A-share listed companies Lianxun Instruments rose more than 4%, hitting a new all-time high of 2,412.1 yuan; Cambricon rose more than 10%, hitting a new all-time high of 1,470.04 yuan, with a turnover of over 13 billion yuan.

Major institutions broadly expect the Fed to hold at the upcoming FOMC, but forecasts diverge sharply on subsequent direction and timing. No-cut/steady camp: Moody’s, Nomura, JP Morgan, Wells Fargo and BNY Mellon see a hold as baseline and deem near-term cuts unlikely; JP Morgan and others expect policy language to shift from easing-leaning toward neutral. Moody’s warns re-accelerating inflation expectations could prompt hikes. BNY Mellon expects the statement to signal two-way rate risks and to remove prior 2026 cut expectations; it does not expect any moves this year. Cut camp: Goldman expects a hold but will remove easing-leaning forward guidance and projects two 25bp cuts in June and December 2027. UBS expects the Fed to drop a dovish tilt yet still forecasts 25bp cuts in March and June 2027. Citi projects three 25bp cuts in September, October and December. Deutsche Bank expects the Fed to abandon easing language and beginning cuts from mid‑next year, totaling 75bps by end‑2027. Hike/insurance-hike camp: Capital Economics and BNP Paribas see a real risk of precautionary hikes (Capital Economics flags two potential “insurance” hikes around December/early next year; BNP Paribas sees the earliest hike in December). Deutsche Bank flags rising upside risk to rates. PGIM expects the Fed to hold now but projects three hikes this year, three cuts in 2027 and one cut in 2028, with a terminal rate around 3.375%. Other notes: Barclays, BofA and ANZ also expect a hold and say the Fed will likely delete easing-leaning language in the statement; BofA expects potential tweaks to employment wording, ANZ expects a renewed 2% inflation commitment. Mitsubishi UFJ says the meeting’s market importance is driven mainly by forward guidance. Asset manager MFS expects a hold with signals of a neutral stance and possible changes to communication tools (less use of the dot plot, fewer/shorter press interactions).

Federal Reserve Chairman Warsh: Open to new analytical methods, reforms to private and official data.