TechFlow news, October 10 — According to Jinshi Data, CICC released a research report stating that the Fed resumed rate cuts in September, marking a new phase in the dollar's easing cycle. Since inflation only confirmed an upward turning point in August, remains at a relatively low absolute level, and the Fed can downplay inflationary pressures by labeling it as "transitory," while downside risks to employment are more pressing than upside inflation risks, the priority of "stabilizing growth" outweighs that of "controlling inflation." Coupled with significant political pressure from Trump, the Fed may cut rates rapidly, possibly lowering rates consecutively 3–4 times. Looking ahead, October may still be a window period of liquidity convergence, with accommodative monetary policies driving market trends. In terms of risk-return balance, A-shares and Hong Kong stocks offer higher allocation value compared to U.S. equities. Given increasingly loose macro liquidity and declining Fed independence and dollar credibility, we maintain an overweight position in gold.
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