本周宏观数据与Fed 10月议息会议是三大主线之一,逻辑非常简单,10月不加息基本是普遍共识,核心是看沃什讲话对通胀的观点,以及如何解释10月不加息
个人预计沃什会说10月暂停加息只是便于观察,同时将加息压力给到12月份,就看他对当前通胀、能源价格通胀如何表述,而这份表述很快就要被验证
因为周四凌晨讲完话,周四晚间就要看美国Q3 GDP 以及9月核心PCE,如果沃什还是以数据为核心设定Fed政策,那么周四的数据很有可能将12月加息概率推动到80%以上。
其次,9月PCE重要性减弱,因为9月的CPI已经大幅度提升市场对通胀的担忧,反而PCE上涨符合预期,关键要看通胀对消费者端的传导情况是否比预期的更加严重。
本周宏观数据侧,一旦将12月加息概率提升至80%市场会对加息进行深度定价,一旦90%基本就被锁死,当然也并非100%没有转机,只要到12月议息会议前,后续数据可以证明通胀压力减弱,配合Brent 跌到95美元下方,倒是可以在12月议息会议前削弱加息概率,但是目前来看难度确实不低!#本周将公布10月FOMC利率决议
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Global Macro Guidance from October 26 to November 1 — Fed + PCE data price in December rate hike, AI giants face profit test, super pricing week is coming!
October 26 - November 1 Global Macro Guidance — Fed + PCE Data Pricing in December Rate Hike, AI Giants Face Profitability Test, Super Pricing Week Arrives! If last week’s market discussion was about the probability of an October rate hike being postponed to December, this week’s core argument becomes more complex, focusing on three directions: a, how the Fed defines no rate hike in October — is it a pause? Or a dovish shift? b, which will be the key driver for deciding a December rate hike: oil prices, GDP, or PCE macro data? c, AI giants’ earnings reports vs. macro pressure entering the second week — can this week’s earnings reports from the giants reverse the situation? #本周将公布10月FOMC利率决议 Simply put, this week is a super week where policy + inflation + growth + AI profitability + global central banks + geopolitical energy all converge, and I believe the focus should be on three main lines: First main line — no rate hike in October becomes the default, is the expectation of a December rate hike locked in, and will there be further hikes in the future? 1. As of now, the probability of a December rate hike has risen to around 72.4%, entering the preliminary pricing stage. 2. In the early hours of October 28 — October FOMC meeting + Waller’s speech, the focus is not on no rate hike in October, but on what policies are being laid out to pave the way for a December hike: a. Will inflation risks and continued inflation rise be emphasized? Will inflation expectations be raised? b. How is the energy shock evaluated? If Waller explicitly acknowledges concerns about oil prices affecting commodities, transportation, corporate costs, and inflation expectations, then a December rate hike
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