【笔记20250506— 中美关税缓和，资产表现不一】

Core Viewpoint - The article discusses the impact of easing trade tensions between China and the U.S. on various asset classes, highlighting a mixed performance across markets and the implications for monetary policy [1][2]. Group 1: Market Reactions - The expectation of eased tariffs has led to a strong performance in the stock market, with an increase of over 1% [2]. - The bond market showed a slight decline in interest rates, with the 10-year government bond yield fluctuating around 1.62% [2]. - The currency market exhibited strength, indicating positive sentiment regarding trade relations [2]. Group 2: Economic Indicators - The Caixin Services PMI for April was reported at 50.7, below the expected 51.8, suggesting weaker service sector performance [2]. - During the May Day holiday, travel reached 314 million trips, with an average daily travel of 6.3 million, and per capita spending was 574 yuan, which is lower than the 603 yuan recorded in 2019 [2]. Group 3: Consumer Behavior Insights - The article presents two interpretations of consumer behavior during the holiday: a low emotional intelligence perspective suggests a downgrade in consumption, while a high emotional intelligence perspective indicates an upgrade in experiences [3][4].