Core Viewpoint - The U.S. government policies, including trade, have not harmed the U.S. economy, and the effects of related adjustments will take time to manifest [1] Group 1 - The statement emphasizes that current government policies are not detrimental to economic performance [1] - It suggests that the impacts of policy changes will require a longer time frame to become evident [1]

Core Viewpoint - The Federal Reserve is in a precarious situation where its dual mandate of full employment and price stability may conflict with each other [1] Group 1: Federal Reserve's Challenges - Principal Asset Management's Chief Global Strategist Seema Shah indicates that the uncertainty surrounding U.S. government policies will significantly influence the timing and magnitude of changes in the economy [1] - The strong stance taken by Trump on tariffs has exacerbated the Federal Reserve's difficult position, leaving it with limited options [1] - There is a necessity for interest rate cuts, but the Federal Reserve may need to wait until the end of the third quarter for an opportunity to act [1]