SMM7 10: federal Reserve Chairman Powell's testimony speech released in advance, it is reported that the probability of the Fed cutting interest rates by 25 basis points to 2.00% 2.25% in July is 97.2%, the probability of cutting interest rates by 50 basis points is 2.8%; by September, the probability of cutting interest rates from 25 basis points to 2.00% is 36.2%, and the probability of cutting interest rates by 50 basis points is 61.4%.

He said uncertainty had continued to put pressure on the economic outlook since the FOMC meeting in June; steady consumption and moderate growth in the second quarter; reasonable economic performance in the first half of 2019 and a healthy job market; and the need for some easing of policy in the first half of 2019. there is a risk of weak inflation, which is longer than the Fed's current expectations.

The Fed's basic expectation is that US economic growth will remain stable, the labour market will remain strong and inflation will return to the Fed's 2 per cent target. Long-term challenges for the U. S. economy include high and growing federal debt and relatively stagnant low-and middle-income levels.

Us consumer spending growth was weak in the first quarter, but the data showed a rebound and a steady pace. After further interpreting the testimony of Fed Chairman Powell, the market believes that the Fed still has expectations of cutting interest rates twice or more in the second half of the year.

[important] Powell's speech announces that the probability of the Fed cutting interest rates by 25 basis points in July is 97.2%.

As of around 21:10 in the evening, the dollar index had plunged more than 30 points, or 0.3 per cent, while gold rose $20 above the $1410 mark.

Shanghai copper rose more than 1 per cent, Shanghai lead, Shanghai nickel and Shanghai zinc rose nearly 0.9 per cent, and Shanghai aluminium rose nearly 0.7 per cent in night trading in the domestic metals market, with Shanghai copper up more than 1 per cent, Shanghai lead, Shanghai nickel and Shanghai zinc up nearly 0.9 per cent and Shanghai aluminium up nearly 0.7 per cent. In terms of trading, Lun Copper rose nearly 1.7 per cent, while Ni, Zn and Al rose more than 1 per cent.

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