On August 27, the United States released its July core Personal Consumption Expenditures (PCE) price index. It rose 3.3 % year‑on‑year and 0.2 % month‑on‑month, coming in above market consensus forecasts. Personal income and household spending also beat projections, demonstrating sustained resilience in US consumption and a slower‑than‑anticipated disinflation trajectory.

Following the data release, market expectations for Federal Reserve interest‑rate cuts within this year cooled markedly. Two‑year and ten‑year US Treasury yields moved higher alongside a strengthening US‑dollar index. Markets are now pricing in higher odds that the Fed will keep interest rates elevated in the near term. Investors are turning their focus to upcoming speeches by Fed officials at the Jackson Hole Symposium to clarify future monetary‑policy trajectories.

The US economy shows a mixed picture: solid growth momentum paired with stubborn inflation. Household consumption remains robust, and the labour market shows no clear signs of recession, leaving the Federal Reserve with limited grounds for rapid rate reductions. Wall‑Street institutions broadly hold the view that any future rate‑cut cycle will proceed at a more gradual pace.

Shifting global‑liquidity expectations create external disturbances for worldwide risk assets. US tech equities traded with volatility, while emerging‑market currencies face mild pressure. Domestic Chinese brokerages remind investors that China maintains independent monetary‑policy settings. Overseas inflation figures mostly generate short‑term sentiment‑driven shocks. Domestic‑market performance remains fundamentally determined by domestic‑economic recovery and policy‑implementation progress.