Good morning. President Donald Trump lashed out at Fed chair Jay Powell yesterday after Powell emphasised the risks posed by tariffs in a speech on Wednesday. Before Trump, it would have been unusual, and even alarming, for a president to openly rail against the Fed chair. But the market seems to be well prepared for such skirmishes: the S&P 500 was flat yesterday, and yields on the 10-year Treasury only ticked up 5 basis points.
早上好。美国总统唐纳德•特朗普(Donald Trump)昨日抨击了美联储主席杰伊•鲍威尔(Jay Powell)，此前鲍威尔在周三的演讲中强调了关税带来的风险。在特朗普之前，总统公开指责美联储主席是罕见甚至令人担忧的。但市场似乎对此类争执已有充分准备：标普500昨日持平，10年期美国国债收益率仅上升了5个基点。
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