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Nomura: The market accepted that GB200 was lower than expected, and the supply chain turned to GB300 in the second half of the year.
On Wednesday morning, US President Trump posted a comment on the social platform Truth Social, writing:
Interest rates should be lowered, which will complement the upcoming tariff policy! ! ! Let's rock and roll, America! ! !
It is not clear whether he refers to the short-term benchmark interest rate of the Federal Reserve, the yield of 10-year US Treasury bonds, the housing mortgage interest rates, the auto loan interest rate, or all the above interest rates.
Shortly after Trump's comments were published, the United States released January CPI data, and the inflation data in that month exceeded expectations across the board. In January, the year-on-year growth rate of CPI rose to 3%; The chain increased by 0.5%, the largest increase since August 2023, and accelerated for the seventh consecutive month; Core CPI accelerated to 0.4%.
In response to the latest CPI data, Trump posted again, mentioning "BIDEN INFLATION UP" and attacking this higher-than-expected inflation report as "Biden inflation".
Trump's two comments on interest rates and inflation on Wednesday were about an hour apart.
According to the analysis, Trump's move is a hope to avoid potential political dangers at the beginning of his second term. The CPI data in January included 12 days during Trump's tenure. In last year's US presidential campaign, Trump frequently focused on the inflation and cost of living during Biden's administration, and at the same time paid attention to the immigration issue. These are the negative views of the American public on Biden's handling of economic issues.
Multi-response
Hassett, director of the White House National Economic Council, said that whether the Fed participates or not, we will solve the inflation problem in the United States. Interest rates are expected to go down.
White House Press Secretary Karoline Leavitt told reporters in Washington late Wednesday: "US President Trump wants interest rates to fall. I think the situation is much worse than anyone expected, because unfortunately, the last government did not disclose the real situation of the economy. "
Warren, a well-known Democratic Senator in the United States, said in a statement: "President Trump proposed to reduce the cost of working families during his campaign, but today's inflation data highlights his failure to fulfill this promise."
In response to Trump's latest post, Nick Timiraos, a well-known financial journalist known as the "New Federal Reserve News Agency", said:
Some of Trump's economic advisers have recently expressed different views that the Fed needs to completely control inflation before lowering interest rates.
The US Treasury Department said last week that "inflation needs to be further eased to be consistent with the Fed's goals."
Federal Reserve Chairman Powell attended the hearing of the US Congress this week. He said on Tuesday that, given the economic resilience, the Fed did not need to cut interest rates in a hurry. In response to the CPI data released on Wednesday, he said that it is close to but has not yet achieved the long-term inflation target of 2%. In addition, he also mentioned that the Fed may adjust interest rates due to tariffs.
For Trump's latest call for interest rate cuts, the market does not pay the bill. After the CPI data is released, traders will adjust the next Fed rate cut from September this year to December. In contrast, before the CPI report was released, traders tended to cut interest rates twice this year.
The Trump team mentioned the timeline of interest rate cuts.
The CNBC article pointed out that Trump's latest tweet reflects the White House's change in the narrative of monetary policy:
Shortly after Trump took office, he asked for an "immediate" interest rate cut, although he did not directly control the power of the Fed.
A few days later, he said that the Fed's decision to keep interest rates unchanged at its meeting in late January was correct.
A few days ago, the new US Treasury Secretary Bessent said in an interview with the media that the Trump administration paid more attention to the yield of 10-year US bonds than the short-term benchmark interest rate of the Federal Reserve in reducing borrowing costs. When asked if Trump wanted to cut interest rates, Besant said: "President Trump and I are both focused on the 10-year US debt, and he did not pressure the Fed to cut interest rates."
However, Trump's comments on Wednesday showed that he has returned to the position of putting pressure on the Fed and demanding easing policies.
Risk warning and exemption clause
The market is risky and investment needs to be cautious. This paper does not constitute personal investment advice, nor does it take into account the special investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, viewpoints or conclusions in this article are in line with their specific situation. Invest accordingly at your own risk.