新加坡华侨投资基金管理有限公司：美联储对降息仍然表现出谨慎的态度

Core Viewpoint - The Federal Reserve officials express a cautious stance regarding the current economic situation, emphasizing the complexity of monetary policy amid global uncertainties and trade policy fluctuations [1][3][7]. Group 1: Economic Conditions - Federal Reserve Governor Adriana Kugler highlights that despite global uncertainties, the real economy remains healthy, allowing for more time to address inflation issues and stabilize inflation expectations [3]. - Atlanta Fed President Raphael Bostic supports maintaining interest rates due to rising economic risks from ongoing trade policy uncertainties, advocating for a wait-and-see approach for more economic data clarity [3][5]. - New York Fed President John Williams stresses the importance of managing inflation expectations within target ranges to ensure economic stability, indicating that the current environment is not suitable for preventive rate cuts [5]. Group 2: Inflation and Consumer Behavior - Richmond Fed President Tom Barkin warns that businesses cannot easily pass on tariff costs to consumers, as consumer purchasing power and tolerance have been significantly impacted by years of high inflation [5]. - The series of speeches from Fed officials reflects a deep concern for the economic landscape, balancing inflation control and economic growth as a delicate choice for future monetary policy [7]. - The Fed is likely to maintain a patient and flexible approach, adjusting policies based on future economic data and global economic conditions rather than rushing into drastic measures [7].