According to reports from Jinshi data, the China International Capital Corporation (CICC) research report indicates that if tariffs are further reduced, the Federal Reserve may lower interest rates. Despite strong non-farm payroll data in April and resilient ISM manufacturing and services PMIs, the Federal Reserve currently lacks sufficient reasons for a preemptive response. Powell's term will end in May next year, and there is a significant risk of an overreaction. Therefore, the Federal Reserve may choose to wait and see amid the 'dilemma' of inflation and growth. However, if tariff risks can be further reduced, the Federal Reserve may lower interest rates in the third or fourth quarter to alleviate growth pressures.