional mortgage-supported securities.
Powell is loud.
The sharp market volatility was closely linked to Powell’s subsequent monetary policy press conference.
At a news conference, Powell said that risks to the U.S. labor market are the focus of today's decision. The vitality of the U.S. labor market has weakened and weakened slightly. The balance of risks has shifted, with employment facing downside risks. The imposition of tariffs may be one of the reasons for the slowdown in the labor market. The revised non-farm payrolls data means that the labor market is no longer stable,unemploymentThe rate remains low, but has risen; employment market indicators indicate that downward risks are substantial.
Powell pointed out that the 50 basis points are not widely supported and he believes there is no need to quickly adjust interest rates. Today’s move can be seen as a risk-managed rate reduction. The risks faced by the labor market have varied greatly since the last Fed meeting.
Powell believes that the United StatesunemploymentThe rate remains low but slightly rising, employment growth has slowed and employment downside risks have increased. Employment growth has slowed significantly, reflecting a decrease in immigration and labor participation. The slowing U.S. GDP growth is mainly reflected in the slowing rate of consumer spending. Inflation in the U.S. has recently risen and remains to some extent high.
Powell pointed out that the Federal Reserve is in a state of decision-making session by session.The Federal Reserve’s policy has been focused on inflation and is now moving towards a more neutral policy.
In terms of inflation, Powell said inflation has dropped significantly since its mid-2022 high, but is still above the Fed’s long-term target of 2%. According to estimates from the Consumer Price Index (CPI) and other data, the overall Individual Consumer Expenditure Price Index (PCE) rose 2.7% in the 12 months as of August; and the core PCE for removing food and energy rose 2.9%.
Employment Market in AugustunemploymentThe rate has risen to 4.3%, but has changed slightly compared to the previous year and remains at a relatively low level. In the last three months, new non-agricultural jobs have slowed dramatically, with an average increase of only 29,000 per month. This slowdown is largely due to a slowdown in labour supply growth, which includes a decrease in immigration and a decrease in labour participation. Artificial intelligence (AI) may be one of the reasons for recruitment slowdown.
But he also said labour demand has also weakened, and the current number of new jobs seems to have been lower thanined.unemploymentThe “balanced level” required to stabilize the rate.
Regarding the impact of tariffs on inflation, Powell said that a reasonable basic judgment is that the impact of tariffs on inflation is only one-time and will lead to a short-term increase in price levels. But there is also another possibility that the inflationary effects may be more lasting, and the responsibility of the Fed is to ensure that one-off price increases don't turn into persistent inflationary problems.
Powell once again stressed that the Fed is firmly committed to maintaining its independence. At present, market participants have not been seen taking the risk of the independence of the Federal Reserve into account.
If I discuss Fed Governor Cook and the United States, "he saidThe PresidentTrump isA lawsuit between, that would be inappropriate; No comment will be made on U.S. Treasury Secretary Bescent's speech. The FOMC remains united in its pursuit of dual responsibilities. "
At this interest rate meeting, the Federal Reserve also updated the rate chart.At present, it is expected that there will be two more interest rate cuts (25 basis points each) this year, one more than the forecast in June. Fed officials expect to cut interest rates once in 2026 and 2027 (25 basis points each).
One of the Federal Reserve officials believes that the rate should be significantly reduced by 150 basis points in 2025, meaning that there will be at least two major rate cuts (75+50 basis points) in the year.
The dot plot shows that after the interest rate cut in September, among the 18 officials except Milan, one thought that the interest rate should be raised once, another six thought that the interest rate should not be cut during the year, and two officials thought that the interest rate should be cut by another 25 basis points during the year; Another nine officials believe that interest rates should be cut by another 50 basis points this year, that is, two standard rate cuts of 25 basis points. These nine officials, together with Milan, constitute the median judgment that the Federal Reserve expects to cut interest rates twice this year.
The economic outlook released after the meeting showed that the Fed officials raised their GDP growth forecast for the next three years and lowered it for the next two years.unemploymentRate forecasts, upward PCE inflation for the next two years and core PCE inflation forecasts.They expect inflation to fall back to the Fed’s long-term target of 2% by 2028.
In terms of economic forecasts, Fed officials expect GDP growth to rise by 1.6 percent in 2025, up 0.2 percentage points from 1.4% in June, 1.8 percent in 2026 and 1.6 percent in June, and 1.5 percent in 2025.unemploymentThe rate is expected to be 4.5%, unchanged from the June forecast. The 2016 forecast is 4.4%, and the June forecast is 4.5%; The PCE inflation rate is expected to be 3.0% in 2025, unchanged from the June estimate, and 2.6% in 2026, compared with the June estimate of 2.4%.
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