海外宏观周报（2025年第14期）：美国债汇双杀，关税趋势缓和

Group 1: Macro Economic Trends - The 10-year U.S. Treasury yield increased by 47 basis points to 4.48%, marking the largest weekly rise since November 2001[3] - The U.S. dollar index decreased by 3.06% during the week, indicating a significant depreciation of the dollar[3] - The U.S. Consumer Price Index (CPI) for March rose by 2.4% year-on-year, below the expected 2.6%[18] Group 2: Trade and Tariff Developments - The U.S. imposed a 125% tariff on Chinese goods, with a temporary exemption for certain technology products[38] - China retaliated with a 125% tariff on U.S. imports, escalating trade tensions[39] - The trade conflict is expected to shift towards a "talk and fight" approach, potentially stabilizing the market[14] Group 3: Market Reactions - The S&P 500 index rose by 5.70% during the week, reflecting a recovery in equity markets[3] - The price of gold increased by 5.76% to $3,230.50, indicating a flight to safety amid market volatility[3] - The volatility in the market remains high, with risk assets experiencing wide fluctuations[10]