摩根大通全球固定收益负责人米歇尔：美国财长贝森特已尽力稳定长期利率。

In a Sept. 16 Qiushi article, PBOC Governor Pan Gongsheng said China will continue transforming its monetary policy framework to build a scientific, stable system. The central bank will optimize intermediate monetary variables and de-emphasize quantitative targets—especially single-channel loan targets—treating financial aggregates mainly as observational, reference and forward-looking indicators. Pan said policy will shift toward price-based tools: improve market-based interest-rate formation, transmission and short-end rate control; refine policy rates and supporting institutions to strengthen the policy-rate role; and expand deposit and loan pricing options to provide more loan-pricing benchmarks. He called for stronger execution and supervision of interest-rate policy, measures to curb excessive industry competition and idle fund circulation, and institutionalized, credible routine policy communication to guide market expectations.

US retail sales rebounded in August, rising 1.2% YoY, government data showed, after July was revised to a 0.5% decline—the first negative print in nine months. The gain was driven by increased vehicle purchases and seasonal back-to-school buying and was partly boosted by higher gasoline prices, which lifted service-station receipts. Economists had expected real (inflation-adjusted) retail sales to rebound about 0.8%. Inflation remains elevated—supported by higher oil prices and supply-chain strains linked to the US-led war on Iran—while households have become more price-sensitive and consumer confidence weakened this month.