macroscopic
US inflation in November is in line with expectations. The Federal Reserve will hold an interest rate meeting next week. Powell is expected to announce the acceleration of taper, but he may have reservations about when to raise interest rates. First, the Fed's forward-looking guidance significantly reduced inflation expectations, providing breathing opportunities for the Fed. Second, the upward pressure of inflation will probably slow down in the first half of next year, reducing the urgency of raising interest rates. Third, it will take time for the US labor market to repair. With the addition of the mid-term elections in November next year, the Fed will probably raise interest rates no earlier than 2023. Rui Dong Gao
strategy
The central economic work conference further pointed out that the policy direction for next year is "stable", and the discussion at the industrial level may also contain investment opportunities. It is suggested to pay attention to the directions of specialization and innovation, consumption return, carbon peak carbon neutralization, antitrust and so on. The central economic work may become the catalyst for this round of cross year restless market. It is suggested to pay attention to the direction of consumption and steady growth.
