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.

www.shejio.org

The United Stat上海乌托邦女神会所es on Monday imposed new sanctions on Iran targeting its Supreme Leader Ayatollah Ali Kh

amenei and other senior officials, a move further worsening the already strained Washington-Tehran ties.

US President Donald Trump signed an executive order on Monday at the White House, which he said is “imposin

g hard-hitting sanctions on the supreme leader of Iran and the office of the supreme leader of Iran and many others.”

Trump accused Khamenei of being ultimately “responsible for the hostile conduct of the regime.”

The newly added sanctions will deny Iranian leadership’s access to financial resources, blocking the

m from using the US financial system or accessing any assets in the United States, according to the White House.

US Treasury Secretary Steven Mnuchin revealed in a following press conference on

Monday that the new order will freeze billions of additional dollars in Iranian assets.

pineapplehouse.cn

上海乌托邦女神会所 Premier Li Keqiang called for greater strides in reform and opening-up to stimulate market v

itality and to transform and upgrade economic structure in revitalizing the rust belt in Northeast China.

Li’s remarks came as he presided over a State Council meeting on Thursday on revitalizing the country’s traditional industrial bases.

He underscored the importance of transforming government functions

and bettering the business environment, and urged government departments to offer

more support to provinces in the Northeast in streamlining administration.

The tax cuts and fee reduction policies must be implemented in full, an

d the country will make the region a priority in special transfer payments to localities, he said.

The reform of State-owned enterprises must be moved forw

ard, and more work must be done to expand the private sector, he said.

www.changjiangjiaoxiang.cn

College students born between 1995 and 2000 are becoming a vital new part of the dynamic travel market in China, with most of th

e young students making their first summer trips after enrolling in colleges, a new study said.

Though the motivation for making tours is relatively high among college students, their choices are

limited due to economic constraints with price being the major criteria for booking flight tickets, said the stud

y conducted by Qunar, an online travel firm owned by Ctrip, China’s largest online travel agency.

During summer vacations, students tend to choose flights that depart b

tween midnight and 2 am, as well as between 5 am and 9 am. The number of bookings of red-e

ye and budget flights is nearly three times higher than other regular flights, the Qunar study said.

sjhtjn.cn

ated trash was collected over the region’s spring climbing season. In 2019, 8.21 metric tons of various domestic waste and 2.46

metric tons of sanitary sewage was collected after the mountaineering season,” said Tashi Gyatso.

According to Nyima Tseringa, the head of the region’s sport

bureau, the Tibet Mountaineering Guide School has been playing an important role in mountain rescue.

“Founded in 1999, it is world’s second and China’s first such school, fo

r training mountaineering talent,” said Tsering, vice-chairman of the China Mou

ntaineering Association. “Teams from the school have performed 29 high-altitude

rescues in recent decades, and have set the rescue record above 8,500 meters.”

www.qe78w.cn

ted trash was collected over the region’s spring climbing season. In 2019, 8.21 metric tons of various d

omestic waste and 2.46 metric tons of sanitary sewage was collected after the mountaineering season,” said Tashi Gyatso.

According to Nyima Tsering, the head of the region’s sport bureau,

the Tibet Mountaineering Guide School has been playing an important role in mountain rescue.

“Founded in 1999, it is world’s second and China’s first such school, for training mountaineeri

ng talent,” said Tsering, vice-chairman of the China Mountaineering Association. “Teams from

the school have performed 29 high-altitude rescues in recent decades, and have set the rescue record above 8,500 meters.”

www.ecimy.cn

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

ax147.cn

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.

gzbbaf.com

ch other’s concerns on the basis of mutual respect and equality, and strived to reach a win-win deal as soon as possible, bec

ause that it would be conducive to the development of not only the two countries but also the whole world.

Little angel, happy children’s day,” reads a note on a wreath laid on the gravestone of Maodou, who died just six days after she was born.

On Saturday, Maodou’s family and staff from the Huzhou Red Cross in East China’s Zhejiang pro

vince presented the wreath and toys at her grave. Her organ donation certificate was given to her fat

her surnamed Mao, who decided to donate the baby’s corneas and kidneys.Maodou, you went away without once

seeing the world. Now the people who have received your corneas will see it for you. I know you would have sup

ported Dad’s decision. And please take care of Mom for me in the afterlife,” Mao whispered in front of the grave.

ex187.cn

 fever outbreaks, affecting all 31 provinces, municipalities and autonomous regions on the mainland, since the country’s first reported outbr

eak in Shenyang, Liaoning province, in August, according to the Ministry of Agriculture and Rural Affairs.

This resulted in more than 1 million pigs being slaughtered to prevent and control the disease, which is deadly to pigs but does no

t affect people. The ministry has called for intensified research and development to expedite the availability of va

ccines for disease prevention and control, but admitted difficulties due to the complex nature of the virus.

China is the world’s largest producer and consumer of pork, with an annual produc

tion of 700 million pigs. Pork accounts for 62 percent of meat consumption in China, and su

shlfec.com