Interest-rate futures price a cumulative 30bp of Fed tightening by year-end, about 9bp higher than immediately before the Fed policy decision.

A股半导体板块午后再度拉升，盛美上海20cm涨停，此前赛腾股份、盛剑科技涨停，拓荆科技涨超10%，华峰测控、华海清科、精智达、长川科技、中微公司等涨超6%。

CHINA STATE PLANNER spokesman Li Chao said authorities will pursue parallel stock-and-flow measures to meet carbon peak and neutrality targets. On stock, a three-year energy-saving and carbon-reduction retrofit campaign will target nine sectors — steel, electrolytic aluminium, cement, flat glass, refining, ethylene, synthetic ammonia, methanol and coal power — to free space for new high-energy, high-emission ("two-high") projects through emissions-equivalent or emissions-reducing replacement. On flow, new projects will be steered to optimize energy mix, expand green direct-supply models, raise non-fossil fuel use and cut carbon intensity. The planner will push local governments to boost investment in zero-carbon parks and zero-carbon transport corridors and accelerate ensuring new clean energy generation covers all incremental electricity demand to cultivate green, low-carbon growth drivers.