Svmuu News: Jeff, a senior macro strategist at Bank of New York Mellon, pointed out that softer U.S. labor market data and improving inflation figures have reduced the urgency for the Federal Reserve to tighten policy further, but this does not resolve the questions of whether the slowdown in growth is within manageable limits or whether policy expectations have been adjusted too far. He said, “The global narrative is becoming less unified.” In the U.S., the question is whether Federal Reserve can remain patient without inflation risks resurfacing; in Europe, the focus of discussion is shifting from urgent inflation management to issues such as economic growth, fiscal credibility, and defense funding. (Jin Shi)