According to an article from Coin World, on August 12 (UTC+8), a research report from China International Capital Corporation indicates that the current U.S. economy is entering an era of "high-high"—both tariffs and interest rates are likely to remain high for an extended period. We believe this combination will bring about "stagflation-like" pressures: from the perspective of stagnation, tariffs essentially act as a tax that raises the cost of imported goods, increasing the burden on U.S. companies and consumers. If the cost of tariffs is borne by companies, it will lead to a decline in profits and weaken investment and hiring intentions; if borne by consumers, it will diminish purchasing power and suppress consumer spending. Regardless of who bears the cost, the end result is a suppression of total demand. Meanwhile, the Federal Reserve has been slow to cut interest rates due to concerns about inflation, leading to persistently high rates, which suppresses the recovery of interest-sensitive sectors, especially real estate. This will increase the pressure of slowing growth in the U.S., and the labor market will also come under pressure.