Odaily星球日报讯 美联储前副主席、现任 Pimco 全球经济顾问克拉里达撰文回顾了其在 2018-2019 年特朗普第一任期内的经验，并分析了 2025 年美联储可能面临的挑战。尽管通胀预期目前看似稳定，但关税政策可能不及预期且其不确定性或对经济增长构成阻力，可能使通胀意外明显下降，进而影响货币政策决策。（金十）

Odaily星球日报讯 美联储前副主席、现任 Pimco 全球经济顾问克拉里达撰文回顾了其在 2018-2019 年特朗普第一任期内的经验，并分析了 2025 年美联储可能面临的挑战。尽管通胀预期目前看似稳定，但关税政策可能不及预期且其不确定性或对经济增长构成阻力，可能使通胀意外明显下降，进而影响货币政策决策。（金十）

美联储前副主席：市场可能低估今年通胀降温的潜力

Odaily Odaily News reports that Richard Clarida, former Vice Chairman of the Federal Reserve and current Global Economic Advisor at Pimco, has written an article reflecting on his experience during President Trump's first term from 2018-2019, and analyzing the challenges the Federal Reserve may face in 2025. While inflation expectations currently appear stable, tariff policies may underperform expectations and their uncertainty could pose a drag on economic growth, potentially leading to a significant downside surprise in inflation, which could impact monetary policy decisions. (Jinshi)

Former Fed Vice Chairman: Markets may underestimate the potential for inflation to cool this year

Odaily Odaily News reports that Federal Reserve Chairman Harma stated that maintaining a stable interest rate for some time may be appropriate, and it would be better to take time to assess the impact of tariffs. A patient interest rate policy will give the Federal Reserve time to assess the economic situation. The Federal Reserve is well prepared to respond to changes in the economy. The risk of inflation is currently tilted to the upside, and it is unclear whether inflation will continue to decline to 2%. The economic situation is good, and the job market is stable. (Gold Ten)

Fed's Hammack: Keeping interest rates stable for a while may be appropriate

Here is the English translation, with the content within <> retained without translation:

Former U.S. Treasury Secretary: This round of rate cut cycle may have ended
Inflationary pressure stems from wages rising more than expected
Powell: The Federal Reserve is not in a hurry to cut rates

After criticizing the U.S. for over-stimulating policies that could lead to the worst inflation in history (and later proved to be right) in 2021, former Treasury Secretary <Ren Summers> warned again today that the risk of runaway inflation is quietly approaching.

Former U.S. Treasury Secretary: This round of rate cut cycle may have ended
<Ren Summers> warned that the current inflation is facing the most serious challenge since the policy missteps in 2021 that ignited inflation...

Summers, former U.S. Treasury Secretary, warns: Out-of-control inflation may break out again, and this round of Fed rate cuts may be over

Odaily Odaily News reports that Federal Reserve Chair Williams stated that GDP is expected to grow 2% in 2025 and 2026, and the US economy is in good condition. Due to the impact of government policies, the economic outlook is highly uncertain. The US unemployment rate should be maintained between 4% and 4.25%. The Federal Reserve has made significant progress in reducing inflation; monetary policy is fully prepared to achieve the Federal Reserve's goals; a moderately restrictive policy should be able to reduce the inflation rate to 2%; inflation is expected to remain around 2.5% this year and reach 2% in the coming years.

Former Fed Vice Chairman: Markets may underestimate the potential for inflation to cool this year

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