每日议程：FOMC公告前线和中心

今天市场的单一最大的风险叙述铰链：相当大。当。。。的时候联邦公开市场委员会宣布其最新的货币政策今日下午2点，今下午东部，投资者将专心地看待本名为“大量时间”的声明语言的任何转变，即适当的率将留在地。随着联邦储备本身的不断变化的越来越多的信号，利率可能会在最初估计的大多数预测者估计的前景升高，因为投资者眼睛悬挂在美国债券市场上。

Across the pond, the Bank of England released more new information about the state of the U.K. economy, with Monetary Policy Committee minutes from the last meeting showing that seven of the nine committee members voted to keep interest rates at an ultra-low 0.5 percent. U.K. unemployment dropped to 6.2 percent during the three-month period ended July, compared with February to April, according to the U.K. Office for National Statistics. During the latest period, wages in the country rose 0.7 percent, the weakest reading since 2001.

U.S. is harvesting a bumper corn crop.只有4%的总作物收获date, the latest reports from the U.S. Department of Agriculture reports indicate a record year for U.S. corn production. The department estimates the total harvest will exceed 14 billion bushels.

PBOC采取行动。今天媒体报道表明了新的有针对性的流动性行动中国人民银行那the country’s central bank, that will see up to 500 billion yuan ($81.2 billion) passing into the banking system. The fresh capital, in the form of three-month loans, will reportedly be placed with the five largest banks in the nation in tranches of 100 billion yuan. In light of the slowdown in recent economic activity indicators, any move from Beijing to stimulate liquidity in short-term credit market stands to be a bullish signal for Chinese risk assets.

欧洲的通缩恐惧减少 - 有点。August consumer inflation levels for the euro zone released today by Eurostat registered slightly higher than consensus forecasts with the headline index expanding by a seasonally adjusted annualized 0.4 percent. Despite the marginal beat, price growth remains at multiyear lows and well below the欧洲央行’s target of just below 2 percent despite the two accommodative actions taken by the central bank this summer.

FedEx is delivering results.总部位于孟菲斯的FedEx Corp.定于今天发布第一财政季度盈利。在前一季度，该公司的标题收入同比增长4％至地面和货运区内收益114亿美元。过夜承运人的报告经常被视为整体美国消费者和商业活动的指标，以及电子商务等段。

投资组合视角：捍卫积极管理-Jason Desena Trennert，Strategas Research Partners

While the claims that active investment is dead haven’t reached the status of工作周1979年8月“股票的死亡”封面故事，这种呼叫正在更频繁地重复，并且在更高的分贝级别中重复。在2014年7月/ 8月期刊上财务分析师杂志那查尔斯埃利斯是，研究公司Greenwich Associates的创始人发表了对金钱管理行业的青年时代的兴趣。华尔街日报has highlighted the penchant of individual investors to eschew stock pickers in favor of indexation as well.

在Discassionalate财务分析师身上努力欢欣，并不是在他所选择的专业的合理化中，但在真相中。毫无疑问，民主化和广泛传播的信息和金钱管理行业的纯粹规模使得添加阿尔法更加困难。然而，还应说明，虽然在近期零百分比的利率抑制时，指数在金融镇压期间看起来特别有吸引力挥发性并增加相关性，在自由市场无形手中能够断言自己的时期，不太可能在审慎上。简而言之，押注索引资金，始终如一地胜过活跃的货币管理，部分地预期定量宽松永远不会结束。这样的结论也暗示自由企业系统是多余的。尽管有时可能似乎是一个暗示的性格，但央行人不是无关的神。它处于动荡的时间，即才华横溢的基金经理最容易添加阿尔法并证明他或她的价值。

通过我们的灯，在五个基本支柱上有激活的主动案例：

•索引资产的规模可能会播种其自身缺乏性能的种子;

•更高的利率和金融镇压结束将扩大获奖者和输家之间的差异;

• Low nominal growth environments create winner-take-all markets;

•更复杂的金融工具和系统可能会使市场效率低于您所相信的人;和

•未来几年峰值利润率和倍数的前景应使熟练的库存选择器受益。

Jason DeSena Trennert is the managing partner of New York–basedStrategas Research Partners以及该公司经纪人经销商附属公司战略证券的主席和首席执行官。这是八月研究报告的摘录。