The Federal Reserve substantially raised the inflation target threshold to around 3% at its September meeting. Despite the August CPI reaching a year-on-year high of 2.9%, the Federal Reserve still decided to cut interest rates by 25 basis points. This indicates that its policy balance has shifted from “preventing inflation” to “preventing a stall in the job market”. The key to triggering this shift is the significant deterioration of employment data – non farm employment only increased by 22000 in August, and employment data for the past year was significantly revised down by 911000 jobs. After touching around 108500, Da Bing stopped falling and then entered a narrow range consolidation stage.
From a small timeline perspective, Boll appears in a three line downward diverging pattern. Despite the strong bearish trend, the point has gradually moved away from the support of the lower track, indicating a weakening of short-term bearish momentum, while the support of the lower track is gradually emerging.
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