Odaily星球日报讯 美联储主席鲍威尔表示，潜在的关税可能会对通胀产生持续影响，美联储做好了等待考虑调整的准备，必须确保价格上涨不会导致持续的通胀，关税对经济的影响可能比预期更大，美联储有义务保持通胀预期稳定，关税可能在未来几个季度抬高通胀；持续影响也有可能出现。（金十）

Odaily星球日报讯 美联储主席鲍威尔表示，潜在的关税可能会对通胀产生持续影响，美联储做好了等待考虑调整的准备，必须确保价格上涨不会导致持续的通胀，关税对经济的影响可能比预期更大，美联储有义务保持通胀预期稳定，关税可能在未来几个季度抬高通胀；持续影响也有可能出现。（金十）

美联储主席鲍威尔：潜在的关税可能会对通胀产生持续影响

<Odaily> Planet Daily News: Federal Reserve Chairman Powell stated that potential tariffs may have a lasting impact on inflation. The Federal Reserve is prepared to wait and consider adjustments, and must ensure that price increases do not lead to persistent inflation. The impact of tariffs on the economy may be greater than expected. The Federal Reserve is obligated to maintain stable inflation expectations. Tariffs may raise inflation in the coming quarters, and a continuous impact is also possible. (Jintian)

<Odaily> Planet Daily News: Federal Reserve Chairman Powell stated that potential tariffs may have a lasting impact on inflation. The Federal Reserve is prepared to wait and consider adjustments, and must ensure that price increases do not lead to persistent inflation. The impact of tariffs on the economy may be greater than expected. The Federal Reserve has an obligation to maintain stable inflation expectations. Tariffs may raise inflation in the coming quarters, and a continuous impact is also possible. (Jintian)

Fed Chairman Powell: Potential tariffs could have lasting impact on inflation

<Odaily> Planet Daily News: Federal Reserve Governor Brainard stated that the latest data suggests progress towards the 2% inflation target may have stalled. Given stable economic activity and employment, she supports maintaining the current policy interest rate as long as upside inflation risks persist. Inflation expectations are rising, and upcoming policy changes pose upward risks to inflation. Fortunately, the increase in long-term inflation expectations has been modest so far. Due to recent high inflation, consumers may be more sensitive to potential further price increases. Labor market indicators show continued slowdown, but not a significant weakening. (Jinshi)

Fed's Kugler: Anti-inflation process may have stalled

<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

If the response to tariffs is reciprocal retaliatory tariffs, the result will be broader stagflation.
Author: Ray Dalio
Compiled by: <TechFlow>
Tariffs are a tax that serves the following purposes:
1) Increasing revenue for the country imposing the tariffs, with the tax burden shared between foreign producers and domestic consumers (the specific proportion depends on their relative elasticity), making tariffs an attractive form of taxation;
2) Reducing global production efficiency;
3) Having a stagflationary effect globally, with a more deflationary effect on the countries subject to tariffs, while for the importing countries implementing tariffs...