专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是"耻辱" 美元在美国最高法院否决特朗普政府的广泛全球关税后下跌。早些时候，美元在个人消费支出等一系列 美国经济数据公布后持稳。 彭博美元即期指数在最高法院裁决后下跌0.1%，收窄本周涨幅。 "市场对最高法院裁决的即时反应是美元下跌，"BMO Asset Management的Bipan Rai表示。"我们不认为 这会在长期构成重大转变，因为白宫可能会采取其他措施来弥补收入损失。" 特朗普在周五下午的发布会上批评最高法院的裁决，承诺寻找替代方式推进关税计划。 对美伊紧张局势升温的担忧也支撑了对美元的避险需求。 受创纪录时长的政府停摆影响，GDP数据逊于预期。 美元/日元上涨0.1%，至155.15； 美元/墨西哥比索下跌0.7%，至17.1411； 欧元/美元上涨0.1%，至1.1779； 此前数据显示欧元区私营部门活动表现超出预期，制造业创下2022年以来最佳表现，欧元自日内低点反 弹。 对美伊紧张局势升温的担忧也支撑了对美元的避险需求。 受创纪录时长的政府停摆影响，GDP数据逊于预期。 澳元/美元上涨0.3%，至0.7078； 新西兰元/美元报0.59 ...

投资方面，市场预计私人固定资产投资在第四季度温和增长，但政府支出和住宅投资仍面临压力。高盛 的经济学家预计，受政府停摆影响，第四季度政府支出较第三季度折合成年率下降17.5%，这可能对 GDP形成多达1.1个百分点的负面拖累。 贸易因素同样对第四季度经济增长构成压力。根据美国人口普查局周四公布的数据，12月美国贸易逆差 扩大至703亿美元，高于11月的530亿美元，主要受进口增加、出口下降共同影响。Nationwide金融市场 经济学家Oren Klachkin指出，2025年关税政策令贸易流向大幅波动，尤其体现在进口端，但从全年看， 贸易逆差仅同比收窄21亿美元，降幅约0.2%。 分析认为，不同预测之间的分歧，部分源于对贸易流向持续变化以及政府停摆影响的判断差异。自10月 1日开始、持续43天的政府停摆为美国历史上最长一次，期间联邦支出受到明显抑制，对第四季度GDP 形成拖累。 从结构来看，消费支出仍是第四季度经济增长的主要动力，但势头有所放缓。零售销售数据显示，消费 活动的回升主要集中在10月和11月，12月则趋于持平。Pantheon Macroeconomics美国高级经济学家 Oliver Alle ...

国土安全部停摆的影响将比较有限，但慢慢会有所增强。与2025年底创纪录的43天政府关门不同，美国 大多数部门的经费都能维持到9月30日。此外，超过90%的国土安全部员工被认为是必要人员，将在停 摆期间继续工作。 这意味着，在该部门停摆期间，移民突击检查、公民身份办理、机场安保、网络安全和海岸警卫队活动 将继续。不过，移民与海关执法局(ICE)和海关与边境保护局(CBP)以外的工作人员，工资将不会在两周 后到帐了。这可能导致服务延迟，以及最终美国机场安检排起长队。 "政府将继续寻求真诚的两党解决方案，以完成拨款程序，避免再次出现破坏性的政府停摆，"白宫管理 和预算办公室主任Russ Vought在一份备忘录中写道，并在该备忘录中指示该部门开始实施停摆方案。 由于此次经费不足仅限于国土安全部，市场倚重的经济数据则不会受到影响，国防承包商也不会面临付 款延迟。空中交通管制员也将照常上班，而2025年正是他们的无薪缺勤引发了大范围航班取消，帮助形 成了迫使政府停摆终结的压力。 此外，Vought强调，移民和边境安全已经从特朗普减税法案中获得了"充足的经费"。 随着国会在拨款问题上陷入僵局而且没有很快能够结束的迹象，美 ...

中新网2月14日电 据美国哥伦比亚广播公司(CBS)报道，由于美国国会未能就拨款达成一致，国土安全 部于当地时间14日开始停摆。国会山的僵局持续，导致机场和其他国土安全部下属机构的联邦雇员陷入 困境，前途未卜。 报道称，根据国土安全部2025年9月的资金短缺应对计划，绝大多数国土安全部员工在政府停摆期间， 将不会获得工资，但停摆结束后将获得补发工资。 运输安全管理局隶属于国土安全部，因此美股机场的安检员工将不得不无薪工作，旅客最终可能会遇到 更长的安检排队时间。如果政府停摆超过两周，有人担心一些员工可能会请病假，以便去做一些能挣钱 的临时工作。 民主党人提出了一系列要求，希望特朗普政府限制对移民的打击力度，以此换取民主党对国土安全部资 金的支持，但未能与共和党人达成协议。 2026年1月，联邦执法人员在明尼阿波利斯枪杀了蕾妮·古德和亚历克斯·普雷蒂之后，民主党人希望要求 对执法人员进行司法搜查令审查，限制联邦特工蒙面，制定新的武力使用标准，停止在未核实其是否为 美国公民的情况下进行拘留，以及停止基于种族、语言、口音或职业进行搜查。 由于2025年的"大而美法案"为移民和海关执法局(ICE)拨款750亿美元，预 ...

转自：智通财经 智通财经2月14日讯（编辑 潇湘）白宫已下令美国国土安全部正式开始执行停摆程序，原因是该部门的 国会拨款已于当地时间2月14日0时(北京时间2月14日13时)到期——这也是美国政府部分机构在过去六 个月中第三次陷入停摆…… 国土安全部是当前美国职员人数第三多的联邦政府部门，人员总数仅次于国防部和退伍军人事务部。该 部门成立于于2001年"9·11"恐怖袭击后，主要职责包括了边境执法、移民事务、灾害应对、机场安保、 以及防止恐怖活动等。 据悉，此次最新的停摆，将影响到国土安全部除移民和边境执法以外的职能。由于去年七月美国国会通 过的大而美法案提供了多年期资金，上述两项职能目前仍能得到保障。 不过，其他不少安全敏感型岗位也将被视为"必不可少"，相关雇员预计将在无薪的情况下照常到岗工 作。 知情人士表示，虽然停摆在当地时间午夜已正式生效，但许多国土安全部员工已被指示，在其下一个常 规班次日报到并开始"有序停摆"——对于大多数员工来说，这将在周一总统日假期后的周二进行。 按照日程安排，美国众议院和参议院预计要到2月23日才会复会，这增加了国土安全部至少停摆10天的 可能性。不过，部分国会领袖已表示，如 ...

A partial U.S. government shutdown after midnight on the East Coast appears unavoidable, as the House and Senate have left Washington without providing full funding for the Department of Homeland Security. ...

Core Viewpoint - The visit of Homeland Security Secretary Kirstjen Nielsen to the southern border of California was overshadowed by protests and noise, highlighting the contentious atmosphere surrounding border security and drug enforcement efforts under the Trump administration [1][3]. Group 1: Event Details - Secretary Nielsen's press conference lasted approximately 20 minutes, during which she struggled to be heard over the loud sirens and protest chants from the crowd [1]. - Protesters were heard shouting "shame! shame! shame!" prior to and during Nielsen's speech, indicating significant public dissent [1][3]. - The presence of multiple law enforcement vehicles and the sound of sirens were likely employed by local authorities to drown out the protests [3]. Group 2: Political Context - The backdrop of Nielsen's speech included boxes and bags that appeared to contain illegal drugs seized by the government, emphasizing the focus on drug enforcement [3]. - Following ongoing protests against federal actions on illegal immigration, some Democratic members of the House and a few Republican senators called for Nielsen's resignation or impeachment [3]. - President Trump defended Nielsen's performance, asserting that she was doing a "fantastic job" and claimed that the border is now "completely secure" [3]. Group 3: Legislative Developments - On February 12, the U.S. Senate failed to advance a funding bill for the Department of Homeland Security, which is facing a potential shutdown as temporary funding is set to expire [4].

TSA agents may have to work without pay. ...

Financial Data and Key Metrics Changes - In Q4 2025, sales reached $1,231.9 million, a 2.8% increase from the previous year, including a 1.4% organic growth and a $15.6 million unfavorable foreign currency impact [5][34] - Operating income (OI) for the quarter was $255.2 million, unchanged from last year, with an OI margin of 21.5%, down 60 basis points from the previous year [6][35] - Overall quarterly EPS was $4.94, up from $4.82 recorded last year, marking a consistent dividend payment since 1939 [7][34] Business Line Data and Key Metrics Changes - The Commercial and Industrial (C&I) Group reported sales of $398.1 million, up 5% year-over-year, driven by strong performances in critical industries and power tools [17][38] - The Tools Group had quarterly sales of $505 million, slightly down from $506.6 million last year, but OI increased to $107.3 million, with an OI margin of 21.2% [23][41] - The Repair Solutions and Information (RS&I) Group saw sales of $467.8 million, up $11.2 million compared to 2022, marking the fifth consecutive quarter of growth [27][42] Market Data and Key Metrics Changes - The automotive repair market remains favorable, with the average age of vehicles at 12.8 years, leading to increased demand for repairs [8][9] - The C&I Group faced challenges from international headwinds, including the impact of the Ukrainian war and fluctuations in the Chinese economy [15][39] - The tools segment experienced a mix shift towards shorter payback items, which helped maintain margins despite a turbulent environment [23][41] Company Strategy and Development Direction - The company is focused on continuous investment in product development, brand building, and enhancing its workforce to maintain competitive advantages [4][17] - Snap-on is leveraging its proprietary databases and machine learning to improve repair processes and shop productivity [12][29] - The company aims to capitalize on the growing demand for vehicle repair and the complexity of modern vehicles, positioning itself well for future growth [10][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of markets despite ongoing challenges such as tariffs and government shutdowns [4][52] - The company anticipates that the uncertainty in the market will eventually thaw, allowing for continued growth and investment [52][53] - Management highlighted the importance of their advantages in product, brand, and people as key drivers for future success [53][54] Other Important Information - The company raised its dividend by 14% in November, marking the 16th consecutive year of increases [7] - Financial services revenue for the quarter was $108 million, reflecting an increase due to an additional week of interest income [37][44] - The company reported a year-end cash position of $1,624.5 million, up from $1,360.5 million at the end of 2024 [50] Q&A Session Summary Question: Regarding the Tools Group's performance - Management noted that the Tools Group's performance was affected by external factors such as tariffs and government shutdowns, but they observed some positive trends in gross margins [58][60] Question: Insights on diagnostics and other subsegments - Management indicated that diagnostics were down due to inherent lumpiness in sales, with a mix of higher and lower-priced items affecting overall performance [71][73] Question: Outlook for critical industries - Management expressed optimism for continued growth in critical industries, supported by an expanding array of custom kits and recovering military business [75] Question: Power tool strength and future impacts - Management highlighted the strong performance of new power tools and indicated that product launches tend to have lasting impacts on sales momentum [76][77]

Group 1 - The U.S. House of Representatives passed a significant funding bill to end a partial government shutdown, with a vote of 217 in favor and 214 against, which will be sent to President Trump for signing into law [2] - The funding bill will provide financial support to various federal departments until September 30, the end of the fiscal year, with the exception of the Department of Homeland Security, which will receive funding for only two weeks to allow for further negotiations [2] - The final deadline for funding the Department of Homeland Security is set for February 13 [2] Group 2 - Current silver prices have broken through the resistance levels of $87.00 to $88.00, and if the price successfully surpasses $88.00, it may reach the next resistance level between $95.00 and $96.00 [2] - Support levels for silver are noted at $81.30 and $78.00, while resistance levels are at $89.50 and $96.00 [2]