德商银行：外汇市场对关税威胁显现“钝感” 降息预期受制于通胀压力

Core Viewpoint - The foreign exchange market currently shows indifference to the new round of tariff threats from the United States, which may indicate a desensitization to tariff measures or that the impacts have been fully priced in [1] Group 1: Tariff Impact - Tariffs are continuing to push up inflation expectations in the U.S., making it difficult for the market to further price in the Federal Reserve's rate cut potential [1] - Other countries' rate cut expectations have stabilized, contrasting with the U.S. situation [1] Group 2: Trade Data - Current trade data shows only a slight impact from tariffs, but this does not imply that tariffs have no effect; the impact may simply take longer to manifest [1]