Global assets rallied on Monday, with the intensive dovish signals from Federal Reserve officials serving as the primary driver. Fed Governor Christopher Waller explicitly stated that due to the weakness in private-sector employment data, he supports initiating an interest rate cut in December. Meanwhile, he projected that the inflation rate, excluding tariffs, has approached a reasonable range of 2.4% to 2.5%. Another Fed official, Mary Daly, echoed this sentiment, noting that the risk of a deteriorating job market far outweighs the threat of inflation rebound, highlighting the necessity of a rate cut.

The market responded swiftly. Data from the CME FedWatch Tool showed that the probability of a 25-basis-point rate cut in December has surged from 69.4% yesterday to 82.9%. All three major U.S. stock indexes moved higher across the board, with the Nasdaq leading the gains by 2.69%. Tesla rose nearly 7% and Google climbed over 6%, as large-cap tech stocks staged a collective rally. Chinese concept stocks also delivered impressive performances, with the Nasdaq Golden Dragon China Index advancing 2.82%. New energy and tech stocks such as Hesai Technology and Pony.ai saw gains exceeding 10%. Notably, spot gold, which previously surged to near $4,140 per ounce, opened higher this morning but then pulled back slightly, showing signs of profit-taking.