通胀下行与经济韧性，去美元化暂时缓和

Group 1 - The report indicates a temporary easing of the de-dollarization trend, with U.S. assets showing stability as major stock indices rose and bond yields declined [4][11] - The U.S. economy demonstrates resilience, with GDPNow predicting a 3.8% annualized growth for Q2 2025, driven by a significant drop in imports and strong personal consumption [4][13] - Inflation pressures are subsiding, as evidenced by the PCE price index showing a year-on-year increase of 2.1%, down from 2.3% in March, and core PCE at 2.5%, marking a new low since March 2021 [12][24] Group 2 - In Europe, the economic sentiment is improving, with the Eurozone's industrial confidence index rising to -10.3 from -11.0, and the economic sentiment index increasing to 94.8 from 93.8 [31][29] - France's GDP growth was slightly revised down to 0.3% year-on-year, indicating a modest economic performance [29] - Japan's core CPI in May rose to 3.6%, reflecting ongoing inflationary pressures, while industrial production showed a decline [32][34]