Core Viewpoint - The strength of the US dollar amidst bond market volatility indicates that investors still have confidence in the "American exceptionalism" narrative, believing that the US economy is better equipped to handle crises compared to other economies [1] Economic Outlook - The extent to which the Federal Reserve will yield to political pressure remains uncertain, especially as current economic conditions increasingly justify a more accommodative monetary policy [1] - A weak employment report could provide the Federal Reserve with sufficient reasons to consider interest rate cuts [1] - The clarity of the Federal Reserve's independence will only become apparent if inflation rises, necessitating tighter monetary policy [1] Inflation and Tariffs - As long as inflation remains moderate and the US economy continues to weaken, market participants may continue to "paint a rosy picture" regarding potential interest rate cuts by the Federal Reserve [1] - The situation may become more complicated when tariffs start to have a stronger impact on US prices [1]

日本央行行长植田和男：紧缩的货币对需求驱动型通胀有效，但当前通胀主要是由供给驱动。 ...

Core Viewpoint - The Central Bank of Turkey will maintain a tight monetary policy stance until price stability is achieved through sustained inflation decline [1] Group 1 - The Central Bank emphasizes the importance of controlling inflation to ensure economic stability [1] - The commitment to a tight monetary policy indicates a proactive approach to managing economic challenges [1] - The focus on sustained inflation decline suggests a long-term strategy rather than short-term fixes [1]

Core Viewpoint - The Norwegian central bank's committee believes that a tightening monetary policy is still necessary, but it is now appropriate to cautiously normalize the policy interest rate [1] Group 1 - The committee emphasizes the need for a tightening monetary policy [1] - The decision to normalize the policy interest rate is seen as a cautious approach [1]

Group 1 - The core viewpoint is that the strengthening of the ruble is partially attributed to insufficient economic demand and the effects of a tight monetary policy [1]

Core Viewpoint - The Central Bank of Russia indicates that its tight monetary policy has a particularly significant impact on the decline of non-food commodity prices, notably through the appreciation of the ruble [1] Group 1 - The tight monetary policy of the Central Bank of Russia is aimed at controlling inflation and stabilizing the economy [1] - The appreciation of the ruble is a key factor contributing to the decrease in non-food commodity prices [1]

Core Insights - The Central Bank of Russia indicates that the tightening monetary policy is increasingly impacting demand, leading to a reduction in inflationary pressures [1] Group 1 - The tightening of monetary policy is showing clear effects on demand [1] - Inflationary pressures are diminishing as a result of the current monetary policy stance [1]

Core Viewpoint - The Central Bank of Russia indicates that the tightening monetary policy has led to a slowdown in credit growth to a balanced level, along with signs of inflation easing [1] Group 1 - The tightening of monetary policy has resulted in a deceleration of credit growth [1] - There are emerging signs of inflation retreating in the economy [1]