海外高频 | 特朗普关税合法性遭遇司法挑战（申万宏观·赵伟团队）

Group 1 - The article discusses the recent judicial challenge to Trump's tariffs, where the U.S. International Trade Court ruled that the tariffs imposed under the IEEPA were illegal, infringing on Congress's trade legislative authority [31] - Following the ruling, Trump appealed to the Federal Circuit Court, which issued a stay on the lower court's decision, allowing the tariffs to remain in effect during the appeal process [31] - The article highlights the performance of major asset classes, noting that U.S. stock indices, including the Nasdaq and S&P 500, saw increases of 2.0% and 1.9% respectively, while the Nikkei 225 rose by 2.2% [2][3] Group 2 - The article reports that the U.S. 10-year Treasury yield fell by 10 basis points to 4.41%, indicating a decline in bond yields across developed markets [13] - The dollar index increased by 0.3% to 99.44, while the offshore yuan strengthened to 7.2065 against the dollar [17][24] - Commodity prices generally declined, with WTI crude oil down 1.2% to $60.8 per barrel and COMEX gold down 1.8% to $3289.4 per ounce [26][29] Group 3 - The article notes that the April PCE inflation in the U.S. was in line with market expectations, with a year-on-year increase of 2.1% and a month-on-month increase of 0.1% [37] - The meeting between Powell and Trump did not include discussions on interest rate cuts, emphasizing that the Fed's decisions are independent of presidential influence [33][55] - The article mentions that initial jobless claims in the U.S. were slightly below expectations, while continuing claims were higher than anticipated, indicating potential upward pressure on the unemployment rate [43]