China's Mid-Autumn holiday runs Sept. 25-27. Beijing Municipal Transport Commission said proximity to National Day creates an extended travel window as family visits, staggered leave and National Day tourism release sequentially, boosting peak flows

Domestic News 1. According to CCTV News, on the afternoon of September 23, President Xi Jinping departed Beijing by special plane for a state visit to the United States at the invitation of US President Trump. 2. The People's Bank of China (PBOC) will conduct overnight reverse repurchase operations from September 28 to October 8, with a daily operation volume not exceeding 1 trillion yuan. 3. The PBOC will conduct 800 billion yuan of Medium-term Lending Facility (MLF) operations on September 24, with a term of one year. 4. The Ministry of Industry and Information Technology (MIIT) will promote the construction of the next-generation communication network in a moderately forward-looking and systematic manner, and promote the expansion and upgrading of computing power facilities. 5. During the 15th Five-Year Plan period, the Ministry of Civil Affairs will promote the formulation of a law on elderly care services. International News 1. Firmus, backed by Nvidia, is seeking $10 billion in funding to develop artificial intelligence chips. 2. The OECD expects the Federal Reserve and the European Central Bank to raise interest rates once more this year, and then keep rates stable until 2027. 3. The Eurozone's September composite PMI hit a 41-month high, while the services PMI reached a 10-month high. 4. US media: Trump's "Peace Committee" will announce a $2.45 billion Gaza reconstruction plan. 5. US Central Command: A multinational joint drone strike force is being formed. 6. US Energy Secretary Wright: A diesel export ban will not work because it would drive up gasoline and jet fuel prices. 7. The yield on the 10-year US Treasury note rose to 5.04%, continuing its highest level since 2007. 8. The US Dollar Index (DXY) broke through the 101 mark. 9. The Secretary of Iran's Supreme National Security Council: There will be no rush to negotiate; opening the Strait of Hormuz requires meeting Iran's conditions.

Fed Governor Barr said inflation has not moved clearly or in a timely manner toward the Fed’s target; economic growth is strong and the labor market remains robust.