新加坡华侨投资基金管理有限公司：关税还尚未波及到美国的物价

Group 1 - The core CPI for May is 2.8%, marking the lowest level since March 2021, indicating a stabilization in inflation growth [1][3] - The seasonally adjusted CPI increased by 0.1% in May, lower than the expected 0.2%, suggesting a slower inflation rate [3] - Energy prices, particularly gasoline, have significantly impacted the overall price level, with energy prices down 1% and gasoline prices down 2.6% in May [3][7] Group 2 - Clothing and automobile prices unexpectedly declined, indicating that the anticipated impact of tariffs on these goods has not fully materialized [1][3] - Food prices saw a slight increase, while housing prices remained stable, suggesting mixed trends in consumer goods [7] - Economists believe that the true impact of tariffs on inflation may not be evident until later in the year, as retailers and manufacturers have pre-purchased goods [7][9] Group 3 - The Federal Reserve is cautious about the potential impact of tariffs on inflation, with market expectations indicating no interest rate cuts before September [7][9] - Analysts suggest that the current price increases may be temporary due to businesses still digesting inventory and demand not fully rebounding [9] - The upcoming months' inflation trends will be influenced by multiple factors, including tariff policies, consumer demand, and labor market changes [9]