Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued a joint announcement seeking public comment on a coordinated regulatory framework for portfolio margin covering securities, security-based swaps, futures, swaps, and related positions. The agencies are evaluating whether enhanced inter-agency regulatory coordination will help improve risk management efficiency, reduce market fragmentation, and strengthen customer protection. SEC Chair Paul Atkins noted that cross-margin mechanisms could unlock liquidity currently held in separate accounts. CFTC Chair Mike Selig added that strengthened inter-agency cooperation on portfolio margin could free up unused capital while ensuring more robust risk management frameworks and market safeguards. The comment period covers topics including current portfolio margin models and practices, customer protection considerations, cross-margin and cross-product hedging, capital/segregation/collateral handling, risk management methodologies, matters related to clearinghouses and derivatives clearing organizations (DCOs), operational and technical implementation issues, and potential impacts on market liquidity and competition. The public comment window will remain open for 60 days following publication in the Federal Register.

According to Bitget market data, U.S. stock market losses narrowed, the S&P 500 index briefly turned positive, the Dow Jones Industrial Average edged down 0.01%, and the Nasdaq’s decline narrowed to 0.26%.

Independent semiconductor and AI research firm SemiAnalysis noted in a report that China’s localization process for etching equipment is accelerating, with progress clearly outpacing that of deposition equipment. Data shows that year-to-date, etching equipment imports among China’s front-end equipment have dropped 18% year-over-year, while deposition equipment imports have risen 3% year-over-year. SemiAnalysis believes this indicates that China’s domestic substitution in the etching sector has achieved substantial breakthroughs. Financial results from global etching leaders corroborate this judgment: Applied Materials’ China revenue fell 16% year-over-year in fiscal 2025, while Tokyo Electron’s China revenue dropped 18% year-over-year in fiscal 2026. SemiAnalysis points out that North Huachuang is a key driver of this trend; channel research shows it holds the leading share in the ICP etching market at ChangXin Memory. As ChangXin continues expanding production, North Huachuang is expected to further consolidate its market share and scale up its revenue.

Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.

Barclays cuts its 2026 Brent crude oil price forecast to $96 per barrel, and its 2027 forecast to $85 per barrel.

According to Bitget market data, AI software stocks in the US market rose against the trend at opening. ServiceNow (NOW.US) and Figma Inc (FIG.US) jumped more than 5%, while Palantir (PLTR.US), Adobe (ADBE.US), Workday (WDAY.US), Salesforce (CRM.US), and Datadog (DDOG.US) gained over 3%, and Microsoft (MSFT.US) rose by more than 2%. Microsoft has hiked Xbox prices three times in 13 months, and stated that storage component costs will double next year.