Internet reports that at around 2 a.m. local time in Zurich, Mark Haefele, chief investment officer of UBS Global Wealth Management, gave his judgment on US President Trump's new round of large-scale tariff measures. The Fed will be forced to cut interest rates sharply this year, possibly as many as four times, he wrote in a note to clients. About 12 hours later, Michael Gapen, chief U.S. economist at Morgan Stanley, came to the opposite conclusion: the Fed would not cut interest rates now. His team withdrew its forecast of a possible rate cut in June and now expects the Fed will have to wait until next year to cut rates again. "It will be difficult for the Fed to ignore the pressure of rising inflation in the short term and be unable to quickly relax monetary policy," Gapen and his team said in the report. This huge disagreement highlights the particularity and complexity of the U.S. economic dilemma against the backdrop of an escalating trade war.