美国物价飙涨，经济风雨飘摇：一场关税引发的风暴 美国经济正经历一场由关税引发的价格风暴。从日常用品到奢侈品，从小型企业到大型跨国公司，无一幸免于这场席卷全美的涨价潮。 这并非简单的价格 波动，而是关税政策引发的蝴蝶效应，正将美国经济推向悬崖边缘。 美联储主席鲍威尔紧急预警，关税冲击比预想更猛烈，企业难以承受成本压力，消费者钱包即将被榨干。他坦言，关税政策让美联储陷入"双重使命冲突"： 稳物价和保就业的目标正在相互撕扯。 纽约联储主席约翰·威廉姆斯警告，关税冲击才刚刚开始，并预测关税将在未来12个月内推高通胀约1个百分点。 富 国银行经济学家萨拉·豪斯指出，未来三到六个月是关键时刻，企业库存缓冲消耗殆尽后，新关税成本将完全转嫁给消费者。 前纽约联储主席杜德利发出滞 胀预警，分析当前经济面临增长疲软、通胀高企的组合，而美联储的利率工具对此束手无策。 美联储内部也出现分歧，部分理事主张维持利率不变以遏制 通胀，另一些则认为当前利率过于限制性。 特朗普持续施压降息，进一步加剧了市场的不确定性。 芝加哥期货交易所数据显示，咖啡豆期货价格三个月涨 45%，创2024年以来新高，贸易商仓库里的巴西生豆存货仅够维持两周。 结 ...

Core Insights - Procter & Gamble (P&G) is experiencing a noticeable decline in consumer spending, indicating economic pressure on various income groups [1][2] - The company's net sales for Q4 increased by 2% to $20.9 billion, slightly above market expectations, with earnings per share rising by 17% to $1.48, largely due to a significant restructuring charge [1] - P&G forecasts sales growth for FY2026 to be between 1% and 5%, with earnings per share growth projected at 3% to 9% [1] Consumer Behavior - Consumers are depleting inventories, postponing non-essential purchases, and reducing store visits to avoid buying unnecessary items [1] - Both low-income and high-income consumers are seeking value, but they face different economic constraints [2] Market Conditions - Demand in the U.S. and Western Europe is slowing due to unstable macroeconomic conditions, geopolitical issues, and changing consumer dynamics [2] - P&G anticipates a $1 billion increase in annual costs due to tariffs, a revision from the previous estimate of $1 billion to $1.5 billion [1] Leadership Changes - CEO Jon Moeller will transition to Executive Chairman in January, with COO Shailesh Jejurikar taking over as CEO [2] - Under Moeller's leadership, P&G navigated post-pandemic sales surges and rising costs, with the company's stock price increasing approximately 13% during his tenure [2] Pricing Strategy - Starting this month, P&G will raise prices on about a quarter of its products in the U.S. to offset costs from new tariffs imposed by the Trump administration [2]