For the first time in 30 years, two Federal Reserve governors voted against
#降息倒计时 Governor Waller:
1. Interest Rate Levels: Interest rates should be lowered by the end of this month; if a rate cut occurs in July, further cuts may follow, as the Federal Reserve no longer needs to maintain a restrictive monetary policy stance; taking action in September or later may risk falling behind the situation.
2. Economic Levels: The risks facing the economy are increasingly rising; inflation driven by tariffs is unlikely to create sustained price pressures; data shows the job market is in a 'marginal state'.
3. Tariff Impact: Tariffs only temporarily raise price levels and do not lead to sustained inflation; if a 10% tariff persists, it will only increase inflation by 0.75% to 1%; the costs from import taxes will be shared among three parties: consumers will bear one-third, while the remainder will be split between foreign goods producers and importers.
4. Central Bank Independence: He stated, 'I have never seen a central bank official in my lifetime who does not value this principle.'
5. Trump-related Statements: Waller expressed willingness to serve as Federal Reserve Chair, but has not yet engaged with Trump administration officials regarding the position; the interest rate stance is 'not politically motivated'.
Governor Bowman:
1. Interest Rate Levels: The timing for a rate cut seems to be approaching; it is time to consider adjusting the policy rate.
2. Inflation Levels: Inflation appears to be steadily returning to the 2% target level; the underlying trend of core PCE inflation is closer to the 2% target than current data suggests.
3. Job Market: Current performance remains robust, but there are growing concerns about future trends; considering some signs of weakness in the labor market, the downside risks to fulfilling employment mandates may soon become more pronounced.
4. Tariff Impact: The impact of trade policy on inflation is expected to be 'minimal'; the upward pressure on goods prices from higher tariffs is being offset by other factors.
5. Central Bank Independence: The ability of the central bank to formulate monetary policy free from political interference is 'crucial'.
6. Trump-related Statements: Trump's policy mix may have a positive impact on economic prospects; deregulation, reduced corporate tax burdens, and a more business-friendly environment could enhance supply, essentially offsetting negative effects on economic activity and prices.