[Futures Hotspot Tracking] The Fed's interest rate cut is in line with market expectations. Shanghai gold and silver prices fell in the early trading. Can the medium- and long-term bullish logic still hold its ground?

International 1. Fitch: The Federal Reserve is fully committed to supporting employment and will tolerate higher inflation in the short term. 2. Goldman Sachs: Maintaining an overweight position in both A-shares and H-shares, the A-share "slow bull" trend appears more solid than before. 3. KPMG: A continuation of the Fed's current policy into next year could lead to excessive stimulus. 4. BlackRock: The prospect of a Fed rate cut may depend on continued labor market weakness. 5. Mitsubishi UFJ: The Fed has not entered a rate cut sprint mode. 6. Nomura Securities: Adjusted Fed forecasts, adding an October rate cut forecast. 7. Deutsche Bank: Raised its gold price forecast for next year to $4,000. 8. ING: Poor inflation performance has not significantly changed the probability of a Bank of England rate cut. 9. Rabobank: European natural gas prices may stabilize in the high €20 range starting in the second quarter of next year. 10. Bank of America survey: 59% of European investors believe a weak US labor market is the biggest risk to global growth. Domestic 1. CICC: Milan lowered the average rate cut probability on the dot plot. 2. CICC: The Fed is expected to cut interest rates again in October, but the threshold for such a cut will become increasingly high. 3. Huatai Securities: The Fed's annual rate cut forecast has been raised from two to three. 4. CITIC Securities: The Fed is expected to cut interest rates by another 50 basis points this year. 5. CITIC Securities: The US dollar is expected to remain weak in this round of rate cuts, and gold will continue to perform well. 6. Zheshang Securities: The Fed's "risk management" rate cuts may lead to a potential reversal of easing expectations. 7. Minsheng Macro: The Fed's rate cuts are the beginning of problems, making the "stagnation" and "inflation" triggers more easily. 8. CICC: Only a few robotics companies with full-stack capabilities are expected to further break through to the "embodied intelligence" level. 9. Galaxy Securities: The arrival of the seasonal peak season is expected to drive cement prices higher.

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