宏观周报：中美经贸谈判取得实质性进展，市场风偏有望改善

Overseas Macro - The US Federal Reserve maintained the federal funds rate target range at 4.25%-4.50%, aligning with market expectations[4] - The Fed emphasized increased uncertainty in economic outlook, with rising risks for both unemployment and inflation[4] - Market expectations for a rate cut in June have been largely absorbed, while the outlook for three rate cuts within the year remains unchanged[4] Domestic Macro - In response to US-China trade negotiations, China implemented new domestic growth stabilization policies, including a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate cut[3] - April CPI recorded a year-on-year decline of -0.1%, while PPI fell by -2.7% year-on-year, indicating weak price levels[6] - April exports grew by 8.1% year-on-year, significantly exceeding the expected 1.9%, driven by strong re-export trade with ASEAN countries[13] Risks - Potential risks include US tariff negotiations falling short of expectations, domestic policy effectiveness not meeting projections, and international geopolitical tensions[3]