巴伐利亚银行分析师在报告中指出，2025年通胀的积极意外明显多于消极意外，美国关税对通胀的影响弱于预期。但该行表示：“2026年可能出现一些负面效应（尽管存在时滞），通胀数据的意外表现可能转向不利。”分析师认为，尽管美国通胀仍高于目标水平，但这不太可能阻止即将换届的美联储新领导层继续推进降息。

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