Core Viewpoint - The impact of tariffs will depend on their levels, with potential increases this year likely to exert pressure on economic activity and elevate inflation [1] Summary by Relevant Categories Economic Impact - An increase in tariffs may lead to economic activity pressure and higher inflation rates [1]

Group 1 - The central bank of Sweden indicates that overall, the outlook for inflation and economic activity suggests that monetary policy is likely to be moderately accommodative [1]

Core Insights - The Federal Reserve Governor, Christopher Waller, indicated that the economic activity showed a slight slowdown based on April spending and income data [1] Group 1 - Economic activity is experiencing a slight deceleration as indicated by recent data [1]

Economic Activity - Economic activity has slightly declined since the last report, with half of the Federal Reserve districts reporting a moderate decline [1] - Three Federal Reserve districts reported no change, while three reported slight growth [1] Uncertainty and Consumer Behavior - All Federal Reserve districts reported an increase in economic and policy uncertainty, leading to hesitancy in decision-making among businesses and households [1] - Consumer spending reports were mixed, with most districts indicating slight declines or no change, although some reported increased spending on items affected by tariffs [1] Manufacturing and Real Estate - Manufacturing activity has seen a slight decline [1] - Residential real estate sales remained nearly unchanged, with most districts reporting stable or slowing new home construction activity [1] Banking and Transportation - Reports on bank loan demand and capital expenditure plans were mixed [1] - Port activity was strong, while transportation and warehousing activities reported mixed results across different regions [1] Overall Outlook - The overall economic outlook remains slightly pessimistic and uncertain, with no change compared to the last report [1] - Some districts indicated a worsening outlook, while others reported improvements [1]

金十数据6月5日讯，美联储褐皮书：自上次报告以来，价格以适度的速度上涨。然而，少数地区报告显 示经济前景已恶化，而另一些地区则表明前景有所改善。十二个联邦储备区的报告显示，自上次报告以 来，经济活动略有下降。 美联储褐皮书：经济活动略有下降 ...

智通财经6月5日电，美联储褐皮书显示，就业情况自上次报告以来几乎没有变化。十二个联邦储备区的 报告显示自上次报告以来，经济活动略有下降。 ...

Core Insights - The Federal Reserve's discount rate meeting minutes indicate that while most board members believe the overall economic conditions are stable, there are concerns regarding the potential impacts of changing trade and other policies on economic activity, prices, and employment [1] Economic Conditions - A majority of board members view the recent economic situation as generally stable [1] - Concerns are raised about the effects of evolving trade policies on the economy [1] Policy Implications - The board expresses worries about how other policy changes may influence economic activity [1] - There is a focus on the potential implications for prices and employment due to these policy shifts [1]

美联储理事库克：由于关税措施，我预期通胀将上升，经济活动将放缓。 ...

土耳其财政部长：第二季度领先指标显示经济活动继续保持温和步伐。 ...

不过，会议纪要同时指出，现有数据表明，经济活动仍以稳健的速度持续扩张，劳动力市场状况依然良好，但通胀水平仍然略高。 通胀方面，会议纪要指出，当前会议所掌握的信息表明，消费者价格通胀仍处于相对高位。不过，与会者对通胀的预期高于3月议息会议 的预测。预计今年关税将显著推高通胀，2026年的推升作用将有所减弱。2027年，预计通胀将降至2%。 劳动力市场方面，会议纪要认为，近期数据表明，劳动力市场依然稳健，但预计劳动力市场将大幅走弱，预计失业率将在今年年底超过 工作人员对其自然率的评估，并在2027年以前一直高于自然率。 经济活动方面，会议纪要指出，受计量问题可能的影响，美国一季度实际GDP略有下降。预计2025年、2026年的实际GDP增长将弱于3月 会议的预测，因为已经宣布的贸易政策对实际经济活动的拖累程度大于此前的预测。 美国商务部数据显示，2025年第一季度美国国内生产总值（GDP）环比按年率计算萎缩0.3%。2024年第四季度，美国GDP环比按年率计 算增长2.4%。美国商务部当天表示，第一季度GDP萎缩主要受进口大幅增加和政府支出减少拖累。 当地时间5月28日，美联储公布的5月会议纪要显示，经济前景的不 ...