白宫新闻秘书莱维特：在法院裁决之后，美国财长贝森特和美国贸易代表格里尔已就关税问题与外国官 员保持联系。 ...

芝加哥联储行长Austan Goolsbee表示，若贸易政策问题得到解决，美国经济可能重新回到加征关税前的 轨道，从而使官员们得以下调利率。Goolsbee周四说，"如果最终我们不实施关税行动，或者政府与贸 易伙伴达成一些协议，使关税免于加征，那么我们就可能回到4月2日之前的状态。如果能保持充分就业 且通胀朝着目标前进，利率可以回落到最终的稳定水平。" ...

日本首相石破茂：就关税问题与特朗普交换了意见。 ...

智通财经5月29日电，日本首相石破茂与美国总统特朗普举行电话会谈，就关税问题交换了意见。 ...

日本首相石破茂：认为美国总统特朗普与我加深了对关税问题的相关理解。 ...

白宫国家经济委员会主任哈塞特：特朗普政府在关税问题上有多种选择。 ...

1、美联储对利率路径的讨论情况。 2、美联储对关税问题的讨论，包括对美国经济、就业、通胀等的影响。 3、美联储对金融市场（美元、美债、美股等）的看法。 4、美联储对政策框架评估相关事宜的讨论。 ...

Group 1: Industry Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The fundamentals for copper prices still provide some support, and Shanghai copper is expected to remain range - bound before the holiday [1]. - Aluminum prices are expected to fluctuate in the short term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to have limited downside due to cost support but is likely to experience weak and volatile trading in the medium - to - long term due to supply surplus [4]. - Tin prices are expected to have increased volatility, and range trading is recommended, with attention on supply and demand [5]. Group 3: Summary by Metal Copper - As of May 27, the Shanghai copper main 07 contract fell 0.01% to 77,900 yuan/ton. Macro - disturbances have weakened, but Sino - US trade issues remain uncertain. Mine - end disruptions continue, and the cost pressure on smelters limits price decline. Consumption in May is weaker than in April but better than the same period. Social inventory is at a low level with slight accumulation. The price is expected to be range - bound before the holiday [1]. - In the spot market, domestic spot copper prices fell slightly, and the trading was sluggish [6]. - SHFE copper futures warehouse receipts increased by 2,128 tons to 34,961 tons, and LME copper inventory decreased by 2,575 tons to 162,150 tons [15]. Aluminum - As of May 27, the Shanghai aluminum main 07 contract fell 0.57% to 20,040 yuan/ton. Some mining licenses in Guinea were revoked. Alumina operating capacity is expected to recover gradually. The operating capacity of electrolytic aluminum increased slightly. The downstream开工 rate is weakening, but inventory has decreased unexpectedly. Aluminum prices are expected to fluctuate in the short term [2]. - In the spot market, the trading was stable, and the downstream increased procurement [7]. - SHFE aluminum futures warehouse receipts decreased by 775 tons to 54,567 tons, and LME aluminum inventory decreased by 3,000 tons to 381,575 tons [15]. Nickel - As of May 27, the Shanghai nickel main 07 contract fell 0.58% to 122,310 yuan/ton. The nickel ore market in Indonesia is tight, and nickel downstream has limited acceptance of high - priced nickel ore. The refined nickel market has an oversupply situation. Nickel is expected to have limited downside due to cost but face long - term supply surplus and weak and volatile trading [3][4]. - In the spot market, nickel prices fell [12]. - SHFE nickel futures warehouse receipts decreased by 130 tons to 22,120 tons, and LME nickel inventory increased by 1,362 tons to 199,998 tons [15]. Tin - As of May 27, the Shanghai tin main 07 contract rose 0.06% to 264,790 yuan/ton. Supply has recovered, and consumption in the semiconductor industry is expected to improve. Inventory is at a medium level. Tin prices are expected to have increased volatility, and range trading is recommended [5]. - In the spot market, merchants maintained rigid - demand restocking [13]. - SHFE tin futures warehouse receipts decreased by 18 tons to 7,998 tons, and LME tin inventory decreased by 5 tons to 2,660 tons [15]. Zinc - In the spot market, zinc prices rose, and downstream demand led to inventory reduction [9][10]. - SHFE zinc futures warehouse receipts remained unchanged at 1,774 tons, and LME zinc inventory decreased by 2,350 tons to 151,150 tons [15]. Lead - In the spot market, lead prices fell, and the trading was dull [11]. - SHFE lead futures warehouse receipts increased by 2,015 tons to 37,299 tons, and LME lead inventory decreased by 1,650 tons to 292,375 tons [15]. Alumina - In the spot market, alumina prices rose in different regions, and the trading was stable [8].

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses macroeconomic trends and monetary policies affecting various regions, particularly focusing on the Euro area, United States, and Asia Pacific. Core Insights and Arguments 1. **U.S. Economic Policy and Deficits** - The House passed a reconciliation bill proposing $3.8 trillion in new deficits over the next 10 years, which is the lower end of earlier estimates that reached up to $15 trillion [4][15][16] - The Senate's approval is pending, and the process may extend until after August, potentially requiring temporary debt-limit relief [18][19] 2. **Inflation and Monetary Policy in the Euro Area** - Flash inflation data for May is expected to show stable or lower total inflation across most Euro area countries, with a focus on the impact of new tariff threats [5][40] - The European Central Bank (ECB) is anticipated to implement a 25 basis point rate cut in June, with discussions ongoing about future cuts [39][44] 3. **Consumer Confidence and Spending Trends** - Consumer confidence in the U.S. remains weak, driven by fears of price increases and potential layoffs, despite healthy consumer spending trends [20][23][31] - April consumer spending is expected to show a nominal increase of 0.3%, with real expenditures rising by 0.2% due to low inflation [33][34] 4. **Asia Pacific Economic Outlook** - The Bank of Korea (BoK) is expected to cut its policy rate by 25 basis points amid weak economic growth [6][39] - India's GDP growth is projected to have picked up in Q1, driven by government spending and investment [6][39] 5. **Tariff Impacts and Trade Dynamics** - President Trump's threats of new tariffs against the EU and potential tariffs on iPhones have created uncertainty that could negatively impact global growth [3][5] - The Euro area is experiencing disinflation amidst these tariff threats, with consumer confidence showing signs of decline in France [38][41] Other Important but Possibly Overlooked Content 1. **Sector-Specific Insights** - The manufacturing sector in the Euro area is showing signs of improvement, while the services sector is lagging, indicating a divergence in economic recovery [38][45] - The U.S. durable goods orders are expected to show a significant drop in April, particularly in the aircraft sector, which had previously seen strong orders [29][30] 2. **Geopolitical Considerations** - The geopolitical landscape, particularly regarding U.S.-China trade relations, continues to influence economic sentiment and market expectations [19][39] - Brazil's economic activity suggests strong GDP expansion in Q1, but underlying components may indicate potential weaknesses ahead [8][13] 3. **Monetary Growth Trends** - M3 money supply growth in the Euro area has been improving, driven by higher loan demand in the private sector, although there are concerns about banks' external asset sales [53][54] This summary encapsulates the key points discussed in the conference call, highlighting the macroeconomic trends, monetary policies, and sector-specific insights that could influence investment decisions.

智通财经APP获悉，全球央行官员将于本周齐聚东京，参加由日本央行及其附属智库主办的年度会议， 讨论经济增长乏力和通胀居高不下的严峻现实。日本央行及其附属智库将于周二开始举办为期两天的年 度会议，会议将邀请来自美国、欧洲和亚洲的知名学者和央行官员参加，这杯称为"日本版"全球央行年 会。 参加此次会议的有美联储官员——包括纽约联储主席威廉姆斯，还有欧洲央行、加拿大央行和澳洲联储 的官员等。此次会议在位于东京市中心的日本央行总部举行。 政策的不稳定性 对于那些面临类似困境、且因全球贸易战和特朗普反复无常的贸易政策的大型央行来说，这可能是一个 极具说服力的观点。最初人们认为美联储会继续降息，但随着关税的影响，美联储被迫采取观望态度， 上周官员们警告称，由于关税导致通胀逐渐上升。 其次，欧洲央行预计将在 6 月再次降息，但随着通胀挑战逐渐逼近，暂停加息的可能性也在增加，这在 未来的政策决策中愈发明显。欧洲央行鹰派执委施纳贝尔在 5 月 9 日斯坦福大学的一次会议上表 示："短期内，关税可能会抑制通货膨胀，但从中长期来看则会带来上行风险。"她明确呼吁暂停降息。 日本央行也面临着平衡国内通胀压力和美国关税带来的增长风险的挑 ...