美国经济展望：缓慢增长、顽固通胀与风险管理型降息-US Economics Outlook Slow Growth, Firm Inflation, and Risk Management Rate Cuts

September 2025 Michael Gapen Chief US Economist Michael.Gapen@morganstanley.com +1 212 761-0571 Sam Coffin Economist Sam.Coffin@morganstanley.com +1 212 761-4630 Diego Anzoategui Economist Diego.Anzoategui@morganstanley.com +1 212 761-8573 September 3, 2025 07:56 PM GMT M O R G A N S T A N L E Y R E S E A R C H North America Sept 3, 2025 US Economics Outlook: Slow Growth, Firm Inflation, and Risk Management Rate Cuts | US Economic Outlook | 4Q/4Q % change | | | | | Quarterly % change, annual rate | | | | | ...