Group 1 - The article highlights the upcoming expiration of 92 billion yuan in 7-day reverse repos, indicating significant liquidity events in the financial market [1] - It mentions that the UK is set to release key economic indicators for April, including the Consumer Price Index (CPI) and retail price index, which are crucial for assessing inflation trends [1]

Core Insights - The uncertainty surrounding economic policy is exceptionally high according to the Federal Reserve's Musalem [1] - Even after the trade situation eased on May 12, tariffs may still lead to a weakening labor market and rising prices in the U.S. [1]

Core Viewpoint - The Federal Reserve, represented by Musalem, emphasizes that if inflation expectations become unstable, the priority of its policy should be to ensure price stability [1] Group 1 - The Federal Reserve's policy framework is focused on maintaining price stability as a primary objective [1] - Musalem's comments highlight the importance of managing inflation expectations to prevent economic instability [1] - The statement reflects the Fed's commitment to addressing inflation concerns in its monetary policy decisions [1]

Group 1 - The focus of financial data and events on May 21, 2025, includes several key speeches from Federal Reserve officials and important economic indicators from the UK and the US [2] - The schedule highlights the completion of trading for June crude oil futures in New York, indicating potential market volatility [2] - API and EIA crude oil inventory reports are set to be released, which could impact oil prices and market sentiment [2] Group 2 - The UK is set to release its April CPI and retail price index data, which are critical for assessing inflation trends [2] - The Federal Reserve's ongoing discussions and events suggest a focus on monetary policy and economic outlook, which may influence investment strategies [2]

本报记者 闫立良 "随着外部环境急剧变化，同时国内房地产市场尚未企稳、物价运行持续低迷，二季度货币政策优先目标将逐步过渡到稳 就业稳增长，宽松空间明显打开。"5月20日，毕马威中国经济研究院院长蔡伟在接受《证券日报》记者采访时表示，预计年内 降准降息仍有空间，但力度及节奏将根据中美关税进展、二季度出口和经济表现等关键变量相机抉择。 促进价格水平合理回归 5月7日，央行出台包括降准降息、创设并加力实施系列结构性货币政策工具在内的一揽子金融政策支持稳市场稳预期。 蔡伟认为，一季度出于前期增量政策效果仍在逐渐显现、外部环境尚不明朗以及优先稳定汇率波动风险和银行息差压力等 综合考量，央行对于货币政策的总量操作较为克制，保持"适度宽松"的政策取向不变。 在后续可能的降准降息空间释放上，蔡伟分析称，降准方面，央行将配合财政协同发力，并可能通过加大买断式逆回购等 进一步补充流动性。降息方面，央行将综合考量国内外经济形势、利率风险与金融市场波动等因素。 最近三期货币政策执行报告均强调"把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水平"。蔡伟 表示，这说明当前物价是央行的重要关注指标。 在央行5月9日发布的 ...

据日本农林水产省公布的数据，截至19日，日本大米价格已经历连续十多周上涨，较去年同期高出大约 1倍。日本民众表示，大米涨价给日常饮食造成了直接冲击，不少人甚至减少米饭摄入。 ...

Core Insights - The Chief Economist of the Bank of England, Huw Pill, indicated that structural changes in price and wage-setting behavior have increased the inherent persistence of inflation in the UK [1] Group 1 - The structural changes in the economy are contributing to a more sustained inflation process [1] - The comments suggest a shift in how prices and wages are determined, which may have long-term implications for inflation [1] - The statement reflects ongoing concerns about inflation dynamics in the UK economy [1]

英国央行首席经济学家皮尔：考虑到我们面临的物价稳定风险的平衡状况，季度降息的速度过快。 ...

Group 1 - The core point of the article is that Germany's Producer Price Index (PPI) decreased by 0.6% month-on-month in April, which was worse than the expected decrease of 0.3% [1]

我认为此次降息是一次充满信心的决策。 现在面临一系列新的挑战。 澳洲联储主席：物价上涨已经放缓，这"是非常好的消息"。 准备在必要时采取进一步行动。 ...