【Federal Reserve Meeting Minutes: Tariffs Pose Upward Pressure on Commodity Price Inflation】 Golden Financial Reports, the Federal Reserve released the minutes of the July meeting, which mentioned that the actual GDP growth rate in the first half of the year was moderate. The unemployment rate remains low, and consumer price inflation is still relatively high. The momentum of inflation seems to have stalled, with tariffs posing upward pressure on commodity price inflation. After significantly dragging down GDP growth in the first quarter, net exports contributed positively in the second quarter. Actual imports of goods and services have significantly decreased, which may be due to the subsequent effects of large pre-imports in the first quarter in response to anticipated tariff increases. In contrast, the decline in goods exports was relatively mild, while service exports continued to grow.