Internet reports that former Federal Reserve Vice Chairman Richard Clarida warned that the battle against inflation is not over. Inflation data since January has indeed been better than expected, but the cumulative effect of inventory advancement and new tariffs has not yet fully emerged. Richard Clarida pointed out that the effective tariff rate faced by U.S. consumers in June reached 15.6%, a record high since 1937, which may push inflation to the 3% range in the short term. The Fed's last set of forecasts was released at a meeting in March this year, before the Liberation Day tariffs shocked markets and global trading partners. In this context, Richard Clarida said the real question is whether the Fed still expects to approve two rate cuts this year or will downgrade it to just one rate cut. (Jin Shi)