美联储官员重新成为焦点，因为市场正在为滞胀信号做准备。随着关税风险的增加，美联储发言人回归；今天的市场关注政策信号、通胀前景和滞胀压力下的行业走势。

Fed Officials Return to Spotlight as Markets Brace for Stagflation Signals.Fed speakers return as tariff risks grow; markets today eye policy signals, inflation outlook, and sector moves under stagflation pressure.

美联储的巴尔：关税将推高通胀，失业也是一个主要问题。在今天的一次演讲中，美联储理事迈克尔·巴尔承认，美国经济在本季度开始时处于“相对强势的地位”，并将整体状况描述为“有弹性”。然而，他警告说，这一坚实的基础正日益被贸易政策不确定性的增加所掩盖，尤其是最近一波关税的增加。

Fed's Barr: Tariffs to push inflation higher, job losses also a major concern.In a speech today, Fed Governor Michael Barr acknowledged that the US economy began the current quarter from a “relatively strong position,” describing overall conditions as “resilient.” However, he cautioned that this solid foundation is being increasingly overshadowed by rising trade policy uncertainty, particularly from the recent wave of tariffs.

2025年3月，爱尔兰工业生产同比增长46.5%，高于上个月的34.9%。这标志着自2022年11月以来工业活动的最强劲增长，因为制造业（49.2%对2月份的38.2%）和可转移商品行业（49.4%对38.1%）的产出增长速度更快。按月度计算，工业生产从上个月的12.6%的一年多高点放缓至2025年3月的9.9%。

Industrial production in Ireland soared by 46.5% year-on-year in March 2025, accelerating from a 34.9% gain in the previous month. This marked the strongest growth in industrial activity since November 2022, as output increased at a faster pace for both manufacturing (49.2% vs 38.2% in February) and transferable goods industries (49.4% vs 38.1%). On a monthly basis, industrial production slowed to 9.9% in March 2025, from a more-than-a-year high of 12.6% in the previous month.

北马其顿的年度生产者通胀率从上个月的7.1%微升至2025年3月的7.3%。这标志着生产者价格连续第11个月上涨，达到2023年2月以来的最高水平，主要原因是资本货物成本上升（2月份为17.7%对16%）。与此同时，中间产品（1.1%对1.7%）和消费品（4.2%对5%）的价格增长放缓，尤其是非耐用品（4.8%对5.5%）。按月计算，继2月份上涨0.6%之后，3月份生产者价格指数上涨0.5%。

Annual producer inflation in North Macedonia edged up to 7.3% in March 2025 from 7.1% in the previous month. This marked the eleventh consecutive month of rising producer prices and the highest level since February 2023, mainly driven by higher costs for capital goods (17.7% vs 16% in February). Meanwhile, price growth slowed for intermediate goods (1.1% vs 1.7%) and consumer goods (4.2% vs 5%), particularly non-durable goods (4.8% vs 5.5%). On a monthly basis, producer prices rose by 0.5% in March, following a 0.6% increase in February.