On June 18, former Federal Reserve Vice Chairman and current PIMCO advisor Richard Clarida stated that although U.S. inflation performed better than expected at the beginning of the year, the subsequent pressure remains significant due to preemptive stockpiling and accumulated tariffs. He pointed out that in June, the average effective tariff rate in the U.S. rose to 15.6%, the highest since 1937, which could push inflation back above 3%. Clarida questioned whether the Federal Reserve would still maintain its prediction of two rate cuts within the year and emphasized that if the market doubts the independence of the new chairman, both the stock and bond markets will react violently. He believes that the yield on 10-year U.S. Treasury bonds has already shown a return of the 'bond vigilantes'.