分析师：关税对美国通胀的全面影响尚未充分显现

Core Viewpoint - Analysts suggest that the full impact of tariffs on U.S. inflation has not yet been fully realized, as indicated by lower-than-expected CPI data [1] Group 1: Inflation Data - The Consumer Price Index (CPI) data was below expectations, indicating limited direct transmission of tariffs to broader prices [1] - In April, commodity prices remained flat compared to the previous month, with a mere 0.1% increase when excluding food and energy [1] Group 2: Tariff Impact - The current low tariff levels may not fully reflect their comprehensive impact on inflation, as retailers are still digesting previously accumulated inventory [1] - The ongoing trade deficit continues to widen, suggesting that the macroeconomic effects of trade war policies remain unclear [1] Group 3: Financial Market Reaction - Despite the unclear macroeconomic impacts of trade policies, the lower-than-expected inflation data has undoubtedly provided a short-term boost to financial assets [1]