币界网报道：Central bankers worldwide are grappling with heightened uncertainty as global trade tensions escalate, with former U.S. President Donald Trump's potential return to office adding volatility to financial markets. Federal Reserve officials have signaled a cautious approach to monetary policy, delaying anticipated rate cuts amid concerns over persistent inflation and geopolitical risks. The European Central Bank and Bank of England similarly face pressure to maintain restrictive policies despite weakening economic indicators. Analysts warn that renewed trade wars could disrupt supply chains and reignite inflationary pressures, complicating central banks' efforts to achieve soft landings. Market participants are closely monitoring currency fluctuations, with the dollar strengthening against major peers as investors seek safe havens. Cryptocurrency markets have shown muted reactions, though some traders are positioning for potential volatility in digital asset correlations with traditional markets. The IMF has revised downward its global growth forecast, citing trade fragmentation risks and noting that protectionist policies could reduce worldwide GDP by up to 7% in the long term. Corporate earnings season has revealed mixed results, with export-dependent firms warning about margin pressures from potential tariff increases. Treasury yields remain elevated as bond markets price in prolonged higher rates, while equity markets exhibit sector rotation into defensive stocks. The situation presents particular challenges for emerging market economies, many of which face dollar-denominated debt servicing difficulties amid tightening global liquidity conditions.