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  汇通财经APP讯——美联储周三(4月23日)发布的褐皮书报告释放重磅信号:特朗普政府加征关税政策正在全美引发连锁反应,多地物价快速上涨,经济活动明显放缓。这份基于12个地区联储调查的最新报告显示,企业和家庭正艰难应对贸易政策突变带来的混乱局面,经济不确定性激增至前次报告的两倍(提及达80次),107处直接关联关税影响。

  各行业拉响警报,滞胀阴云笼罩

  消费端抢购与价格乱象

  报告捕捉到关税生效前的“抢购潮”,民众争相购买进口汽车等商品。但伴随而来的是企业定价混乱——芝加哥联储辖区机械制造商被迫每日调价,里奇蒙联储咖啡烘焙商遭遇“历史性成本上涨”,金属板材制造商因钢铁关税陷入订单荒。

  投资冻结与裁员暗流

  多地区出现投资决策瘫痪:军事装备制造商直言环境“过于混乱”而暂停投资;建筑业预计需求将因关税成本骤降。更严峻的是,亚特兰大、圣路易斯联储均报告企业酝酿裁员,旧金山联储证实各行业已出现实际裁员行动,“工资与物价齐涨”的滞胀苗头开始显现。

  地区经济集体失速

  克利夫兰:建筑业短暂繁荣后需求或将“断崖式下跌”。

  里奇蒙:企业面临“史诗级成本压力”与订单不确定性。

  旧金山:进口商品价格压力蔓延至全行业。

  总结:美联储按下暂停键,降息预期升温

  面对这场“关税冲击波”,美联储选择观望。尽管5月会议大概率维持利率不变,但市场已押注6月启动降息。褐皮书中“前景显著恶化”的警告与鲍威尔对此报告的重视,暗示政策转向可能早于预期。当报告提及不确定性的次数飙升至80次,美国经济这辆疾驰的列车,或许正被迫拉起手刹。

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