According to online reports, Guy lebas, chief fixed income strategist at janney Montgomery scott, said that the CPI in July was roughly in line with expectations and did not pass on too much of the impact of tariffs to consumer prices, which is certainly enough to lock in the possibility of a rate cut in September. There is still some way to go before next month's meeting, but at least as far as inflation data is concerned, the situation is not worrying. As an independent and impartial economist, we can interpret these data from two aspects: first, because the tariff effect has not yet fully manifested, inflation may rise in the future; second, companies are digesting the impact of tariffs and therefore will not be transmitted to consumers. inflation. But either scenario would be enough to justify the Fed's interest rate cuts in September, provided that next month's data does not accelerate significantly.