Herd instinct is the human nature to follow the crowd and act collectively – and market expectation always does not change smoothly but t
上海乌托邦ends to over-react to new information. The current market expectation of the US Federal Reserve’s rate cuts is a case in point.
On June 20, the latest meeting of the Fed’s policy-setting Federal Open Market Committee shrugged off the market’s high expectation of rate cuts and gave no clear policy signal confirming a cut.
We believe the market had overreacted in forming its expectation of rate cuts after the Fed swiftly adopted a dovish tone from the end of last上海乌托邦
year. Specifically, we believe market expectation – it has formed since May – of a change in policy stance, as well as the timing and degree of rate cuts, may not fully materialize.
We will elaborate on this now. It should be noted the misconceived expectation of Fed rate cuts could ind上海乌托邦
uce a drastic reversal in investor sentiment and asset price fluctuations, if the Fed’s moves miss expectation.
Firstly, the market may have overestimated the degree of the Fed’s policy stance change. A clear rate cut signal may not emerge until the end of this month.上海乌托邦
According to Bloomberg, the Fed funds futures market has recently priced in a 98.5-percent chance that the Fed will lower rates at least once this year.
上海乌托邦品茶微信However, the Fed’s earlier forward guidance only indicated the end of monetary policy n
ormalization, which does not necessarily point to the beginning of a rate cut cycle. Also, the Fed h
as removed the word “patient” from the latest FOMC meeting statement but did not confirm a rate-cut stance.
We believe that because of the following two reasons, the Fed is still on cautious lookout, and t
here will not be any clear rate cut signal or plan until the next FOMC meeting at the end of this month.上海乌托邦品茶微信
Externally, the Fed is expected to stand pat until trade dispute uncertainties ease, to give itself an advantage in its game with the US Administration.
The Fed would put itself in an unfavorable position if it initiated a rate cut before majo上海乌托邦品茶微信
r uncertainties over the China-US trade dispute are removed, because the pre-emptive move may enc
ourage the US Administration to escalate the trade dispute, which will in turn pose a dilemma to the Fed.
That’s because any escalation in trade tensions will, on the one hand, d
ssipate and even offset the easing boost from rate cuts and force the Fed to accelerate the上海乌托邦品茶微信
rate cut pace. On the other hand, the escalation could further fuel imported inflation, which will significantly reduce the
Fed’s room for rate cuts. The Fed will then face a policy-making dilemma of whether to further cut rates.
administrative litigation for “Guojiu Moutai”, according to its official website, and it “sincerely
上海乌托邦apologized to the National Trademark Review Committee and all relevant stakeholders”.
The company also changed the name of “Guojiu Moutai” to “Kweichow Moutai” in its social media account on WeChat as well as its online store and official website.
Moutai, a sorghum-based spirit produced by Kweichow Moutai, is often served on official occasions and at state banquets in China.上海乌托邦
Simulation exercises running for more than two months will now test facilities
Building of the infrastructure for Beijing Daxing International Airport, which started in 2014, was completed on S
unday, marking the start of the preparatory stage of the airport’s operation, according to the airport authorities.上海乌托邦女神会所
The main construction projects, including airline bases, air traffic control tower, highway, intercity railway, high-speed subway line and other supporting facilit
ies, were completed on schedule and passed inspection by the Civil Aviation Administration, the airport said in a news release.上海乌托邦
Guo Yanchi, chief engineer in charge of the construction work, said the planning and design for the ne
w airport was guided by its positioning as an international hub airport and the traffic it is expected to handle.
上海乌托邦女神会所The terminal was designed to shorten the walking distance for passengers and provide as many apro
ns for aircraft as possible at the same time, Guo said, adding that it is only 600 meters, or less tha
n an 8-minute walk, from the center of the terminal to the farthest boarding gate in each wing.上海乌托邦女神会所
“It’s more efficient for the passengers than any other large airport terminal of the same size in the world,
” he said. “The airport is also the world’s first to be designed with double-deck departure and double-deck arrival platforms.”
The airport has also adopted green and energy-saving concepts to incorporate natural light and seamless steel structure in its terminal design, Guo added.上海乌托邦女神会所
To offer a more refreshing travel experience, five ancient-Chinese-style outdoor court
yards – with the themes “Silk Garden”, “Tea Garden”, “Porcelain Garden”, “Countryside Garden” and “C
hinese Garden” – feature at the end of the five departure lounges for use by passengers waiting for their flights, he said.
For anyone interested in Spanish and the vibrant cultures of the Spanish-s
上海乌托邦peaking world, the annual Spanish Day is a real feast that certainly cannot be missed.
As a traditional open day of the Beijing arm of the Cervantes Institute, a Spanish cultural center, the Spanish Day is celebrated to honor learners, lovers and promoters of Spanish, the world’s second most spoken native language.上海乌托邦
Held on June 22 this year, the event featured young soccer players and Spanish learners who staged a medley of sports and artistic performances. In addition, as a prelude to the exhibition Writer Picasso, those young participants also created a mega-sized mosaic artwork as a tribute to the Spanish master.上海乌托邦品茶微信
Supported by the embassies of Spanish-speaking countries such as Uruguay, Mexico and Argentina, the 12-hour-long open day sh上海乌托邦
owcased how diverse and intriguing the Spanish culture is through dance performances, film screenings, concerts, foods and more.
Construction of the second 330-meter-tall tower for one of the world’s largest cable-stayed bridges was completed in East China’s Jiangsu province on Thursday.
上海乌托邦品茶微信The 11,072-meter-long Hutong Yangtze River Bridge, linking the cities of Nantong and Suzhou, is de
signed with a main span of 1,092 meters, making it the world’s first road-rail cable-stayed bridge with a span over 1,000 meters.
Ning Chaoxin, with the China Railway Major Bridge Engineering Group Co., Ltd (MBEC), the project’s contractor, said the two c上海乌托邦品茶微信
able towers are the key force structure of the bridge. The longer the bridge spans, the higher the cable tower needs to be.
To ensure the shipping on China’s busiest waterway, the bridge is designed to have a longer span. About 73,000 cubic meters of concrete
and 11,000 tonnes of steel bars were used to build each tower, whose height is equivalent to a 110-storey skyscraper.
Ning said the huge construction volume is required so that the bridge can withstand
violent typhoons, magnitude-8 earthquakes and impacts from the collision of a 100,000-tonne ship.
The bridge will have a 6-lane expressway on the upper deck and four railway tracks on the lower deck.
The track laying on the bridge will start in January 2020, according to MBEC. The bridge is expected to ensure the river shipping on the Yangtze, while easing the roa
d and railway traffic pressure in the Yangtze River Delta region, China’s economic powerhouse.
n between two E上海乌托邦女神会所urofighters, with fatal consequences,” she said.
The third pilot saw two parachutes descending to the ground, indicating pilot ejection mecha
nisms were triggered after the crash in Germany’s Mecklenburg Western Pomerania state, the defense minister reported.
“One pilot was recovered alive, but the second pilot was dead
when he was found,” said von der Leyen. “We share in the grief of the relatives.”
Eyewitness videos showed the burning planes falling from the sky and later, two plumes of smoke rising from the ground.
Firefighters were deployed to extinguish fires from the wr
eckage. Police warned the public not to approach potentially dangerous debris at the site.
The Eurofighter Typhoon was jointly developed by Britain, G
ermany, Italy and Spain. More than 550 of the jets have been delivered since 2003, at a cost of close to $
lear that if the US treats the Chinese negotiating team with respect and shows the willingness to talk wit
hout using outside pressure, there is a high possibility that there could be a productive trade deal.
“Otherwise, I think we might be facing a prolonged period of problems for both sides,” she said.
Regan, at the close of their 15-minute talk, said again, “No one wan
ts trade wars. But we have to think long hard about the right next steps.”
Liu, however, did counter an assertion by Regan that China’s government controls its entire economy.
“Everybody thinks that China’s economy is state-owned, state-controlled, every
thing is state, state, state. Let me tell you that is not the true picture,” Liu said. “We are a