Written before the interest rate meeting, the blockbuster meeting, the Federal Reserve's three major priorities to preempt! Federal Reserve Bank

????This article is from: MacroMicroFinance M Square 3/21 (IV) At 2:00 a.m., the Federal Reserve will announce the decision-making results of the March Interest Rate Conference. At this meeting, all the people hold their breath and wait. How will the Federal Reserve say that? In January, the Federal Reserve deleted the forward-looking guidelines, disclosed five major pigeon messages, and for the first time added a contraction statement, formally expressed its position to turn pigeons. Since then, the Bank of India has cut interest rates unexpectedly, the Bank of Canada's attitude has obviously changed, the European Central Bank has even announced the launch of the third round of TLTRO, and the global central bank has followed the Federal Reserve's turn, which has led to optimistic capital market conditions to push risky assets out of a strong rise. Therefore, the Federal Reserve's statement has a great impact on the market. Before the meeting, M square took the lead in putting forward three key points to share with investors: Key 1. How to adjust the Federal Reserve's interest rate matrix? 密钥2。How to adjust GDP and inflation? 密钥3。In what way is the high-profile abbreviation framework introduced? 密钥1。How to adjust the Fed's interest rate matrix? Do you remember the dot chart of the Federal Reserve last December, which cut this year's interest rate rise from three to two (yes, two more). However, since the January meeting, Powell and Brainard have both spoken in public and even mentioned that future members will discuss temporary price-targeting of inflation targets to stimulate inflation. 选项。From now on, the probability of FedWatch cutting interest rates by one yard this year has climbed to more than 20%. From this, we can see that this time it is bound to reduce the path of this year's interest rate increase, just how to adjust it. M Square believes that there are two scenarios: (1) Scenario 1: the number of interest rate hikes in 2019 dropped to one, requiring at least three members to reduce, which is a neutral approach, indicating that if the economic situation is expected to stabilize in the future, the Federal Reserve will still be able to raise interest rates. Scenario 2: There will be no interest rate hikes in 2019, and as many as seven members will be required to lower interest rates. This is a very biased approach. The Federal Reserve released conservative views on further interest rate hikes this year. M-Square Researcher: We think that if the Federal Reserve can smoothly cut interest rates once a year in 2019 scenario one (3-6 members down) is more appropriate, the main reasons are: 1) Pigeon tools should not be used up at one time! This adjustment to interest rate hike once (neutral) will keep the silver bullet and allow the market to rest properly. In the future, the inflation situation will determine whether to continue to take a biased attitude in June, that is to say, the trend will not be overreacted and the funds will be overheated to pursue risky assets. 2) Excessive bias will push capital into risky assets, and oil prices may rise too fast because of the favourable opportunity of capital. At that time, moderate inflation will give consumer momentum, prolong the environment or have the opportunity to be destroyed. Global central banks will face the risk of economic slowdown and forced tightening. (Don't forget that oil prices are also the key to this cycle.) Second, how to adjust GDP and inflation expectations? Last December, the Federal Reserve lowered its GDP forecast for 2019 to 2.3% (before: 2.5%). At that time, consumption and corporate investment did show signs of retrenchment under the influence of slowing global demand prospects, government closures and stock market crashes. Fortunately, in the latest January data section, retail sales were 2.28% annually and non-defense capital financial year was 4.14% annually, which all recovered to a moderate growth level. However, the Q4 GDP consumption season in the United States was still strong, and the contribution of private inventory (0.13) was not significantly increased. The annual growth of corporate investment season was 6.2% annually and 7.2% year-on-year. The overall U.S. economy was in good shape. Even though strong growth spurred by Trump's policy last year has shifted to moderation, it is still the strongest economy in the world. In terms of current figures, the Federal Reserve should not further downgrade its GDP forecast. In the inflation sector, the latest January CPI annual 1.5%, December PCE price annual 1.75%, compared with the previous December forecast of 1.9%, in the case of WTI oil prices still below 60 shocks, the Fed will reduce PCE Inflation again. M-Square Researcher: The unexpected drop in non-agricultural sector at the beginning of the month was mainly caused by the February snowstorm (ADP still has 183,000 people), and wage growth rate is still strong at 3.4%. If the Fed can maintain the economic exp









  【TechWeb】紫光旗下的长江存储近年来大举投资存储芯片杨幂最新图片_今日消息产业,其中 NAND 闪存是优先发展对象,目前已经形成了 NAND 闪存研发生产、主控 IC 以及后端封测等全产业链,根据最新发布的信息显示,预计今年底量产 64 层堆栈的 3D 闪存,2020 年则会生产 128 层堆栈 3D 闪存。


  长江存储是紫光集团收购武汉新芯科技之后成福原爱视频_今日消息立的,于 2016 年 7 月在中印刷纸张尺寸_今日消息国武汉成立,是一家专注于 3D NAND 闪存芯片设计、生产和销售的 风遁_今日消息IDM 存储器公司。长江存储为全球工商业客户提供存储器产品,广泛应用于移动设备、计算机、数据中心和消费电子产品等领域。长江存储去年量产了 32 层堆栈的 3D 闪存,不过产量非常少,属于试验性的,主要用于U盘等低端产品。

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  根据目前发展的趋势来看,2020 年也就是明年将会是 100+ 层堆栈闪存的爆发之年,目前三星、美光等公司已经量产 96 层 3D 闪存,据悉更有甚者已经开始量产 128 层堆栈的闪存,预计明年的竞争将会更加激烈。到了 2020 年,长江存储将会推出 128 层堆栈的 3D 闪存,在技术上金家大院_今日消息缩短甚至追上与国际一流厂商的差距——今年三星、东芝、美光等公司量产了 96 层的 3D 闪存,部分厂商甚至开始量产 128 层堆栈的闪存。