Odaily星球日报讯 美联储副主席杰斐逊拒绝透露特朗普政府的全面关税将如何影响他对经济和货币政策前景的看法的任何细节，尽管他似乎暗示了其可能对经济增长产生抑制作用的一些担忧。“贸易仍存在很大的不确定性，这种不确定性当然会给家庭和企业投资带来压力，”杰斐逊回答有关贸易政策的问题时表示。他说，他不仅在评估贸易政策的影响，还在评估所有新政策的净影响，包括财政、移民和监管。“我们现在的处境是，抽出时间仔细考虑它们的影响是很重要的。”（金十）

Odaily星球日报讯 美联储副主席杰斐逊拒绝透露特朗普政府的全面关税将如何影响他对经济和货币政策前景的看法的任何细节，尽管他似乎暗示了其可能对经济增长产生抑制作用的一些担忧。“贸易仍存在很大的不确定性，这种不确定性当然会给家庭和企业投资带来压力，”杰斐逊回答有关贸易政策的问题时表示。他说，他不仅在评估贸易政策的影响，还在评估所有新政策的净影响，包括财政、移民和监管。“我们现在的处境是，抽出时间仔细考虑它们的影响是很重要的。”（金十）

美联储副主席杰斐逊：贸易政策仍存在很大不确定性，需要时间评估

<Odaily> Planet Daily News: Federal Reserve Vice Chairman Jefferson refused to disclose any details about how the comprehensive tariffs of the Trump administration would affect his views on economic and monetary policy prospects, although he seemed to imply some concerns about its potential suppressive effect on economic growth. "There is still great uncertainty in trade, which certainly puts pressure on household and business investments," Jefferson said when answering questions about trade policy. He said he was not only assessing the impact of trade policies but also evaluating the net impact of all new policies, including fiscal, immigration, and regulatory policies. "Our current situation is that it is important to take the time to carefully consider their impact." (Jinshi)

Federal Reserve Vice Chairman Jefferson: There is still great uncertainty in trade policy and it takes time to evaluate

<Odaily> Planet Daily News: Federal Reserve Board member Adriana Kugler stated early Thursday morning that maintaining the current interest rate level is appropriate before inflation upside risks subside. In her pre-prepared remarks, she pointed out that changes in government policies, the recent stagnation of inflation cooling, and rising inflation expectations are key reasons for maintaining policy patience. "As long as inflation upside risks persist and economic activity and employment remain stable, I will support maintaining the current policy interest rate." Although theoretically, one-time tariffs should have a short-term impact on inflation, their impact could be more lasting if they affect multiple economic sectors and further push up inflation expectations. Data shows that inflation levels have improved little recently after reaching a 40-year high in 2022. The University of Michigan survey indicates that consumer long-term inflation expectations rose to a 32-year high in March. Kugler emphasized the importance of stabilizing inflation expectations, noting recent increases in both short-term and long-term inflation expectations. (Jinshi)

Fed Governor: Tariff impact may be more lasting, supports keeping policy unchanged

Odaily Planet News: IG analysts in a report stated that if the United States announces tariffs tonight and trade policies remain unclear, the prices of risk assets may further decline. They mentioned that investors are still "uncertain about the scope, scale, and targets of these measures. The lack of transparency has intensified investor anxiety, pushing gold prices to record highs." The United States is facing factors such as manufacturing slowdown, rising inflation pressure, and weak consumer spending, which complicate the role of the Federal Reserve. The global markets are currently in a stalemate, but once tariff policies are announced, they will face "significant fluctuations," with potential major volatility in stock markets, foreign exchange markets, and commodity markets. (Jinshi)

Analysis: Risk asset prices could fall further if US tariff uncertainty persists

<AR>Mars Finance News</AR>, on April 2, Trump will announce his reciprocal tariff policy at an event in the White House Rose Garden. Several industry analysts have expressed their views on the upcoming tariff content and market fluctuations.

Ethan Harris, former Chief Economist at Bank of America: Trump's so-called "Liberation Day" is likely just one of many steps in the ongoing trade war, unlikely to provide the clarity investors, businesses, and households desire. Even if the trade war ends, the US economy will still weaken due to other policy aspects, such as government spending and employment cuts.

Garrett Melson, Portfolio Strategist at Natixis: The fact is that market sentiment has been dampened, and positions remain quite light. I don't think we'll get the clarity investors and business leaders want. We've spent a lot of time discussing tariffs, but more importantly, we're facing an economy that isn't running at full capacity. Investors are waiting and watching.

Chris Weston, Research Director at Pepperstone: We're about to enter Trump's spotlight moment, with many having deleveraged and trying to remain as stable or neutral as possible in stocks, dollars, and US Treasuries. While theoretically, a 20% comprehensive tariff rate would be seen as net positive for the dollar, the market is most concerned about whether tariffs will accelerate the risk of stagflation in the US economy.

Vasoo Menon, Managing Director of Investment Strategy at OCBC Bank: Trump calls April 2 Liberation Day, but investors are unlikely to truly be relieved from tariff uncertainty. If other countries take retaliatory actions, Trump might double down - a possibility that could continue to make investors nervous.

Jim Reid, Analyst at Deutsche Bank: Trump will announce high tariffs, with other countries likely responding with their own retaliatory measures, a prospect that heightens inflation concerns. Investors are worried that US tariffs will be met with retaliatory actions, which could lead to further escalation as the US seeks to respond.

Wells Fargo Economists: "Preventive" measures before tariffs and efforts to reduce import risks have pushed up the manufacturing price index, while ongoing uncertainty is suppressing potential demand, leaving manufacturers eager to know the specific tariff plans.

Carol Kong, FX Strategist at Commonwealth Bank of Australia: The market will be tense before Trump announces tariffs. Market sentiment will be influenced by further tariff news, which in turn will drive exchange rates before major announcements are made. <ONG>Jinshi</ONG>