According to Coin World news, former Federal Reserve Vice Chairman and current PIMCO advisor Richard Clarida stated that although U.S. inflation has performed better than expected at the beginning of the year, there is still significant pressure due to preemptive stocking 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 may cause inflation to rebound to over 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 dramatically. He believes that the yield on 10-year U.S. Treasury bonds has already indicated the return of the 'bond vigilantes'.