Group 1 - The Federal Reserve is adjusting its overall policy framework to address significant changes in inflation and interest rate outlook since the pandemic in 2020 [1] - The current framework was adopted five years ago, and an evaluation process began this year, which is expected to be completed by August or September [1] - Powell indicated that the "real" interest rates adjusted for inflation have risen since the pandemic, which may impact the current framework [1] Group 2 - Powell mentioned the possibility of entering a period of more frequent and potentially persistent supply shocks, posing challenges for the economy and the central bank [1] - The framework must be adaptable to various situations, and there is a need to reconsider the communication regarding labor market conditions [1] - The Federal Reserve may significantly modify its strategy, which initially aimed to tolerate higher inflation to strengthen the labor market [1] Group 3 - Powell did not discuss current monetary policy or economic outlook during his speech [2] - He projected that the personal consumption expenditure price inflation for April would decrease to 2.2%, although this may not reflect upcoming tariff-driven price increases [2] - Some of the Federal Reserve's practices, such as focusing on inflation expectations, are considered permanent [2]

与此同时，鲍威尔还透露，美联储正在调整其总体政策制定框架，以应对2020年疫情后通胀和利率前景的重大 变化，计划在未来几个月内完成对该框架具体修改的审议。 随着美国4月CPI数据延续降温态势，市场关注点转向美联储是否会重新启动降息。目前华尔街分析人士普遍 预计，未来几个月关税政策所驱动的价格上涨趋势或将更加明显，使得美联储在降息方面保持犹豫。 鲍威尔发声 北京时间5月15日晚间，美联储主席鲍威尔在华盛顿特区举行的托马斯·劳巴赫研究会议的演讲中表示，随着经 济和政策不断变动，长期利率可能会走高。 据美联储官网发布的演讲稿，鲍威尔表示："实际利率上升也可能反映出，未来通胀可能会比21世纪10年代两 次危机之间的时期更加波动。我们可能正在进入一个供应冲击更频繁、可能更持久的时期——这对经济和央行 来说都是一个艰巨的挑战。" 他还强调，重新考虑平均通胀目标是合适的。稳固通胀预期对美联储所做的一切都至关重要。在巨大的冲击 中，必须传达对通胀前景的不确定性。 值得一提的是，在此之前，鲍威尔曾多次提到政策变化可能使美联储陷入支持就业和控制通胀之间的艰难平 衡。虽然鲍威尔在今天的讲话中没有提到特朗普的关税，但他最近已经指出， ...