BBH：怀疑CPI数据并未充分反映关税对通胀的影响

Core Viewpoint - The analysis from Brown Brothers Harriman suggests skepticism regarding the Consumer Price Index (CPI) data's reflection of tariff impacts on inflation, indicating that the inflationary pressure from rising tariffs remains moderate [1] Summary by Relevant Categories Tariff Impact - The average effective tariff rate in the U.S. has increased from 2.4% in January to 20.6% as of July 14, marking the highest level since 1910 [1] Inflation Concerns - The potential for stagflation remains a significant concern, which is identified as a major factor dragging down the U.S. dollar [1]