瑞典央行副行长扬松：当前维持政策利率不变是明智之举，应等待更多信息，以便更清楚地了解经济活 动和通胀前景。 ...

Core Insights - The Federal Reserve has maintained the federal funds target rate range at 4.25%-4.50%, marking the third consecutive "pause" since the beginning of the current rate cut cycle in September 2024, with a total reduction of 100 basis points across three meetings [2][3] - Concerns regarding "stagflation" risks have intensified, with the Fed emphasizing increased uncertainty in economic outlook and rising risks of high unemployment and inflation [3][4] Monetary Policy and Economic Outlook - The Fed's ability to provide clear guidance on interest rate paths is hampered by ongoing policy uncertainty, making it challenging to restart the rate cut cycle in the short term [4] - The Fed's stance on tariffs has shifted, acknowledging that announced tariff increases have exceeded expectations and could lead to rising inflation, slower economic growth, and higher unemployment if sustained [4] - The Fed's view on inflation has evolved, moving away from the notion of "transitory" impacts of tariffs, recognizing that the effects could be either "one-time shifts" or "persistent," depending on the scale and duration of tariffs [4] Investment Recommendations - Gold is expected to perform well amid potential "hard landing" scenarios in the U.S. economy, driven by factors such as a renewed Fed rate cut cycle, dollar depreciation, and increased central bank gold purchases [5] - The pharmaceutical sector, particularly innovative drugs, is anticipated to benefit from the Fed's rate cut cycle, with opportunities for excess returns in both A-shares and Hong Kong stocks [5] - U.S. equities are facing a trend of adjustment rather than temporary fluctuations, with increasing economic downturn risks affecting profit growth expectations [5] - U.S. Treasury bonds may present a trend-based allocation opportunity only after inflation recedes, with potential for rapid interest rate increases due to repayment risks in the interim [5]

菲律宾央行：更可控的通胀前景和增长的下行风险使得货币政策转向更宽松的立场成为可能。 ...

菲律宾央行：2025年至2027年通胀前景的风险仍然大致平衡。 ...

考虑到地缘政治的不确定性以及近期日元的强势，市场将密切关注日本央行行长植田和男在下午的新闻发布会上对未来加息路径的任何指导。知情人士上月 透露，日本央行官员认为，在等待更多数据分析关税影响的过程中，没有必要改变逐步加息的立场。 持续更新中..... 周四，日本央行全票一致通过利率政策决定，连续第二次会议将目标利率维持在0.50%不变，符合市场预期。 由于围绕美国关税的不确定性给这个世界第四大经济体的前景蒙上了阴影，日本央行下调了经济增长预测，2025-2026财年实际GDP增速预期中值分别为 0.5%、0.7%（1月份预期分别为1.1%、1.0%）。 与此同时，该央行预计通胀前景面临的风险偏向下行。其最新预测显示，2025-2026财年核心CPI预期中值分别为2.2%、1.7%（1月份预期为2.4%、2.0%）。 2025-2026财年核心-核心CPI预期中值分别为2.3%、1.8%（1月份预期分别为2.1%、2.1%）。 日本央行还称，如果经济和物价走势符合预期，将继续加息。这表明美国关税的风险可能会推迟而不是破坏其加息计划。 日本央行公布利率决议后，美元兑日元短线走高约50点，至143.34，日内跌幅达到 ...

日本央行：通胀前景面临的风险偏向下行。 ...

土耳其央行行长卡拉汉：如果通胀前景恶化，将采取收紧政策的立场。 ...

欧洲央行管委Rehn：3月的通胀前景存在下行风险。 欧元强势为价格前景增添复杂性。 ...

马来西亚央行行长：基准利率维持在3%有助于促进经济增长，也反映了通胀前景的预期。 ...

印度央行行长：原油价格的下跌应为通胀前景带来宽松倾向。 ...