Institutional analysis: Trump's tariff policy is expected to have a moderate impact on the US April PCE.

Institutional analysis indicates that the market expects the US core PCE price index for April to increase by 0.1% compared to March. Economists generally believe that although the impact of President Trump's tariffs on price data in April will be mild, the effects of trade policies are expected to become more apparent next month. Given that there are no clear signs of deterioration in the current job market, Federal Reserve officials are inclined to keep interest rates steady until the effects of trade policy adjustments are fully reflected in economic data.