关税冲击何时到？美国5月CPI好于预期，特朗普再施压降息

Group 1 - The market does not expect the Federal Reserve to lower interest rates in the short term, despite President Trump's calls for a rate cut following the recent CPI data release [1][4] - The CPI for May increased by 2.4% year-on-year, slightly above April's four-year low of 2.3%, with a month-on-month increase of 0.1%, which was below market expectations of 0.2% [2] - Core CPI, excluding food and energy, maintained a year-on-year growth rate of 2.8% for the third consecutive month, indicating stable inflation pressures [2][3] Group 2 - The impact of tariffs on inflation is delayed, as many retailers have accumulated inventory before the tariffs took effect, leading to a slower price adjustment [3][5] - The uncertainty in demand may cause businesses to hesitate in raising prices, despite the potential for increased costs due to tariffs [3][5] - The Federal Reserve is likely to remain cautious and observe the developments in trade policies before making any decisions on interest rates [4][5]