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Gold
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Real-time News
SK Hynix: NAND inventory levels in the fourth quarter were almost equivalent to those of DRAM.SK Hynix: DRAM inventory levels are expected to decline further.On January 29th, Elon Musk stated that Tesla needs to build and operate a factory called "TeraFab" to produce semiconductors. This massive project, costing billions of dollars, marks a further expansion of the companys business beyond its core electric vehicle operations. "To eliminate potential production bottlenecks over the next three to four years, we must build a Tesla TeraFab," Musk said. "A large-scale factory covering multiple stages, including logic, memory, and packaging, and it will be manufactured in the United States." Musk stated that existing suppliers, including TSMC, Samsung, and Micron Technology, cannot meet Teslas chip supply needs.On January 29th, a research report from CITIC Securities stated that the Federal Reserves decision to maintain its policy rate unchanged at its January 2026 meeting was in line with market expectations. Both the meeting statement and Powells remarks indicated signs of stabilization in the US unemployment rate, and Powell stated that the policy rate was in a good position. Powell predicted that tariff inflation would peak later than the first quarter, around mid-year, and that it remained uncertain whether Trump would introduce new substantive tariff policies. Therefore, CITIC Securities expects no further rate cuts during Powells remaining two meetings as Fed Chairman. Regarding asset prices, US stocks, bonds, and the dollar saw relatively small fluctuations, while gold prices were largely driven by geopolitical factors and market sentiment.On January 29th, a research report from CICC stated that the Federal Reserves decision to keep interest rates unchanged at its January meeting was in line with market expectations. Governor Wallers dissenting vote may be related to his desire to be nominated as the next Fed Chair. The monetary policy statement indicated that "the unemployment rate has stabilized," and Powell stated that monetary policy is "in the right place," suggesting a higher threshold for another rate cut in the near term. Beyond this, Powell did not provide much guidance and avoided other questions unrelated to interest rate setting. We believe the Fed is still likely to cut rates twice in 2026, but the first cut may be delayed until the second quarter. The core problem of the US economy is not insufficient growth, but rather income inequality and affordability pressures on ordinary families. These structural problems cannot be solved by monetary policy alone; instead, they may prompt the government to adopt more non-market interventionist policies to address voters concerns.
