2025下半年宏观经济展望：“新供给侧改革”的序曲

⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫      ⚫ ⚫ ⚫ ⚫ < 消费率% 2015年2019-2020年疫情2022年2024年 1 State of U.S. Tariffs: June 1, 2025 | The Budget Lab at Yale 2 The Conference Board Employment Trends Index™ (ETI) https://www.nfib.com/news/monthly_report/sbet/ 3 https://www.whitehouse.gov/articles/2025/05/fact-one-big-beautiful-bill-cuts-spending-fuels-growth/ https://www.cbo.gov/publication/60271 CBO2025TCJA 4 Budgetary and Economic Effects of Increases in Tariffs Implemented Between January 6 and May 13, 2025 P2 5 https://www.crfb.org/blogs/unpaid-tcja-extension-would-shrink-economy-cbo-says