美国5月CPI报告：关税转嫁推升商品通胀，美联储立场会否改变？

Group 1 - The upcoming CPI report is expected to show a slight increase in inflation, particularly in goods inflation, due to companies gradually passing on higher import tariffs to consumers [1][5] - The market anticipates a year-on-year CPI increase to 2.5% from the previous 2.3%, with a monthly CPI rate holding steady at 0.2% and a core CPI monthly increase of 0.3%, marking the largest rise in four months [1][5] - Businesses are increasingly transferring tariff costs to consumers, with a significant portion of manufacturers and service providers fully passing on these costs through price increases [5][6] Group 2 - The inflation report will provide insights into the impact of tariffs, as investors remain cautious about rising inflation [3][5] - Consumer expectations regarding future inflation have eased, with one-year inflation expectations dropping to 3.2% from 3.6% in April, and five-year expectations decreasing to 2.6% from 2.7% [6] - The CPI report is a critical data point ahead of the Federal Reserve's upcoming meeting, with expectations that the Fed will maintain interest rates unless there is a significant unexpected rise in inflation [8][10]