Expectation of Fed ra上海乌托邦s an over-reaction

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.

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We value the Chinese market,where we must guarante

tee steady business growth. In the future, we will increase investment in AI applications in the finance and manu

facturing sector, enhance our AI technology, such as machine learning, natural language processing and deep learning, consolidate customer rela

tionships, as well as cultivate the new generation of AI talent for China,” He from SAS China said.

Since World War II, globalization came in two stages. From 1945 to roughly 1975, the United States, Western Europe, and Japan

achieved steady economic growth, with the benefits of that growth spread widely throughout the population. In F

rance, this period is called “30 glorious years” and in Germany it is known as the “economic miracle”.

The second stage of globalization started in the late 1970s and has continued until today with a process of reform and open

ing-up not only in China but in countries of the former Soviet Union and in India.

This has been great for the world. China alone has lifted more than 850 million peopl

e out of dire poverty. But it has also increased competition faced by workers and companies.

The partial globalization of 1945-1975 worked great for average workers in the West. For much of this period, a young perso

n could get a high-paying and apparently secure job in a factory that would allow him to live a middle-income lifestyle.

It’s very hard to believe now, but in 1980, the US city with the highest average wage was Flint, Michigan, followed closely by Detroi

t. Other leading cities in terms of wages were Chicago, Houston, Milwaukee, Youngstown and Cleveland – all

of which were centers of industry and manufacturing. At that time, San Jose, the center of then quite small Silicon V

alley was fourth, San Francisco sixth, and capital Washington was eighth. New York City did not make the top 10.

Many people in the US and Western Europe look back nostalgically on those 30 years aft

er WWII when artificial limits on global competition protected extremely high-paying manufacturing jo

bs. It is very sad to see only empty, rusting factories where thousands of people used to work.

It’s tempting to use tariffs or other protectionist measures to try to

retain the companies that provide these high-paying manufacturing jobs. But, most o

ften the protections just lead to unproductive companies, declining innovation, and slowing GDP growth.

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First molten salt so上海后花园女神会所lant runs at fu

The country’s first 上海后花园女神会所100-megawatt molten salt solar thermal power plant in Dunhuang, Northwest China’s Ga

nsu province, has successfully generated power while operating at full capacity on Monday morning, Chinanews.com reported.

Nearly 20 hours of operating records on Monday show the systems at the power plant have been normal and stable. The facility also s

et a new record by generating over 1.8 million kilowatt-hours of power day and night, with all indicat

ors suggesting it has reached or exceeded its designed values. This marks another important step after the plant cr

eated 1.67 million kWh of power over 34 hours of continuous operations in mid-April.

Huang Wenbo, vice-chairman of Beijing Shouhang, said the power plant has withstood the test of runni

ng under the harshest environmental conditions in different seasons, which means it can be widely used in northwestern areas.

The power station is among China’s first batch of solar thermal power generation demonst

ration projects. With an investment of 3 billion yuan ($433.1 million), it was built by Beijing Shouhang IHW Re

sources Saving Technology Co Ltd, which wholly owns the power station’s intellectual property rights.

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I think the manufacturing industry feels the same thi

Holden is positive about the future of the relationship. “Honestly, both countries need each other,” he said.

“We need to be able to sell products in China. The Chinese population is wanting the goods that we can

produce here. China also gives us a workforce in some of our industries, which makes them com

petitive globally,” said Holden, who opened Missouri’s first trade office in China during his term from 2001 to 2005.

“I think there are advantages and opportunities on both sides if we ca

n get people to sit down and really look at how do we put these pieces together,” Holden said.

He listed infrastructure, energy, education and business-to-bu

siness relationships as potential areas of cooperation between China and the US, an]

d he suggested such cooperation could start from subnational bilateral exchanges.’

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The 5G tech will not only improve the way people liv

 live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.

“There are huge investment opportunities for 5G industries, including materials, chips,

main equipment suppliers, base stations, antenna, cloud computing, internet of vehicles and the internet of things,” Hu

ang said. “5G will bring historic opportunities for China’s economic and social development.”

A new 5G research institute has also been established in Yizhuang, Beijing on Wednesday.

According to a new report by Global System for Mobile Communications Associ

ation, China is set to become the largest 5G market in the globe, with 460 million 5G users by 2025.

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Still, the victory of the Brexit Party could prompt the Cons

servatives to choose a new leader to campaign on a “no-deal” Brexit. But

this has little or no chance of being accepted by the British parliament, which means the B

rexit stalemate will continue until there is a general election or a second referendum. In any case, the normally pr

ofree trade voice of the UK will be reduced in the new European Parliament.

Beijing‘s first bikeway, which connects Huilongguan in Changping district and Shangdi in

Haidian district for cyclists, has finished the colored pavement and is about to open this week.

The bicycle-only road has a maximum speed of no more than 15 kilom

eters per hour and is forbidden to entry by pedestrians, electric bicycles and other vehi

cles, according to traffic rules on the bikeway released by the Beijing Municipal Commission of Transport.

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Technology teams from Shanghai universities start

businesses in Suzhou, Zhejiang province. Things like this happen a lot now,” Wang said.

“And plans to build data infrastructure, such as cloud computi

ng and data centers, have been made in the integrated development of the region.”

The report also surveyed AI education in China, which has started at all levels. More tha

n 30 universities have opened schools on AI, and 75 established AI majors or interdisciplinary majors with AI.

China’s first high school textbook on AI was published by East China Normal Universit

y last year, and 40 high schools nationwide have participated in a pilot program on teaching AI to their students.

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Xinjiang to launch up to 100 trains for tourists

As tours to Xinjiang Uygur autonomous region have become increasingly popular among tourists from home and abroad, local

authorities have announced a plan recently to launch as many as 100 special trains for tourists from May to October.

The local railway authorities will step up cooperation with other part

s of the country to boost Xinjiang’s tourism development, according to Huang Ti

ngfen, deputy general manager of Xinjiang Railway Tourism Development Group.

The trains will provide easier access to both the southern and northern parts of Xinjia

ng, said Huang. It will also be more convenient for Xinjiang residents to travel to other parts of the country.

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ese civilization greatly promotes progress of human civilization

China’s paper-making, gunpowder, printing, compass, calendar, philosophy and people-oriented view have exerted profound i

nfluence in the world and greatly promoted the development process of human civilization.

Chinese civilization is an open system formed during constant exchanges and mutual learning with other civilizations.

In the future, China will surely embrace the world with a more open p

osture and contribute more dynamic civilization achievements to the world.

Confidence of civilization urged

Asia should enhance confidence of civilization.

We should keep exchanges and mutual learning with other civilization

s in the world, and strive to continue writing new brilliant chapters of Asian civilizations.

We should consolidate the cultural foundation of jointly building Asian com

munity of shared future and a community with a shared future for humanity.

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Uber has also weathered controversies including revelati

ions of a culture of sexism and bullying at Uber and US Department of Justice investigations. After a series of embarrassments, Kalanick was forced to res

ign in 2017 by a group of investors. Uber then hired Khosrowshahi to lead the company.

Uber has said it has the potential to grow not just in the cab hailing business, but also as a “sup

erapp” to provide logistic services, such as grocery and food delivery, organizing freight tra

nsportation, and even financial services, much like Grab, its Southeast Asian counterpart.

But market experts have struggled to find value in a company that has consistently posted los

ses, and warned that it may never be profitable. “The business is unprofitable, new entrants can enter the ma

rket, there is potential regulatory risk, and it is very price sensitive. What is there to like about this opportunity?” Ro

bert Johnson, professor of finance at Heider College of Business, Creighton University in Omaha, Nebraska said.

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