Odaily星球日报讯 中金公司评美联储主席鲍威尔 Jackson Hole 发言表示， 1、基本明确 9 月降息板上钉钉，符合预期。CME 利率期货计入 9 月降息 25bp 概率 76%，降息 50bp 概率 24%。 2、美联储关注点从物价转向就业，基本宣布抗击通胀胜利（说通胀预期已经被锚定 well anchored），对就业市场评估为不再过热、已经平衡，以及风险在上升。 3、未提及未来降息多少，依然要看数据，降息 50bp 目前看还不现实，至少要看下个月非农数据。鲍威尔也不认为失业率上升是就业市场恶化，认为主要是更多人进入劳动力市场和招聘放缓。对就业市场态度是：观察和警觉。（金十）

Odaily星球日报讯 中金公司评美联储主席鲍威尔 Jackson Hole 发言表示，1、基本明确 9 月降息板上钉钉，符合预期。CME 利率期货计入 9 月降息 25bp 概率 76%，降息 50bp 概率 24%。2、美联储关注点从物价转向就业，基本宣布抗击通胀胜利（说通胀预期已经被锚定 well anchored），对就业市场评估为不再过热、已经平衡，以及风险在上升。3、未提及未来降息多少，依然要看数据，降息 50bp 目前看还不现实，至少要看下个月非农数据。鲍威尔也不认为失业率上升是就业市场恶化，认为主要是更多人进入劳动力市场和招聘放缓。对就业市场态度是：观察和警觉。（金十）

中金公司：美联储关注点从物价转向就业 基本宣布抗击通胀胜利

According to Odaily, China International Capital Corporation (CICC) commented on the speech of Federal Reserve Chairman Powell at Jackson Hole:

1. It is basically certain that a 25 basis point rate cut will be implemented in September, in line with expectations. CME futures are pricing in a 76% probability of a 25 basis point rate cut and a 24% probability of a 50 basis point rate cut in September.

2. The Fed's focus has shifted from inflation to employment, essentially declaring victory in the fight against inflation (saying that inflation expectations are now well-anchored), assessing the job market as no longer overheating and now balanced, with risks on the rise.

3. Powell did not mention how much further rate cuts might be, saying it will depend on the data, and a 50 basis point cut currently does not seem realistic, at least until seeing next month's non-farm payroll data. Powell also does not believe the rise in the unemployment rate indicates a deterioration of the job market, attributing it mainly to more people entering the labor force and a slowdown in hiring. His attitude towards the job market is one of observation and vigilance.

Odaily Odaily reported that CICC commented on the speech of Federal Reserve Chairman Powell in Jackson Hole, saying that 1. It is basically clear that the interest rate cut in September is a foregone conclusion, which is in line with expectations. CME interest rate futures include a 76% probability of a 25bp rate cut in September and a 24% probability of a 50bp rate cut. 2. The Federal Reserve has shifted its focus from prices to employment, and basically announced victory in the fight against inflation (saying that inflation expectations have been well anchored), and assessed the job market as no longer overheated, balanced, and with rising risks. 3. It did not mention how much the interest rate will be cut in the future, and it still depends on the data. A 50bp rate cut is not realistic at present, and at least it depends on next month&#39;s non-farm data. Powell also does not think that the rise in unemployment is a deterioration in the job market. He believes that it is mainly due to more people entering the labor market and a slowdown in hiring. The attitude towards the job market is: observation and vigilance. (Jinshi)

CICC: The Fed shifted its focus from prices to employment and basically declared victory in the fight against inflation

Source: US SEC website Translation: Shan Eoba, Jinse Finance

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Today, 4.5 years after the outbreak of the pandemic, the most severe economic distortions caused by the pandemic are receding. Inflation has declined significantly. The labor market is no longer overheated, and the current conditions are more relaxed than before the pandemic. Supply constraints have normalized. The risk balance facing our two main tasks has also changed. Our goals...

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