Core Viewpoint - The Federal Reserve's recent statement did not present any surprising information, indicating a continuation of the current economic conditions and a potential for interest rate cuts in the summer [1] Economic Growth - There is an observation that the underlying economic growth appears to be slowing down, which raises concerns about the risk of continued economic deceleration throughout the summer [1] Federal Reserve Actions - The Federal Reserve is likely to remain passive in its policy approach, which suggests a tightening of monetary policy despite the slowing growth [1] - There is a possibility that the Federal Reserve may implement interest rate cuts as early as July, with further actions expected before the end of the year [1]

Core Viewpoint - The Federal Reserve's recent statement highlighted trade, indicating that while net exports have fluctuated, recent indicators suggest that economic activity continues to expand at a steady pace [1] Summary by Relevant Sections - **Federal Reserve Statement** - The statement specifically mentioned trade, although it did not address tariffs [1] - It acknowledged the impact of net export volatility on data [1] - Recent indicators point to robust economic activity continuing to expand [1]