华桥汇利（中国）投资基金管理有限公司：虽然关税下调，但美国通胀压力仍未减轻！

Core Viewpoint - The new tariff policy may continue to have profound impacts on the U.S. economy, potentially increasing inflation and slowing economic growth despite recent trade tensions easing [1][8]. Group 1: Tariff Policy Impacts - Tariffs act as a negative supply shock, leading to price increases and potentially reducing consumer demand, which could slow economic growth [3]. - The current tariff levels in the U.S. remain significantly higher than the average over the past few decades, indicating ongoing economic pressure even with temporary adjustments [1][8]. Group 2: Economic and Employment Effects - The negative effects of supply shocks from tariffs may not be fully offset by weakened demand, which could also hinder job market conditions, making it harder for job seekers [3]. - Many Americans are reassessing major life decisions, such as marriage, childbirth, and home buying, due to economic uncertainties, with about 60% indicating that the economic situation has impacted their life goals [5]. Group 3: Monetary Policy Stance - The Federal Reserve's decision to maintain the benchmark interest rate is deemed necessary due to ongoing inflation risks, with the monetary policy prepared to respond to future economic changes [5].