“小非农”疲软，美联储按兵不动，特朗普急着跳脚！

Group 1 - The core viewpoint of the articles highlights a significant downturn in the U.S. labor market, as evidenced by the ADP employment data showing an increase of only 37,000 jobs in May, the smallest since March 2023, which is far below market expectations [1] - The ISM services PMI index fell to 49.9 in May, marking the first contraction in nearly a year, indicating a broader economic slowdown [1] - The combination of disappointing employment and services data has led to volatility in U.S. capital markets, with a weakening dollar and strengthening of U.S. Treasuries and gold [1] Group 2 - The Federal Reserve's Beige Book reported a slight decline in U.S. economic activity, attributing this to tariffs and high uncertainty affecting the economy [2] - The Beige Book also noted moderate price increases, with many respondents expecting faster cost and price hikes in the future, with some regions anticipating significant price increases [2] - A report from the Congressional Budget Office indicated that Trump's tariff policy could reduce the deficit by $2.8 trillion over ten years but would also lead to economic contraction, higher inflation, and decreased purchasing power for American households [2]