US market outlook: Fed Vice Chairman Jefferson expects inflation to be depressed even if interest rates are maintained, the Dow average starts at 257 dollars higher

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FRB Vice Chairman Jefferson expects inflation to be depressed even if interest rates are maintained
Vice Chairman Jefferson of the US Federal Reserve (FRB) indicated the prospect that inflation will continue to slow even if policy interest rates remain unchanged at current levels. However, it was also pointed out that if upward pressure on prices continues strongly, maintaining high interest rates for a longer period of time is justified.

IMF strengthens warning to US — points to rising spending and debt
On the 16th, the International Monetary Fund (IMF) pointed out that the strong performance of the US economy, which has recently stood out among developed countries, is partly brought about by unsustainable fiscal policies, and criticized the US policy unusually directly.

Tesla cuts personnel, modulates global EV market with “super low prices” in China
The global electric vehicle (EV) market is modulating. rice $Tesla(TSLA.US)$It was announced on the 15th that it will reduce the number of employees by 10% or more worldwide. The price competitiveness of Chinese EVs, which hold 50% of sales share, stands out and separates Western manufacturers. Amid the US-China confrontation, China, which controls the supply chain (supply network), is taking the lead, and the United States may be pressured to revise its decarbonization strategy itself.
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US Tesla cuts employees by over 10% worldwide due to sluggish sales

BoFA, trading income and profits exceed expectations - expenses increase
$Bank of America(BAC.US)$In January-March (first quarter), trading revenue exceeded analysts' expectations amid heightened volatility. Net interest income also exceeded expectations, but expenses also increased more than expected.

UBS raises quarterly net interest income forecasts for two major divisions
Swiss financial giants $UBS Group(UBS.US)$ On the 16th, net interest rate income (NII) for the first quarter combined with the wealth management division and the individual/corporate banking division was shown to grow in the first half of the single-digit range, and conventional guidance on both core business divisions was raised.

ECB interest rate cuts will be 3 times this year, and the outlook for Deutsche Bank and Morgan S recedes
Deutsche Bank and Morgan Stanley have both lowered the European Central Bank (ECB) interest rate cut forecasts, and are expected to implement only 3 times by the end of the year. The economist at Deutsche Bank, led by Mark Wall, described in the report that “the ECB's basic scenario is being updated to a more gradual and uncertain mitigation cycle.” Until now, it was anticipated that interest rates would be cut by 0.25 points 5 times by the end of the year. Furthermore, it continued that “the terminal rate forecast will be maintained, but it will be delayed by 3 quarters from the previous forecast.”

Distributor: Nihon Keizai Shimbun, Bloomberg, Dow Jones, Reuters
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