Federal Reserve's Hamak: I agree with Federal Reserve's Logan that the market has shifted away from the Fed funds rate and it's time to look more broadly for a policy rate target.

Domestic News 1. Xi Jinping attends the 32nd APEC Economic Leaders' Meeting and delivers an important speech. 2. Xi Jinping meets with Japanese Prime Minister Sanae Takaichi. 3. Dong Jun holds talks with the US Secretary of Defense. 4. Russian Prime Minister Mikhail Mishustin will visit China for the 30th regular meeting between Chinese and Russian prime ministers. 5. The US Treasury Secretary stated that a US-China trade agreement could be signed as early as next week. The Ministry of Foreign Affairs responded: China is willing to work with the US to continuously reduce the list of issues and lengthen the list of cooperation through dialogue and consultation, promoting the healthy, stable, and sustainable development of China-US relations. 6. The National Development and Reform Commission: Recently, 500 billion yuan has been allocated from the local government debt carryforward limit to supplement local government comprehensive financial resources and expand effective investment. Among this, an additional 200 billion yuan has been allocated for special bonds specifically to support investment and construction in certain provinces. 7. The State Council Executive Meeting: Deploys measures to accelerate the cultivation and opening up of new application scenarios and promote their large-scale application. 8. The China Securities Regulatory Commission publicly solicits opinions on the "Guidelines for Performance Benchmarks of Publicly Offered Securities Investment Funds (Draft for Comment)". 9. The Southern Theater Command of the Chinese People's Liberation Army organized combat readiness patrols in the territorial waters and airspace of Huangyan Island and surrounding areas. International News 1. South Korean Presidential Office: South Korea will deploy more than 260,000 of Nvidia's latest GPUs in the public and private sectors. 2. Hyundai Motor: Hyundai Motor and Nvidia will utilize 50,000 Blackwell GPUs for AI training. 3. Morgan Stanley: Gold prices may rise to $4,500 by mid-2026. 4. Bank of America, citing EPFR data: Gold funds saw a record outflow of $7.5 billion in the week ending Wednesday. 5. White House National Economic Council Director Hassett: US economic growth is expected to be close to 4% in the third quarter. 6. Sources: OPEC+ may agree to a slight increase in production of 137,000 barrels per day in December. 7. According to the Miami Herald, citing sources: The US has decided to attack military targets in Venezuela, and a US strike on Venezuela could be launched at any time. 8. Eurozone inflation edged lower in October, with core inflation remaining at 2.4%. 9. Federal Reserve: ① Logan: The Fed doesn't need to cut rates this week and opposes another rate cut in December. ② Schmid: Voted against the Fed's decision to cut rates this week due to concerns that economic growth and investment would put upward pressure on inflation. ③ Overnight index swaps show that the probability of a Fed rate cut in December has fallen to about 50%.

According to Goldman Sachs, cryptocurrencies now account for 1% of global investment portfolios.