INDIA TRADE SECY: NO PROPOSAL ON THE TABLE TO SUBSIDISE FREIGHT COSTS FOR EXPORTERS

Switzerland's producer/import price index rose 0.2% month-on-month in March, compared with a previous reading of -0.30%.

US Dollar: 1. Trump: If Federal Reserve Chairman Powell remains in office after his term expires, he will be removed from his post. 2. Federal Reserve Governor Barr: There is a tension between goals, but the Fed will accomplish its mission. 3. Federal Reserve's Hamak: Monetary policy faces two-way risks. The Fed continues to fall short of its inflation target. 4. US Treasury Secretary Bessant: I understand the Fed needs to wait for the right time to cut rates; ultimately, the Fed will cut rates further. 5. International Monetary Fund: The safety premium on US Treasury bonds is being compressed. The US sees no debt consolidation plan. 6. White House National Economic Council Director Hassett: The break-even rate for monthly job growth is between 50,000 and 60,000. 7. According to "Fed mouthpiece" Nick Timuraos: A third court battle between Trump and the Fed may erupt. So far, the government has not succeeded in subpoenaing relevant personnel or firing Lisa Cook. Euro: 1. ECB Governing Council member Kazax: There is no objection to the expectation of two rate hikes starting in June. We will observe whether it is too early to take action in April. 2. ECB Governing Council member Nagel: We will not rule out any possibility of action in April, but it is too early to discuss it now. 3. ECB Governing Council member Mueller: It may be difficult to draw a conclusion on whether a rate hike is needed before the April 30 meeting; the June meeting will provide more data. 4. ECB Governing Council member Demarco: Do not rush to adjust interest rates in order to curb inflation. Pound Sterling: 1. Bank of England Monetary Policy Committee member Green: Due to the war with Iran, the UK may experience a “mini-inflation wave.” We are unlikely to see the same double-dip effect as in 2022. Yen: 1. Japanese Finance Minister Katayama Satsuki: The US and Japan have agreed to strengthen communication on exchange rate issues. We are prepared to take bold action to support the yen. 2. Japan's top foreign exchange official, Mimura Jun: Japan has informed the US Treasury Secretary that it will update the foreign exchange market dynamics as needed, and both sides have agreed to closely coordinate on foreign exchange issues. South Korean Won: 1. Shin Hyun-song, nominee for Governor of the Bank of Korea: The existing forward guidance system will be maintained in the short term. Foreign exchange fluctuations are driven more by the interest rate differential with the United States than by liquidity factors. Other: 1. Russian President Vladimir Putin: The Russian economy has declined for two consecutive months. The economic growth trajectory is lower than expected. 2. Russian Central Bank survey: Analysts have raised their 2026 oil price forecast for tax purposes to $65 per barrel, up from $55 previously. Analysts expect the ruble to strengthen in the medium term. 3. Director of Fiscal Affairs at the International Monetary Fund: Measures to increase demand to address oil supply shocks will lead to higher inflation. 4. Bank of Thailand: Thailand's tourism industry may contract in 2026 due to the Middle East war. Affected by declining tourism revenue and rising import costs, Thailand's current account surplus will be lower than the previous forecast of $12 billion. 5. Facing the energy shock, Thailand is considering raising its public debt ceiling. 6. Australia's unemployment rate remains at 4.3%, with a significant increase in full-time jobs.