[Information guide].
Fed Chair Jerome Powell: The process of cutting interest rates "can and will begin this year."
The U.S. House of Representatives passed a spending bill to prevent "shutdowns".
The European People's Party (EPP) has nominated von der Leyen for a second term as President of the European Commission.
For the fourth time in a row, the European Central Bank (ECB) has lowered inflation this year and next**.
The U.S. layoffs in February were the highest since the same period in 2009.
[Market Information].
Fed Chair Jerome Powell testified before the Senate Banking Committee that the process of cutting interest rates "can and will begin this year" if inflation moves in line with expectations. The Fed is well aware of the risk of waiting too long for a rate cut and expects the Fed to "cautiously remove" its restrictive monetary stance.
The U.S. House of Representatives passed a spending bill to prevent "shutdowns" to fund much of the work of the U.S. federal government in the fiscal year beginning last October. The bill will be submitted to the Senate, which will be required to pass by midnight on the 8th, when temporary appropriations for multiple agencies will expire.
Fed's Mester said that there will be a rate cut later this year, and there is no urgency at this time; Inflation is expected to continue to fall to 2% this year, perhaps at a slower pace than last year; The Fed wants to neutralize interest rates over time; less worried that interest rate cuts will drive inflation; When the Fed starts cutting interest rates, there won't be much of a boost in economic activity; Rate cuts are likely to be "gradual"; Fed policy is in a good position to carefully consider its next move.
The European People's Party has decided to nominate Ursula von der Leyen, the current president of the European Commission, as the leading candidate to represent the party in the European Parliament elections in June.
The European Central Bank (ECB) announced its March interest rate decision, cutting inflation for this year and next year for the fourth time in a row, opening the door to interest rate cuts in the coming months. The ECB stuck to its previous rhetoric on the outlook for interest rate policy, mainly emphasizing that policy decisions remain data-dependent and determined to ensure inflation returns to its 2% target.
ECB President Christine Lagarde rejected the idea that there is "no rush" to cut interest rates. She revealed that the ECB did not discuss the possibility of an immediate rate cut on Thursday, but only began to discuss easing its restrictive stance on interest rate policy. The "restrictive season" of the ECB's monetary policy will remain in place for some time, with no commitment to the magnitude of future interest rate action.
Bank of Japan Governor Kazuo Ueda said in a speech that the probability of achieving the ** target is gradually rising, and if the price target can be achieved, the adjustment of easing policy will be considered. If negative interest rates are removed, the size of the rate hike will be determined by the situation at that time. According to the Japan Federation of Labor Unions (RENGO), for the first time since 1994, the average wage increase requirement has reached 5%.
Moody's said the outlook for the banking sector in Belgium, France, Germany, the Netherlands, Sweden and the United Kingdom has turned negative from stable.
The number of initial jobless claims in the United States for the week ended March 2 was 2170,000, slightly higher than expected at 2150,000 and the previous value of 2150,000, still at a historic low. The number of continuing jobless claims for the week ended Feb. 24 was 19060,000, higher than the expected 18890,000 and the previous value of 19050 thousand.
The U.S. had a deficit of $67.4 billion in January, with an expected deficit of $63.5 billion and a previous deficit of $62.2 billion. exports were 257.1 billion US dollars, compared with 258.2 billion US dollars in the previous period; Imports were $324.6 billion, compared with $320.4 billion previously.
The number of layoffs announced in the United States in February reached 84,638, up 9% year-on-year and 3% month-on-month, the highest level for the same period in February since the global financial crisis in '08. Among them, technology and finance are the industries that have laid off the most employees.
[Global Market Dynamics].
Dow Jones Index**034% at 3879135 points, S&P 500**103% to 515736 points, NASDAQ index **151% at 1627338 points.
comex***0.43% at 2167$4 oz., comex***021% to 24$545 oz.
U.S. oil April contract**042% to 79$46 barrel. Brent oil May contract **03% at 83$21 barrel.
The 5-year Treasury yield**36 basis points at 4079%, 10-year Treasury yield**14 basis points to 4089%, 30-year Treasury yield**09 basis points at 4245%。
U.S. Dollar Index**054% at 10281。EURUSD**045% to 10948, GBP/USD**057% to 12808, AUD/USD**085% to 06620, USDJPY**091% at 14805, USD/CHF**05% to 08777。
On March 7, the central parity of the RMB against the US dollar was raised by 14 points to 71002；The onshore yuan officially closed at 7 against the US dollar at 16:30 Beijing time1986, 6 points higher than the official **price** of the previous trading day. Beijing time closed at 03:00 on the 8th at 71931, compared with the previous trading day's night **price**40 points; The offshore yuan was quoted at 7 against the US dollar at 05:59 Beijing time on the 8th2003, 97 points from the end of the previous trading day.
[Intraday focus].
07:50 Japan January ** account.
10:00 Biden delivers his State of the Union address to Congress.
15:00 Germany PPI (January)
15:00 Germany's seasonally adjusted industrial production in Jan.
15:45 French January ** account.
18:00 Eurozone Q4 GDP YoY Final.
18:00 Eurozone Q4 SAQ Employment QoQ.
20:00 Fed Williams speaks.
21:30 Canada payrolls (Feb).
21:30 US unemployment rate (February).
21:30 U.S. non-farm payrolls (seasonally adjusted February).
Editor: Ma Mengwei.
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