活牛 (LiveCattle) 加自选

每周底线：CPI过热+贸易不确定性=美联储延长暂停。美国新政府上任四周后，源源不断的关税令使评估其经济影响感觉像是一项徒劳无功的任务——每次取得进展，新的复杂性都会随之而来。周一，特朗普总统宣布重新征收钢铁和铝关税，最初分别于2018年实施25%和10%。

The Weekly Bottom Line: Hot CPI + Trade Uncertainties = Extended Fed Pause.Four weeks into the new U.S. administration, the continued stream of tariff orders has made assessing their economic impact feel like a Sisyphean task – every time progress is made, new complexities roll in to take its place. On Monday, President Trump announced the re-imposition of steel and aluminum tariffs, originally implemented in 2018 at 25% and 10%, respectively.