野村：面对关税动荡，美联储与日本央行来到十字路口

Group 1 - The article highlights the increasing economic uncertainty due to hasty tariff negotiations between the U.S. and other countries, which raises inflation risks and necessitates caution from central banks like the Federal Reserve and the Bank of Japan [1][6] - The chaotic tariff negotiations initiated by the Trump administration have led to global confusion, with the U.S. negotiating with multiple countries simultaneously, resulting in vague agreements and disputes [2] - The report draws parallels between the current situation and the 1985 Plaza Accord, emphasizing the potential for a repeat of historical market events, such as the significant depreciation of the dollar and the subsequent market crash in 1987 [3] Group 2 - The Federal Reserve faces inflation risks due to tariffs and labor shortages, making it hesitant to cut interest rates despite pressure from the Trump administration [6] - The Bank of Japan is delaying interest rate hikes due to the impact of tariffs on the Japanese economy, even as a weak yen exacerbates food inflation [6] - The article suggests that both central banks must navigate complex economic challenges, with the Federal Reserve needing to monitor inflation closely to avoid stagflation, while Japan should consider raising rates to stabilize the yen and curb inflation [6]