On August 10, S&P Global stated that the US CPI data for July would be a key economic indicator for the new week, with the market waiting with bated breath under the expectation of tariff policies driving up inflation. Although the current tariff progress (including the higher tariffs imposed on August 7 and the latest 100% chip tariff threat) seems to suggest that inflation will rise, the overall consumer price increase in the US during the second quarter remained below 3.0%.
It is worth noting that the S&P Global US PMI data, a leading indicator of CPI trends, has already hinted that inflation may rise in the second half of 2025. Therefore, the upcoming CPI data will verify whether prices began to accelerate in July. This is crucial for the Federal Reserve's monetary policy, and given the potential price volatility, the Fed is currently maintaining a wait-and-see attitude. (Jinshi)
