Fed spokesperson: Today's CPI report has the characteristic of being "open to interpretation".
Jin10 data reported on July 15, "Fed mouthpiece" Nick Timiraos commented on the U.S. June CPI data: today's CPI report has the characteristic of "you can choose your own interpretation angle." The core CPI rose 0.23% month-on-month in June, which is exactly the median of the monthly increases in core CPI over the past 12 months (that is to say, there were 6 months above this level and 6 months below this level). This number is slightly moderate, a bit lower than some forecasters' expectations. But the key point is that most forecasters believe that the more obvious tariff effects will be seen in July and August, while the performance of commodity prices in June was relatively stronger. Therefore, if you originally thought that the price impact driven by tariffs was still to come, this report will not change your view. Similarly, if you initially believed that the transmission of inflation would be slower and the impact smaller, then this report will not shake your original judgment.