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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 Prime Minister 上海会所品茶微信Shinzo Abe said Japan is determined to lead global economic growth at the Osaka summit

by promoting free trade and innovation, achieving both economic growth and the reduction of disparities, and c

ontributing to the development agenda and other global issues with the UN’s Sustainable Development Goals at its core.

He said Japan will lead discussions on the supply of global commons such as quality infrastructur

e and healthcare for realizing economic growth around the world, adding that ways to resolve issues suc

h as climate change and the amount of plastic waste in oceans will also be discussed.

Wise investmentsThe summit is also expected to address the digital economy and issues that arise from an aging society.

Nicholas Stern, chairman of the Grantham Research Institute on Climate Change an

d the Environment at the London School of Economics, said the most important issue for G

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Xi and his wif上海会所品茶微信g Liyuan, were greeted by Kim and

his wife, Ri Solju, at Pyongyang Sunan International Airport upon their arrival.

Under Chinese and DPRK national flags and large welcome banners, nearly 10,000 people

lined up at the airport, waving flowers and chanting cheerful slogans to greet the Chinese guests.

Following a grand welcoming ceremony complete with a 21-gun salute, Xi headed to the square of

the Kumsusan Palace of the Sun, where he became the first foreign leader to receive a salute at the hi

ghly symbolic site. Hundreds of thousands of people lined up along the road from the airport, waving flags and flo

wers and chanting “Long Live the China-DPRK Friendship” and other slogans to welcome Xi.

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 that instead of imposing ideas on their children, parents should learn more about what their ch

ildren want, according to the survey, which covered 1,953 unmarried young people.

According to Ling Zi, a marriage consultant, it does more harm than good for parents to be overly involved in children’s ma

rriages. “It shows the distrust of the parents, and transfers their anxiety to their children,” said Ling.

It has become common in China for pushy parents to look for spouses for their children who are too busy or slow in finding love, the paper said.

s the race to replace Theresa May as Conservative Party leader and British prime minister reach

es the final two candidates, China Daily looks at the candidates: Boris Johnson and Jeremy Hunt.

Johnson has long been one of the loudest voices supporting Brexit, a

nd had the backing of Donald Trump. Hunt is a converted Remain supporter.

After Conservative MPs narrowed 10 candidates down to the final tw

o, it is now up to party members nationwide to choose the next occupant of 10 Downing Street.

www.vnynui.cn

hina Petrole上海会所品茶微信um and Chemical Corp, the world’s larg

est refiner by volume, has agreed to establish a joint venture with Russia’s Novatek and Gazp

rombank to market natural and liquefied natural gas (LNG) in China, Sinopec said on Thursday.

The agreement, which aims to sell LNG produced by Novatek in the Arctic, was signed fo

llowing talks in Moscow between Russian President, Vladimir Putin, and Chinese President, Xi Jinping.

The agreement will be of considerable economic and social benefit an

d will further diversify China’s natural gas imports, while meeting ever-increasing ga

s demand in the country, said Dai Houliang, China Petrochemical Corp president.

www.aaart.org.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

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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 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

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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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sumers and hundreds of thousands of employees, we ask that you im

mediately stop this action to increase their tax burden,” the group said.

The group’s reasoning echoes an earlier comment from David French,

senior vice-president for government relations at the Nat

ional Retail Federation, who said, “Saying that China is paying these tariffs doesn’t hold water.”

About 99 percent of all shoes sold in the US are imported. Last year alo

ne, it imported 2.5 billion pairs, nearly 70 percent of which came from China, ma

king the Asian country the largest source for US shoe imports, according to statistics provided by the FDRA.

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