陶冬：美俄峰会无协议但意义重大

Group 1: US-Russia Relations - The meeting between US President Trump and Russian President Putin marked a significant step towards normalizing US-Russia relations, despite no consensus on ending the Ukraine conflict [2][3] - Putin's visit to the US is notable as it is the first since the Ukraine conflict began, breaking the Western isolation imposed on him [2] - The absence of a concrete agreement on a ceasefire indicates that while there was no breakthrough, there were preliminary understandings between the two nations [2][3] Group 2: Economic Indicators and Federal Reserve Policy - The US economy is facing pressures from three key data sets: a significant drop in average monthly job additions, stable consumer price index (CPI) indicating limited inflation pressure, and a rising producer price index (PPI) suggesting future inflation risks [3][4] - The Federal Reserve's dual mandate focuses on maintaining price stability and maximizing employment, with current economic conditions prompting urgent decision-making [4] - Market expectations indicate a 93% probability of a 25 basis point rate cut in September, with further cuts anticipated by December and early next year [5]