发生了什么？

区块链基础设施公司Coinbase（NASDAQ：COIN）的股票在下午会议上跃升了6.3％（NASDAQ +2.0％，S＆P 500 +1.5％）

Shares of blockchain infrastructure company Coinbase (NASDAQ:COIN) experienced a 6.3% surge in the afternoon session as stocks rebounded (Nasdaq +2.0%, S&P 500 +1.5%) following a report from The Wall Street Journal.

在《华尔街日报》的一份报告之后，区块链基础设施公司Coinbase（NASDAQ：COIN）的股票在下午的会议上涨了6.3％（NASDAQ +2.0％，标准普尔500 +1.5％）。

The report stated that the Trump administration's reciprocal tariffs, set to be announced on April 2, 2025, would be more narrowly targeted than initially feared.

该报告指出，特朗普政府定于2025年4月2日宣布的互惠关税将比最初担心的更狭窄。

The market reaction indicated that investors took that as a sign the economic impact of the tariffs, particularly on inflation and growth, might not be as bad as they initially feared.

市场反应表明，投资者将其视为关税的经济影响，尤其是对通货膨胀和增长的经济影响，可能并不像他们最初所担心的那样糟糕。

That's a bit of relief, which likely gave businesses and analysts some space to rethink their outlooks. Earlier, the administration had hinted at much broader tariffs that could have hit any country placing duties on U.S. imports, so this shift was likely a welcome surprise for the market.

这有点欣慰，这可能给企业和分析师提供了一些空间来重新考虑其前景。早些时候，政府暗示了更广泛的关税，可能会击中任何在美国进口货币的国家，因此这一转变可能对市场来说是一个令人欢迎的惊喜。

Separately, stocks linked to digital assets rose as sentiment in the crypto space.

另外，与数字资产相关的股票在加密货币空间中作为情感上升。

Coinbase's shares are extremely volatile and have had 69 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Coinbase的股票非常波动，过去一年的股票大于5％。在这种情况下，今天的举动表明市场认为这一新闻有意义，但没有从根本上改变其对业务的看法。

The previous big move we wrote about was 5 days ago when the stock gained 6.8% on the news that stocks rebounded to start the session amid continued market volatility after the Federal Open Market Committee kept rates at 4.25% to 4.50% in its March 2025 meeting.

我们写的前一项举动是5天前，当时该股票在2025年3月的会议上将股票持续的市场波动率反弹而在持续的市场波动之后，股票在持续的市场波动中获得了6.8％的速度。

The Jerome Powell-led committee also hinted at two more rate cuts for the year, saying, "Uncertainty around the economy has grown."

杰罗姆·鲍威尔（Jerome Powell）领导的委员会还暗示，一年中又削减了两次降低税率，他说：“围绕经济的不确定性已经增长。”

The good news is that holding rates steady and signaling two additional cuts this year means no surprises (the market dislikes surprises).

好消息是，保持利率稳定，并表示今年的另外两次削减意味着不足为奇（市场不喜欢惊喜）。

The bad news is that the Fed reduced its outlook growth to 1.7%, down from the previous projection of 2.1% in December. At the same time, the inflation outlook was raised to a 2.8% annual increase for core prices, up from the prior projection of 2.5%. This suggests the Fed sees the macro tilting towards a stagflation scenario, where inflation rises as economic growth slows.

坏消息是，美联储将其前景增长降低到1.7％，远低于以前的12月预测2.1％。同时，与先前预测2.5％相比，核心价格的通货膨胀前景每年增加2.8％。这表明美联储看到宏观倾斜朝着散落的情况下，随着经济增长的减速，通货膨胀率上升。

Coinbase is down 21% since the beginning of the year, and at $203.09 per share, it is trading 40.9% below its 52-week high of $343.62 from December 2024. Investors who bought $1,000 worth of Coinbase’s shares at the IPO in April 2021 would now be looking at an investment worth $618.65.

自今年年初以来，Coinbase下降了21％，每股203.09美元，从2024年12月起，它的交易价格低于其52周高的343.62美元。投资者购买了价值1,000美元的Coinbase在2021年IPO的价值1,000美元的投资者，现在将寻找价值618.65美元的价值。65.65美元。

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