周度经济观察：需求温和收缩，市场波澜不惊-20250617

Economic Overview - In May, industrial added value growth year-on-year was 5.8%, a slight decline of 0.3 percentage points from April, indicating a continued slowdown in industrial production[4] - The Producer Price Index (PPI) in May remained at a historical low, with a month-on-month decrease of 0.4%, reflecting a cooling total demand[4] - Fixed asset investment growth in May was 2.7%, down 0.8 percentage points from the previous month, with widespread declines in infrastructure, real estate, and manufacturing investments[7] Investment Trends - Infrastructure investment (including electricity) in May grew by 9.3%, a slight decline of 0.3 percentage points from April, while real estate investment fell by 12.0% year-on-year[7][10] - Private investment in May showed a year-on-year decline of 0.6%, indicating weak long-term investment intentions among private enterprises[8] Consumer Behavior - Retail sales of consumer goods in May increased by 6.4% year-on-year, up 1.3 percentage points from the previous month, driven by essential and durable goods[13] - However, optional consumer goods showed a significant slowdown, with growth rates dropping to around 0, indicating weak internal demand recovery[14] Monetary Policy and Market Sentiment - The latest U.S. inflation data for May was weaker than expected, with the Consumer Price Index (CPI) at 2.4% year-on-year, suggesting limited impact from tariff policies[23][24] - The Federal Reserve is expected to maintain its current interest rates during the upcoming FOMC meeting, awaiting clearer signals before considering rate cuts[25] Risks and Outlook - Risks include geopolitical tensions and potential policy changes that exceed expectations, which could impact economic stability[3] - Overall, the economic slowdown is expected to be moderate, with manageable risks of economic stall due to ongoing tariff negotiations and growth stabilization policies[2][14]