中信证券：美国宏观数据回落，多国经济现状不一

Core Viewpoint - CITIC Securities believes that the macroeconomic data in the United States is still in a declining phase, with challenges such as persistent inflation and policy constraints impacting growth [1] Summary by Relevant Sections US Economic Outlook - Since August, overseas macroeconomic conditions have remained resilient but face challenges of decline, persistent inflation, and constraints from incremental policies [1] - The macroeconomic data in the US is in a declining phase, with signs of early overextension in activities [1] - Inflation is beginning to impact consumption and residents' living standards, suggesting a significant slowdown in growth for the second half of the year [1] Eurozone and Other Regions - The Eurozone shows some improvement in economic conditions but remains at a low point due to disruptions from US tariffs [1] - Australia is less affected by tariffs compared to the Eurozone, with domestic consumption supporting its economy [1] - Japan continues to face high inflation issues, while South Korea's monetary policy remains relatively loose, with short-term effects of tax cuts potentially falling short of expectations [1]