深夜，美联储重大转变，一个时代结束

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.65% and the S&P 500 up 0.41%, while the Nasdaq fell 0.18% [1] - Most large tech stocks declined, with Amazon and Meta down over 2%, and Tesla down over 1%. However, Netflix rose over 2% [1] - The Nasdaq Golden Dragon China Index fell 2.37%, with notable declines in stocks like Alibaba and JD.com [1] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated that the U.S. may be entering a period of more frequent and prolonged supply shocks, posing challenges for the economy and the central bank [2] - Powell mentioned that the Fed is adjusting its overall policy framework to address structural changes in inflation and interest rate outlooks post-pandemic [2] - The Fed's strategy reflects a willingness to tolerate higher inflation to promote job growth, marking a significant shift in its approach [2] Economic Indicators - Powell projected that the Personal Consumption Expenditures (PCE) price inflation for April would drop to 2.2%, although external factors like tariffs could lead to price increases [2] - Recent data showed a surprising decline in the U.S. Producer Price Index (PPI) for April, leading traders to slightly increase bets on two rate cuts by the end of 2025 [3] - The latest retail sales figures indicated almost no growth, suggesting a slowdown in consumer spending, which adds pressure to the market [3] Tariff Impact - Analysts from JPMorgan noted that tariff policies could lead to a surge in U.S. goods prices in June and July, making the Fed more cautious about potential rate cuts [3] - The ongoing tariff impacts are contributing to uncertainty and volatility in the economy, with the possibility of a recession still present according to JPMorgan's CEO Jamie Dimon [3]