According to Golden Finance, at around 2 a.m. local time in Zurich, UBS Global Wealth Management chief investment officer Mark Haefele made his judgment on the new round of large-scale tariff measures for US President Trump. He wrote in a report to clients that the Fed will be forced to cut interest rates significantly this year, possibly as many as four times. About 12 hours later, Michael Gapen, chief U.S. economist at Morgan Stanley, came to a completely opposite conclusion: the Fed will not cut interest rates now. His team retracted forecasts for a possible rate cut in June and now expects the Fed to have to wait until next year to cut rates again. "The Fed will find it difficult to ignore the pressure of rising inflation in the short term and be unable to quickly relax monetary policy," Gapen and his team said in the report. This huge difference highlights the particularity and complexity of the US economic difficulties amid the escalating trade war.