宏观周报：财政政策发力在即，美国通胀再迎改善

Domestic Economic Policy - The issuance of special long-term bonds totaling 1 trillion yuan is set to begin on May 17, aimed at supporting major national strategies and key areas of security capability construction[5] - The People's Bank of China (PBOC) conducted a 1,250 billion yuan Medium-term Lending Facility (MLF) operation at a rate of 2.50%, maintaining the previous level, indicating continued support for the real economy[39] Inflation and Consumer Data - The U.S. Consumer Price Index (CPI) for April increased by 3.4% year-on-year, slightly down from 3.5% in March, while core CPI rose by 3.6%, matching expectations[46] - U.S. retail sales for April showed no growth month-on-month, falling short of the expected 0.4% increase, indicating weakened consumer demand for non-essential goods[22] International Relations and Market Impact - Japan's central bank reduced its bond purchase amount from 4,750 billion yen to 4,250 billion yen, potentially increasing bond yield pressures and affecting the yen's value against the dollar[19] - The ongoing strategic cooperation between China and Russia is expected to deepen, with trade between the two countries reaching 240.11 billion USD in 2023, a 26.7% increase year-on-year[40] Commodity Prices and Market Trends - Brent crude oil prices decreased by 1.69% week-on-week, while copper prices increased by 1.49%, reflecting mixed trends in commodity markets[24] - The average price of iron ore fell by 1.20% week-on-week, indicating a downward trend in raw material costs[24]