硅谷银行：2025年第三季度经济季报（英文版）

Cautious optimism remained in Q2 2025, although uncertainty about the US policy environment persisted. Tariff policy, monetary policy, inflation and treasury yields were still fluid and difficult to forecast. At his press conference following the June Federal Open Market Committee (FOMC) meeting, Board Chairman Jerome Powell stated that “despite elevated uncertainty, the economy is in a solid position.” • Ongoing tariff negotiations and heightened geopolitical tensions created market volatili