TechFlow, August 12 — According to Jinshi Data, Wells Fargo stated that the U.S. CPI data will further indicate that higher tariffs have driven up prices. The bank wrote: "We are still in the early stages of price adjustments, and it remains unclear how higher import taxes will ultimately be distributed among end consumers, domestic sellers, and foreign exporters. Meanwhile, growing consumer fatigue makes overall price increases more difficult." Looking ahead, Wells Fargo expects inflation to rise somewhat in the second half of this year, but not sharply, with core CPI and core PCE deflator returning to around 3% by the fourth quarter.
The U.S. July CPI data will be released at 20:30 Beijing time tonight. The market anticipates a modest rebound in core inflation. With the Fed currently divided between hawkish and dovish views, if the data confirms tariff pass-through effects and economic uncertainty, the Fed's path toward rate cuts may become more cautious.
