联博（AllianceBernstein）：2025年第三季度全球宏观经济展望报告（英文版）

The global policy environment continued to change rapidly in the second quarter. The US imposed, then suspended, massive tariffs on all its major trading partners, leaving the eventual global trading regime uncertain. Geopolitical tension escalated sharply, with armed conflict continuing in Ukraine and starting in Iran late in the quarter. Central banks around the world—except the US Federal Reserve (Fed)—cut interest rates in response to a deteriorating economic outlook. And despite all of t