律动BlockBeats

BlockBeats 消息，8 月 28 日，美国短期国债收益率上涨。美联储主席沃什在备受市场关注的讲话中强调，美联储需要遏制消费价格上涨，从而缓解了市场对其抗击通胀能力的部分担忧。
沃什发表讲话期间，短期美债遭到抛售，长期美债则上涨。两年期美债收益率上升 5 个基点至 4.28%，30 年期收益率下降 1 个基点至 5.19%。这两项变动均表明，市场预计美联储可能需要上调短期利率。自沃什 6 月首次举行新闻发布会以来，债券交易员一直对他的政策立场存在疑虑。当时，沃什强调需要压低通胀，并表现出偏鹰派的立场。自 2021 年全球经济从疫情中重新开放以来，美国通胀率一直高于美联储 2% 的目标。但 7 月美联储再次维持利率不变，沃什也没有透露今年是否可能加息。随后，长期美债收益率大幅上升，因为交易员要求获得更高的回报，以补偿通胀加剧带来的风险。
沃什周五警告称，通胀并未出现有意义的放缓，并表示政策制定者必须确信通胀正在改善，否则央行「还有工作要做」。他还重申，政策制定者将把通胀率拉回 2% 的目标，并强调这一目标是明确且固定的。

BlockBeats news. On August 28, Federal Reserve Chair Wosh said: “Although the PCE and CPI data released this summer were better than expected, they have not led me to believe that the underlying trend in inflation has improved meaningfully. “Market prices reflect the market’s belief that we will achieve price stability. I can assure you that the market’s judgment is correct.”
Wosh subsequently said that when the inflation rate is above 2%, the Federal Reserve’s “current top priority should be prices.” The much-anticipated speech comes amid outside criticism of its streamlined communication strategy. Economists and market participants believe this strategy fails to clearly articulate the outlook for the near-term economy and monetary policy. Wosh’s speech appears to address these concerns; he elaborated on his views of the economic situation and the Federal Reserve’s policy priorities under his leadership more deeply than ever before.

BlockBeats message, August 28: Analysts and investors believe this speech will serve as an early test—watching to see whether Waller is willing to adapt to an environment in which growing external concerns over its policy plans are mounting. The Federal Reserve has now failed to hit its inflation target for 65 consecutive months, and progress over the past year and a half has been very limited as well. In the early days of Waller’s tenure, it repeatedly reiterated its commitment to achieving the Fed’s inflation target, but never explained exactly how it would do so, which has already sparked calls in the market for the Fed to adjust its policy focus.
EY-Parthenon chief economist Gregory Daco said that Waller’s previous remarks have been very vague. “People are concerned about the independence of the Federal Reserve,” and also about whether Waller is unwilling to discuss issues related to potentially raising rates because it doesn’t want to anger Trump and his administration.

BlockBeats message, August 28: DWF Ventures released a report saying that as transaction fees continue to approach zero, social trading is becoming a new direction for financial trading platforms to compete for users and build a moat. Related analysis points out that the rise of social trading comes from users’ psychological need to seek others’ recognition and references for investment decisions. From early brokerage copy-trading, to investment communities such as Reddit and Stocktwits, and now to platforms that combine real holdings verification, trading signals, and social connections, social trading is evolving from a simple copy-trading tool into a product form that integrates trading, content, and social interaction. As trade execution becomes increasingly homogeneous, platforms’ future competitive advantages will likely come more from network effects, access to well-known traders, and exclusive information and distribution capabilities.

BlockBeats message: On August 28, U.S. stock index futures lacked direction in Friday's early trading. Investors are waiting for a much-anticipated speech by Federal Reserve Chair Waller, while tech-sector investors began taking profits after the previous day’s gains led by Nvidia (NVDA.O).
Societe Generale analyst Rajappa said: “The core PCE data released this week delivered a very clear message: inflation is actually more resilient than we expected.” “If we look at the data this year as a whole, we must consider taking some policy action as soon as possible.” Historically, speeches by the Fed chair at Jackson Hole have not been a key catalyst for major volatility in the stock market. Since 2000, without a larger-scale shift in monetary policy, the S&P 500’s average move one week after the end of the Jackson Hole meeting has been just 0.4%.

BlockBeats: On August 28, the U.S. Securities and Exchange Commission (SEC) announced it has filed lawsuits against 38 entities, alleging that they made material misrepresentations in Form ADV filings submitted between 2025 and 2026. The defendants are accused of attempting to disguise themselves as legitimate U.S. investment adviser firms in order to gain the trust of retail investors and carry out inducements.
The SEC said the entities allegedly fabricated office addresses, provided invalid or unrelated company-associated phone numbers, and used ownership structures and financial data that are highly similar. Some of the entities also claimed that the private funds they manage had been audited by accounting firms, but the relevant accounting agencies could not be found in the U.S. federal or state-level public accounting firm directories.