The US CPI data for June, released yesterday, showed a slight increase but overall met market expectations, indicating moderate inflation.

The CPI data did not significantly exceed expectations, and the Federal Reserve may continue to observe, but Trump's tariff threats could trigger short-term volatility. Market sentiment leans towards the start of an easing cycle in September.

The market is concerned that Trump's new tariff policy may push up inflation, but current expectations for interest rate cuts remain unchanged, with a probability of about 66% for a rate cut in September.