September 17th Financial Breakfast: Waiting for the Fed to cut interest rates, gold prices hit above 3700, and US-India trade negotiations are positive.
2025-09-17 07:26:05
In the early Asian session on Wednesday (September 17, Beijing time), spot gold was trading around $3,693.70 an ounce. Gold prices hit a record high of $3,702.93 an ounce on Tuesday, as the market bet on a Fed rate cut this week, pushing gold prices to continue to rise on the back of safe-haven demand, buying by central banks and a weakening dollar. U.S. crude oil was trading around $64.61 a barrel. Oil prices rose on Tuesday as traders weighed the possibility that Ukrainian drone attacks on Russian ports and refineries could lead to supply disruptions in Russia and were awaiting the Fed's decision on interest rates.
Bank of Canada Governor Macklem and Senior Deputy Governor Rogers held a monetary policy press conference.
The three major U.S. stock indexes closed lower in volatile trading on Tuesday as investors remained cautious ahead of a possible interest rate cut by the Federal Reserve. Investors generally still expect the Fed to cut interest rates by 25 basis points at its two-day meeting ending on Wednesday in response to a deteriorating U.S. job market as shown by multiple recent economic indicators.
Data released on Tuesday showed that U.S. retail sales rose more than expected in August, but failed to change market expectations of a rate cut.
“Any data showing resilience in the economy will only bolster the hawks on the FOMC and could provide (Federal Reserve Chairman) Powell with some reason to sound a little more hawkish than the market expects,” said Ross Mayfield, investment strategist at Baird Private Wealth Management.
Investors paid little attention to the U.S. Senate's confirmation of White House economic adviser Milan's nomination to the Federal Reserve Board and the appeals court's rejection of Trump's request to remove Fed Board member Tim Cook.
The Dow Jones Industrial Average fell 0.27% to close at 45,757.90 points; the S&P 500 fell 0.13% to close at 6,606.76 points; and the Nasdaq fell 0.07% to close at 22,333.96 points.
Six of the 11 S&P 500 sectors closed lower, with utilities down 1.81% and real estate down 0.66%. The Cboe Volatility Index, the most-anticipated gauge of expected futures, rose to a more than one-week high at 16.04.
UnitedHealth Group fell 2.3% and Nvidia fell 1.6%, dragging down the Dow. The S&P 500 and Nasdaq hit record closing highs on Monday, following several sessions of record intraday highs. All three major indexes have posted gains so far in September, traditionally considered a weaker month for U.S. stocks.
Gold prices broke through $3,700 an ounce for the first time on Tuesday as markets bet on a Federal Reserve interest rate cut this week, pushing prices to continue rising on safe-haven demand, buying by central banks and a weaker dollar.
Spot gold rose 0.3% to $3,690.59 per ounce, having hit a record high of $3,702.95 earlier in the session. U.S. gold futures for December delivery rose 0.2% to $3,727.50.
Zain Vawda, an analyst at MarketPulse under OANDA, said that uncertainty in global economic growth and geopolitical risks continued to support safe-haven demand, but the rise in gold prices was mainly driven by market expectations of aggressive interest rate cuts by the Federal Reserve.
Traders are almost certain the Fed will cut interest rates by 25 basis points at its two-day meeting ending on Sept. 17, with a smaller number betting on a 50 basis point cut, according to CME Group's FedWatch tool.
U.S. President Trump called on Federal Reserve Chairman Jerome Powell on social media on Monday for a "bigger" interest rate cut. Non-yielding gold typically performs well in a low-interest rate environment. The U.S. dollar index fell to a more than two-month low, and a weaker dollar makes gold more attractive to holders of other currencies.
Tai Wong, an independent metals trader, said gold prices surged on a sharp weakening of the U.S. dollar, which has fallen to its lowest level since July, but caution is likely ahead of the Federal Reserve's key decision, so some profit-taking shouldn't be surprising. Gold, a traditional hedge against uncertainty, has risen about 41% so far this year.
Among other precious metals, spot silver fell 0.2% to $42.64 an ounce, having earlier hit its highest level since September 2011; platinum fell 0.5% to $1,394.00 an ounce; and palladium fell 0.5% to $1,178.14 an ounce.
Oil prices rose more than a dollar a barrel on Tuesday as traders weighed the possibility of potential disruptions to Russian supplies from Ukrainian drone attacks on Russian ports and refineries and awaited the Federal Reserve's decision on U.S. interest rates.
Brent crude futures settled up 1.5% at $68.47 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 1.9% to $64.52 a barrel.
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output after Ukraine attacked key export ports and refineries with drones, three industry sources said.
Ukraine has stepped up attacks on Russian energy infrastructure in recent weeks, with strikes last week disrupting operations at the key Primorsk oil terminal in western Russia amid stalled talks to end the conflict.
"An attack on an export terminal like Primorsk is more about limiting Russia's ability to sell oil abroad and impacting export markets," JPMorgan analysts said.
Goldman Sachs estimates that the attacks in Ukraine have cost Russia approximately 300,000 barrels per day (bpd) of refining capacity in August and so far this month. Investors will also be watching the Federal Reserve's September 16-17 meeting. The Fed is expected to cut interest rates, which would stimulate the economy and increase fuel demand. However, analysts remain cautious about the health of the US economy.
The dollar fell across the board on Tuesday, hitting a four-year low against the euro, as investors firmed their bets that the Federal Reserve will cut interest rates this week.
The euro rose 0.9% against the dollar to $1.1867, its highest since September 2021. The dollar index, which measures the greenback against six major currencies, fell 0.7% to 96.636, its lowest since July 1.
The dollar had stabilized in recent months after a sharp drop earlier this year, but has come under renewed selling pressure as market expectations grow that the Federal Reserve will resume interest rate cuts and U.S. President Trump has renewed calls for aggressive policy easing.
The Fed is expected to cut interest rates by a quarter point on Wednesday, with rapidly softening labor market data the main driver of increased bets on a rate cut in recent weeks.
"The dollar tumbled across the board as investors braced for dovish messages from Wednesday's voting record, the 'dot plot' summary of economic projections and the press conference," said Karl Schamotta, chief market strategist at Corpay.
The Federal Reserve will release its policy statement at 2 p.m. on Wednesday, followed by a press conference by Chairman Jerome Powell. "Powell and his colleagues are expected to downplay inflation risks and express a clear bias toward supporting the labor market, which could set the stage for successive rate cuts in the coming months," Schamotta said. "Traders are positioning themselves for asymmetric moves in most major currency pairs."
Data showing a bigger-than-expected increase in U.S. retail sales in August offered little respite to the dollar as investors remained concerned about U.S. economic growth amid a weak labor market and higher commodity prices caused by import tariffs.
Sterling rose 0.5% to its highest in more than two months at $1.366 after data on Tuesday showed Britain's jobs market lost more momentum, which could ease the Bank of England's concerns about persistent inflationary pressures.
Data from the Office for National Statistics showed business employment fell for the seventh consecutive month in August, while average weekly private sector wage and salary growth, closely watched by the Bank of England (BOE), which is expected to remain on hold this week after its August interest rate cut, slowed to 4.7% in the three months to July from 4.8% in the year to June.
The euro found some support on Tuesday after data showed euro zone industrial production rose in July, confirming views that regional industry is continuing to grow despite trade tensions, albeit at a very slow pace.
German investor morale unexpectedly rose in September, signaling cautious optimism, the ZEW research institute said on Tuesday.
The dollar earlier hit a one-month low against the yen and was last down 0.7% at 146.35 yen in New York trading. The Bank of Japan holds its policy meeting on Friday, with money markets expecting the central bank to keep interest rates unchanged at 0.5%.
Japan's Agriculture, Forestry and Fisheries Minister Shinjiro Koizumi and Chief Cabinet Secretary Yoshimasa Hayashi joined the race for ruling party leadership on Tuesday, pledging to run in a vote early next month to succeed outgoing Prime Minister Shigeru Ishiba.
Russia's Transneft denied reports it was restricting oil imports from producers.
Russia's oil transportation company Transneft has denied reports that it may significantly restrict crude oil shipments from producers in the near future, calling such information "fake news." The statement read: "Transneft is forced to issue the following statement in response to information published by the international news agency Reuters suggesting that crude oil shipments from producers may be significantly restricted in the near future. The publication of such false information, citing anonymous sources in the Russian energy industry, damages Transneft's reputation. These reports are an attempt to destabilize the situation within the context of an ongoing Western-led information war against Russia." Earlier, Reuters, citing sources, reported that Transneft had allegedly restricted oil companies' ability to store oil in its pipeline system in recent days and warned producers that it might have to import less oil from them.
US Republicans release stopgap spending bill, betting Democrats will be unable to block legislation
U.S. House Republicans released a draft of a stopgap funding bill to keep the government running after October 1st. They omitted the health care policies demanded by Democrats, betting that their party would be unable to block the bill. The short-term bill, which will keep federal agencies operating until November 21st, provides new funding for security for members of Congress, the judiciary, and executive branch officials following the assassination of conservative activist Charlie Kirk last week. The bill requires the approval of at least seven Senate Democrats, reaching the 60-vote threshold to overcome procedural hurdles. Although Trump has publicly called on Republicans to unite behind the stopgap funding bill, the Republicans' majority in the House of Representatives is small, and unanimous opposition by Democrats could make the bill difficult to pass. The bill provides $30 million for lawmakers to reimburse local police security expenses, $30 million for executive branch security, and $28 million for judiciary security.
The U.S. government is in talks with investment firm Orion Resource Partners to establish a multi-billion dollar fund for overseas mining projects. According to sources familiar with the matter, the U.S. International Development Finance Corporation (DFC) and New York-based Orion will each invest $600 million or more in the new fund, with potential participation from other sovereign investors and U.S. government agencies. The fund will invest in projects mining critical minerals such as copper and rare earth elements, which are vital for national defense and high-tech manufacturing.
US, India restart trade talks, both sides describe them as 'positive'
The United States and India said their trade negotiators held "positive" talks in New Delhi on Tuesday. The two sides are seeking to ease tensions after US President Donald Trump imposed 50% tariffs on India last month. Following the day-long talks, the Indian government said in a statement that the two countries agreed to "intensify efforts" to reach a trade deal. The statement described the discussions as "positive and forward-looking, covering all aspects of a trade agreement." The US Embassy in New Delhi said in a separate statement that Assistant US Trade Representative Brendan Lynch held a "positive meeting" with India's chief negotiator, Rajesh Agrawal, to discuss future steps in bilateral trade talks. The two countries are seeking to resolve differences after Trump imposed the highest tariffs in Asia on India for its trade barriers and purchases of Russian oil. Another team of US defense officials and Boeing executives will also arrive in India this week to negotiate the sale of naval surveillance aircraft worth approximately $4 billion.
EU and Indonesia reach trade deal
The European Union and Indonesia have concluded negotiations on a trade agreement and plan to sign it next week. Both sides are accelerating efforts to reduce their dependence on the United States. Officials in Brussels and Jakarta said European Commission Vice President Šefčović plans to travel to Indonesia on September 23 to sign the agreement. US President Trump's import tariffs have accelerated negotiations. Washington has pressured Jakarta to accept a 19% tariff across the board and pressured Brussels to agree to a 15% tariff on most products.
IEA: The world needs to spend $540 billion every year to find oil
The International Energy Agency (IEA) states that as the rate of decline in production from existing oil fields accelerates, the world will need to spend approximately $540 billion annually on oil and gas exploration to maintain current production levels by 2050. Fatih Birol, the agency's executive director, stated that this accelerated decline means the global oil and gas industry "must run at a much faster pace to remain constant." Without investment, global oil supply would decline by an amount equivalent to the combined daily production of Norway and Brazil—over 5 million barrels per year.
Fed spokesperson: Powell's attitude towards the job market this week may indicate the direction of future policy
Nick Timiraos, the "Federal Reserve's voice," writes in his latest article: "With a Fed rate cut virtually certain this week, investors will be focused on whether Powell will further his recent shift in stance. Investors will be closely watching for a key piece of information: Will Powell and his colleagues set a total of three rate cuts this year, or stick with their June forecast (when a minority of officials expected two cuts, given the seemingly more robust job market)?" Last month, in a closely watched speech, Powell's concerns about the job market outweighed those of some of his colleagues about inflation. The question now is: Will Powell further intensify those concerns following the weak August non-farm payroll report? Doing so would confirm market expectations of further rate cuts in the coming meetings, but it would also likely require overcoming the concerns of some colleagues who are hesitant to commit to such a rapid policy shift due to concerns about the neutral interest rate and whether it should be brought there.
my country's innovative drugs are accelerating! Policies are working together to open up the "last mile" to hospitals.
Since the beginning of this year, my country has made frequent good news in the field of innovative drugs, with dozens of original innovative drugs approved for marketing. However, it often takes ten years or even longer for a new drug to go from research and development to market. From exploration in the laboratory, to clinical verification involving thousands of patients, to strict approval, innovative drugs have to overcome numerous difficulties. From target discovery to review and approval, the total cost of an innovative drug's "road to market" exceeds US$1 billion. Data show that from January to July this year, the National Medical Products Administration has approved 50 innovative drugs for marketing, exceeding the 48 for the whole of last year. During the "14th Five-Year Plan" period, the National Medical Products Administration approved a total of 210 innovative drugs, maintaining an accelerated growth trend. In addition, my country ranks among the world's top in terms of innovative drug pipelines and the number of clinical trial projects, and medical innovation maintains a strong momentum.
Focus on the day
Bank of Canada Governor Macklem and Senior Deputy Governor Rogers held a monetary policy press conference.
stock market
The three major U.S. stock indexes closed lower in volatile trading on Tuesday as investors remained cautious ahead of a possible interest rate cut by the Federal Reserve. Investors generally still expect the Fed to cut interest rates by 25 basis points at its two-day meeting ending on Wednesday in response to a deteriorating U.S. job market as shown by multiple recent economic indicators.
Data released on Tuesday showed that U.S. retail sales rose more than expected in August, but failed to change market expectations of a rate cut.
“Any data showing resilience in the economy will only bolster the hawks on the FOMC and could provide (Federal Reserve Chairman) Powell with some reason to sound a little more hawkish than the market expects,” said Ross Mayfield, investment strategist at Baird Private Wealth Management.
Investors paid little attention to the U.S. Senate's confirmation of White House economic adviser Milan's nomination to the Federal Reserve Board and the appeals court's rejection of Trump's request to remove Fed Board member Tim Cook.
The Dow Jones Industrial Average fell 0.27% to close at 45,757.90 points; the S&P 500 fell 0.13% to close at 6,606.76 points; and the Nasdaq fell 0.07% to close at 22,333.96 points.
Six of the 11 S&P 500 sectors closed lower, with utilities down 1.81% and real estate down 0.66%. The Cboe Volatility Index, the most-anticipated gauge of expected futures, rose to a more than one-week high at 16.04.
UnitedHealth Group fell 2.3% and Nvidia fell 1.6%, dragging down the Dow. The S&P 500 and Nasdaq hit record closing highs on Monday, following several sessions of record intraday highs. All three major indexes have posted gains so far in September, traditionally considered a weaker month for U.S. stocks.
Gold Market
Gold prices broke through $3,700 an ounce for the first time on Tuesday as markets bet on a Federal Reserve interest rate cut this week, pushing prices to continue rising on safe-haven demand, buying by central banks and a weaker dollar.
Spot gold rose 0.3% to $3,690.59 per ounce, having hit a record high of $3,702.95 earlier in the session. U.S. gold futures for December delivery rose 0.2% to $3,727.50.
Zain Vawda, an analyst at MarketPulse under OANDA, said that uncertainty in global economic growth and geopolitical risks continued to support safe-haven demand, but the rise in gold prices was mainly driven by market expectations of aggressive interest rate cuts by the Federal Reserve.
Traders are almost certain the Fed will cut interest rates by 25 basis points at its two-day meeting ending on Sept. 17, with a smaller number betting on a 50 basis point cut, according to CME Group's FedWatch tool.
U.S. President Trump called on Federal Reserve Chairman Jerome Powell on social media on Monday for a "bigger" interest rate cut. Non-yielding gold typically performs well in a low-interest rate environment. The U.S. dollar index fell to a more than two-month low, and a weaker dollar makes gold more attractive to holders of other currencies.
Tai Wong, an independent metals trader, said gold prices surged on a sharp weakening of the U.S. dollar, which has fallen to its lowest level since July, but caution is likely ahead of the Federal Reserve's key decision, so some profit-taking shouldn't be surprising. Gold, a traditional hedge against uncertainty, has risen about 41% so far this year.
Among other precious metals, spot silver fell 0.2% to $42.64 an ounce, having earlier hit its highest level since September 2011; platinum fell 0.5% to $1,394.00 an ounce; and palladium fell 0.5% to $1,178.14 an ounce.
Oil Market
Oil prices rose more than a dollar a barrel on Tuesday as traders weighed the possibility of potential disruptions to Russian supplies from Ukrainian drone attacks on Russian ports and refineries and awaited the Federal Reserve's decision on U.S. interest rates.
Brent crude futures settled up 1.5% at $68.47 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 1.9% to $64.52 a barrel.
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output after Ukraine attacked key export ports and refineries with drones, three industry sources said.
Ukraine has stepped up attacks on Russian energy infrastructure in recent weeks, with strikes last week disrupting operations at the key Primorsk oil terminal in western Russia amid stalled talks to end the conflict.
"An attack on an export terminal like Primorsk is more about limiting Russia's ability to sell oil abroad and impacting export markets," JPMorgan analysts said.
Goldman Sachs estimates that the attacks in Ukraine have cost Russia approximately 300,000 barrels per day (bpd) of refining capacity in August and so far this month. Investors will also be watching the Federal Reserve's September 16-17 meeting. The Fed is expected to cut interest rates, which would stimulate the economy and increase fuel demand. However, analysts remain cautious about the health of the US economy.
foreign exchange market
The dollar fell across the board on Tuesday, hitting a four-year low against the euro, as investors firmed their bets that the Federal Reserve will cut interest rates this week.
The euro rose 0.9% against the dollar to $1.1867, its highest since September 2021. The dollar index, which measures the greenback against six major currencies, fell 0.7% to 96.636, its lowest since July 1.
The dollar had stabilized in recent months after a sharp drop earlier this year, but has come under renewed selling pressure as market expectations grow that the Federal Reserve will resume interest rate cuts and U.S. President Trump has renewed calls for aggressive policy easing.
The Fed is expected to cut interest rates by a quarter point on Wednesday, with rapidly softening labor market data the main driver of increased bets on a rate cut in recent weeks.
"The dollar tumbled across the board as investors braced for dovish messages from Wednesday's voting record, the 'dot plot' summary of economic projections and the press conference," said Karl Schamotta, chief market strategist at Corpay.
The Federal Reserve will release its policy statement at 2 p.m. on Wednesday, followed by a press conference by Chairman Jerome Powell. "Powell and his colleagues are expected to downplay inflation risks and express a clear bias toward supporting the labor market, which could set the stage for successive rate cuts in the coming months," Schamotta said. "Traders are positioning themselves for asymmetric moves in most major currency pairs."
Data showing a bigger-than-expected increase in U.S. retail sales in August offered little respite to the dollar as investors remained concerned about U.S. economic growth amid a weak labor market and higher commodity prices caused by import tariffs.
Sterling rose 0.5% to its highest in more than two months at $1.366 after data on Tuesday showed Britain's jobs market lost more momentum, which could ease the Bank of England's concerns about persistent inflationary pressures.
Data from the Office for National Statistics showed business employment fell for the seventh consecutive month in August, while average weekly private sector wage and salary growth, closely watched by the Bank of England (BOE), which is expected to remain on hold this week after its August interest rate cut, slowed to 4.7% in the three months to July from 4.8% in the year to June.
The euro found some support on Tuesday after data showed euro zone industrial production rose in July, confirming views that regional industry is continuing to grow despite trade tensions, albeit at a very slow pace.
German investor morale unexpectedly rose in September, signaling cautious optimism, the ZEW research institute said on Tuesday.
The dollar earlier hit a one-month low against the yen and was last down 0.7% at 146.35 yen in New York trading. The Bank of Japan holds its policy meeting on Friday, with money markets expecting the central bank to keep interest rates unchanged at 0.5%.
Japan's Agriculture, Forestry and Fisheries Minister Shinjiro Koizumi and Chief Cabinet Secretary Yoshimasa Hayashi joined the race for ruling party leadership on Tuesday, pledging to run in a vote early next month to succeed outgoing Prime Minister Shigeru Ishiba.
International News
Russia's Transneft denied reports it was restricting oil imports from producers.
Russia's oil transportation company Transneft has denied reports that it may significantly restrict crude oil shipments from producers in the near future, calling such information "fake news." The statement read: "Transneft is forced to issue the following statement in response to information published by the international news agency Reuters suggesting that crude oil shipments from producers may be significantly restricted in the near future. The publication of such false information, citing anonymous sources in the Russian energy industry, damages Transneft's reputation. These reports are an attempt to destabilize the situation within the context of an ongoing Western-led information war against Russia." Earlier, Reuters, citing sources, reported that Transneft had allegedly restricted oil companies' ability to store oil in its pipeline system in recent days and warned producers that it might have to import less oil from them.
US Republicans release stopgap spending bill, betting Democrats will be unable to block legislation
U.S. House Republicans released a draft of a stopgap funding bill to keep the government running after October 1st. They omitted the health care policies demanded by Democrats, betting that their party would be unable to block the bill. The short-term bill, which will keep federal agencies operating until November 21st, provides new funding for security for members of Congress, the judiciary, and executive branch officials following the assassination of conservative activist Charlie Kirk last week. The bill requires the approval of at least seven Senate Democrats, reaching the 60-vote threshold to overcome procedural hurdles. Although Trump has publicly called on Republicans to unite behind the stopgap funding bill, the Republicans' majority in the House of Representatives is small, and unanimous opposition by Democrats could make the bill difficult to pass. The bill provides $30 million for lawmakers to reimburse local police security expenses, $30 million for executive branch security, and $28 million for judiciary security.
The U.S. government is in talks with investment firm Orion Resource Partners to establish a multi-billion dollar fund for overseas mining projects. According to sources familiar with the matter, the U.S. International Development Finance Corporation (DFC) and New York-based Orion will each invest $600 million or more in the new fund, with potential participation from other sovereign investors and U.S. government agencies. The fund will invest in projects mining critical minerals such as copper and rare earth elements, which are vital for national defense and high-tech manufacturing.
US, India restart trade talks, both sides describe them as 'positive'
The United States and India said their trade negotiators held "positive" talks in New Delhi on Tuesday. The two sides are seeking to ease tensions after US President Donald Trump imposed 50% tariffs on India last month. Following the day-long talks, the Indian government said in a statement that the two countries agreed to "intensify efforts" to reach a trade deal. The statement described the discussions as "positive and forward-looking, covering all aspects of a trade agreement." The US Embassy in New Delhi said in a separate statement that Assistant US Trade Representative Brendan Lynch held a "positive meeting" with India's chief negotiator, Rajesh Agrawal, to discuss future steps in bilateral trade talks. The two countries are seeking to resolve differences after Trump imposed the highest tariffs in Asia on India for its trade barriers and purchases of Russian oil. Another team of US defense officials and Boeing executives will also arrive in India this week to negotiate the sale of naval surveillance aircraft worth approximately $4 billion.
EU and Indonesia reach trade deal
The European Union and Indonesia have concluded negotiations on a trade agreement and plan to sign it next week. Both sides are accelerating efforts to reduce their dependence on the United States. Officials in Brussels and Jakarta said European Commission Vice President Šefčović plans to travel to Indonesia on September 23 to sign the agreement. US President Trump's import tariffs have accelerated negotiations. Washington has pressured Jakarta to accept a 19% tariff across the board and pressured Brussels to agree to a 15% tariff on most products.
IEA: The world needs to spend $540 billion every year to find oil
The International Energy Agency (IEA) states that as the rate of decline in production from existing oil fields accelerates, the world will need to spend approximately $540 billion annually on oil and gas exploration to maintain current production levels by 2050. Fatih Birol, the agency's executive director, stated that this accelerated decline means the global oil and gas industry "must run at a much faster pace to remain constant." Without investment, global oil supply would decline by an amount equivalent to the combined daily production of Norway and Brazil—over 5 million barrels per year.
Fed spokesperson: Powell's attitude towards the job market this week may indicate the direction of future policy
Nick Timiraos, the "Federal Reserve's voice," writes in his latest article: "With a Fed rate cut virtually certain this week, investors will be focused on whether Powell will further his recent shift in stance. Investors will be closely watching for a key piece of information: Will Powell and his colleagues set a total of three rate cuts this year, or stick with their June forecast (when a minority of officials expected two cuts, given the seemingly more robust job market)?" Last month, in a closely watched speech, Powell's concerns about the job market outweighed those of some of his colleagues about inflation. The question now is: Will Powell further intensify those concerns following the weak August non-farm payroll report? Doing so would confirm market expectations of further rate cuts in the coming meetings, but it would also likely require overcoming the concerns of some colleagues who are hesitant to commit to such a rapid policy shift due to concerns about the neutral interest rate and whether it should be brought there.
Domestic News
my country's innovative drugs are accelerating! Policies are working together to open up the "last mile" to hospitals.
Since the beginning of this year, my country has made frequent good news in the field of innovative drugs, with dozens of original innovative drugs approved for marketing. However, it often takes ten years or even longer for a new drug to go from research and development to market. From exploration in the laboratory, to clinical verification involving thousands of patients, to strict approval, innovative drugs have to overcome numerous difficulties. From target discovery to review and approval, the total cost of an innovative drug's "road to market" exceeds US$1 billion. Data show that from January to July this year, the National Medical Products Administration has approved 50 innovative drugs for marketing, exceeding the 48 for the whole of last year. During the "14th Five-Year Plan" period, the National Medical Products Administration approved a total of 210 innovative drugs, maintaining an accelerated growth trend. In addition, my country ranks among the world's top in terms of innovative drug pipelines and the number of clinical trial projects, and medical innovation maintains a strong momentum.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
