Core Viewpoint - The Governor of the Swedish Central Bank, Stefan Ingves, stated that the current interest rates are close to neutral levels, but there is still uncertainty regarding this assessment [1] Group 1 - The Swedish Central Bank is currently evaluating its position on interest rates, indicating a cautious approach to monetary policy [1] - There is an acknowledgment of the ambiguity surrounding the exact neutral interest rate level, suggesting potential future adjustments [1]

智通财经5月16日电，瑞典央行行长特登表示，目前处于接近中性利率的水平，但尚不完全明确。 ...

Group 1 - The core viewpoint of the articles indicates that Japan's inflation is persistently above the Bank of Japan's target, with the CPI rising 3.6% year-on-year in March, marking 36 consecutive months above the 2% target [1] - The core CPI in March also increased by 3.2%, remaining elevated for 43 months, suggesting a sustained inflationary environment that supports the possibility of further interest rate hikes by the central bank [1] - The latest data shows that the core CPI in Tokyo rose by 3.4% in April, indicating ongoing inflationary pressures, particularly driven by rising wages [2] Group 2 - Japan's GDP has shown resilience, growing by 2.9% annually, with exports increasing for six consecutive months, reflecting strong economic activity supported by both domestic and external demand [3] - The services sector PMI has remained robust, providing a counterbalance to the manufacturing sector, which is still below the growth threshold [3] - The Bank of Japan has adjusted its economic outlook, lowering GDP growth forecasts for fiscal years 2025 and 2026, while also revising down its core CPI expectations, indicating a cautious approach to monetary policy [5] Group 3 - The yen has become the best-performing currency among G10 currencies this year, attracting international investment, despite the ongoing depreciation against the dollar due to significant interest rate differentials [4] - The potential for further interest rate hikes by the Bank of Japan remains, although the pace may be influenced by external factors such as U.S. tariff policies, which introduce uncertainty into Japan's economic outlook [4][5] - The Bank of Japan has not indicated a halt to interest rate increases, with the governor emphasizing that further hikes could occur if economic growth and inflation align with expectations [5]

Core Viewpoint - The need to understand the neutral interest rate is emphasized for forming opinions on "restrictive" monetary policies [1] Group 1 - The statement highlights the importance of comprehending the neutral interest rate to evaluate the implications of current monetary policies [1]

英国央行货币政策委员会（MPC）成员Taylor：距离（降息至）中性利率还有很远的距离。 ...

英国央行委员泰勒：对我而言，英国的中性利率在2.75%到3%之间。 ...

英国央行委员泰勒表示，去年通胀已开始下降，并且进程正在进行；距离中性 利率水平还很遥远；如 果等待每一项数据都确认通胀下降，那么将会落后于形势。 ...

美联储理事巴尔：人工智能可能也会提高中性利率。 ...

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, anticipates that real wage growth will support consumer spending, although the impact of wage increases on service prices has not been significant yet [1] Group 1: Wage Growth and Consumer Spending - Real wage growth is expected to bolster consumer spending [1] - The chain reaction of wage increases on service prices has not been substantial [1] Group 2: Tariffs and Economic Impact - It is currently difficult to determine whether tariffs will affect the neutral interest rate level [1] - Tariffs have a negative impact on resource allocation efficiency [1]

Group 1 - The European Central Bank (ECB) should only consider lowering interest rates below neutral levels if growth expectations in the Eurozone deteriorate significantly [1] - Excessive rate cuts could limit future policy options for the ECB [2]