Group 1 - The total silver futures in Shanghai Futures Exchange is 581,436 kilograms, with a decrease of 88,111 kilograms compared to the previous day [1][2] - The main silver futures maintained a volatile pattern, opening at 18,126 yuan per kilogram, reaching a high of 19,714 yuan per kilogram, and closing at 19,452 yuan per kilogram, reflecting an increase of 7.06% [1] Group 2 - In Shanghai, the total warehouse inventory decreased by 76,321 kilograms, with specific reductions from various warehouses including Zhongchu Wusong and Waiyun Huadong Hongqiao [2] - The Federal Reserve's Kashkari indicated that the benchmark interest rate may be close to a "neutral level," suggesting that future monetary policy will depend on economic data [2] - Kashkari highlighted the dual risks faced by the Federal Reserve, including long-term inflation pressure from tariff policies and the risk of a sudden rise in unemployment [2]

Core Viewpoint - The Federal Reserve has decided to maintain interest rates unchanged for the third consecutive meeting, highlighting increasing risks related to rising unemployment and inflation [1] Group 1: Federal Reserve Actions - The FOMC committee unanimously voted to keep the interest rate in the range of 4.25%-4.5% [1] - The Federal Reserve will continue to reduce its balance sheet at the pace announced in the March meeting [1] Group 2: Economic Outlook - The committee noted that uncertainty regarding the economic outlook has increased further [1] - Officials are monitoring the dual risks of high unemployment and high inflation, which they believe have both risen [1] Group 3: Trade Policy Impact - Trump's trade policies have introduced a wave of uncertainty across the economy [1] - Economists generally expect that comprehensive tariffs will lead to higher inflation and hinder economic growth, creating a conflict between the goals of price stability and maximum employment [1]

Core Viewpoint - The Federal Reserve officials indicated that the risks of rising unemployment and inflation have intensified, despite a negative GDP growth in the first quarter, which they attribute mainly to significant fluctuations in trade statistics [1] Group 1 - The first quarter GDP growth turned negative, but the Federal Reserve still believes the underlying economy remains strong [1] - The volatility in trade statistics, particularly a surge in imports before new tariffs, was a major factor leading to the GDP contraction [1] - Recent indicators suggest that economic activity continues to expand at a robust pace, despite the fluctuations in net exports [1] Group 2 - The new language in the policy statement acknowledges the increased risks associated with rising unemployment and inflation [1]

Core Viewpoint - The Federal Reserve has indicated that the risks of rising unemployment and inflation have intensified [1] Group 1 - The Federal Reserve's committee has assessed that the likelihood of an increase in the unemployment rate has grown [1] - The committee also noted that the risk of inflation rising has become more pronounced [1]