Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news and analysis.

Good afternoon, today is Tuesday, September 24th and I'm your host Kim Khan. Our

top story so far. Step aside, Fed, here's the PBOC. China Central Bank slashed

its reserve requirement ratio to the lowest level since at least 2020 and cut its main

short-term interest rate. The stimulus package also targeted the nation's beleaguered property market

with measures to lower overall mortgage cost and a

de-stocking program that eased rules for second home purchases.

It's all being aimed at getting the country's growth trajectory back on track.

A series of downbeat data has revealed a weak consumer and a long

deflationary streak amid mounting debt problems and a spiraling property

crisis. A strong post-Covid pandemic bounce hasn't materialized with worries about job security

and much attention shifting to exports given the weaker domestic economy.

Of course Jay Powell and Company had some influence, the People's Bank of China was likely hesitant to act before the Fed cut,

as China could have witnessed capital flight to the US. Chinese investors applauded the latest

stimulus blitz, which included 800 billion Yuan, $ billion dollars, of stock market liquidity

and allowed funds and brokers to tap Central Bank facilities to buy equities.

China's Blue Chips CSI 300 Index soared 4.3% on the news after falling to a five year low

earlier this month. The broader Shanghai composite rose 4.2% and the Hangsang

surge 5.3%. Look to the U.S. economy, the Conference Board's measure of

consumer confidence for September notched the largest decline since August 2021. The

index fell to 98.7 from an upwardly revised 105.6, missing the 103.9 consensus.

Renaissance macro said, Gas prices are down, stock prices are up, consumer confidence still weakened in September.

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