China-US Economic and Trade Consultations Reach Consensus; Fed Hints at Another Rate Hike
According to TechFlow, on Sept 25, Jinshi Data reported that the Ministry of Commerce stated the eighth round of China-US economic and trade consultations reached multiple agreements. The National Development and Reform Commission announced that starting at midnight on Sept 24, gasoline and diesel prices would rise by RMB 830 and RMB 800 per ton, respectively. Following adjustments, the actual increases amount to approximately RMB 395 and RMB 385. The central bank emphasized it will comprehensively utilize policy tools to maintain ample liquidity.
On the international macro front, several Federal Reserve officials noted ongoing inflation challenges and deemed another rate hike before year-end reasonable, driving US Treasury yields higher. The 10-year and 30-year yields extended their gains to new peaks since 2007 and 2004, respectively. Initial US jobless claims dropped to 197,000 last week. With tensions rising in the Middle East, commercial shipping traffic through the Strait of Hormuz reached a recent high, with approximately 40 vessels receiving coordinated protection from the US military.
In the technology sector, the head of Google DeepMind announced the imminent release of its flagship model, Gemini 4. Qualcomm and Apple have renewed their global licensing agreement, set to take effect in 2027. Meanwhile, the Shanghai Financial Regulatory Bureau has issued measures to accelerate the implementation of AI applications in the banking and insurance sectors.
