ChainCatcher message, according to Jinshi reports, Huatai Securities research report indicates that the July inflation data in the United States shows a moderate transmission of tariffs to inflation. The study shows that after the announcement of tariffs, the increase in commodity prices reaches its peak in 10-15 weeks, but due to weak corporate demand, companies only pass 50-60% of the tariff pressure onto consumers. It is expected that the rise in U.S. tariffs in August will continue to moderately raise core inflation, but a slowdown in demand and a weakening job market will limit the upward pressure on inflation. Therefore, it maintains the judgment of a first rate cut in September and two rate cuts within the year.