Federal Reserve Bostic Still Believes Interest Rates Need to be Raised to 5.00%-5.25%

According to SMM research, due to high costs, a large stainless steel plant in north China reduced the output

Since March, in the footsteps of the strongest ever car discount in history launched by Hubei province, the auto market in China ushered in broad-based price cuts. Many provinces and cities like Beijing, Shanghai, Tianjin, Sichuan and Hainan have successively launched various subsidy policies for car purchases, covering dozens of auto brands. SMM has sorted out the preferential measures introduced by some provinces, cities and car companies recently, and elaborated on the effect of the ongoing price war.

The bankruptcy of the US Silicon Valley Bank undoubtedly poured cold water on the Fed.

The dollar strengthened on Thursday after unemployment claims pointed to a still strong U.S. jobs market and other data showed growing labor costs, indicating the Federal Reserve has further to go in raising interest rates to tame inflation.

Wang Xiaoping, Minister of Human Resources and Social Security, said that judging from the situation in the first two months of this year, the job market was stable and orderly, which was better than expected.

In January, the National Development and Reform Commission held a special meeting on price stabilisation.

Jamie Dimon, the CEO of JPMorgan warned that it was too early to declare a beat on inflation and that the US Fed might raise interest rates to above 5% if inflation proves sticky.

Investors are stampeding away from the dollar, as softer-than-expected U.S. consumer price data raises hopes that the Federal Reserve may need to tighten monetary policy less than expected in its fight against inflation and bolsters the case for risky assets.

Shanghai nonferrous metals closed mixed with easing pressure on the macro front.