At 09:00 on July 30, China launched Communication Technology Test Satellite No.27 A/B from the Taiyuan Satellite Launch Center aboard a modified Long March-6 carrier rocket; both satellites reached their planned orbit and the mission was declared successful. The satellites will be used for satellite communications, broadcast TV, data transmission and related technology verification. The launch was the 660th flight of the Long March rocket series.

Huatai Macro says the July FOMC hold has, to some extent, damaged Fed credibility—market inflation expectations rose and long-end yields moved higher. By contrast, June’s unexpectedly hawkish FOMC had tightened financial conditions, lowered inflation expectations and boosted Fed credibility. With energy prices rebounding, July’s pause may have led markets to view Waller’s zero-tolerance inflation rhetoric as bluff; post-meeting inflation expectations and long-term yields rose, signaling a partial loss of credibility. Huatai still assigns a relatively high probability of a September rate hike and keeps a baseline of 1–2 hikes this year and two more before mid-next year. Key risks: (1) Waller’s hawkish stance could be bluster; (2) an abrupt end to the AI-driven rally could tighten financial conditions and make further hikes unnecessary. Watch July–August jobs and inflation prints and Waller’s Jackson Hole speech on Aug. 27.

道瓊斯指數7月29日（週三）收盤下跌1152.46點，跌幅2.18%，報51594.86點； 標普500指數7月29日（週三）收盤下跌112.40點，跌幅1.51%，報7316.38點； 納斯達克綜合指數7月29日（週三）收盤下跌433.97點，跌幅1.74%，報24442.94點。