分析师：关税的传导效应目前仍较为温和

Core Viewpoint - The transmission effect of tariffs is currently moderate due to pre-tariff inventory accumulation and cost absorption by profits, but this effect is expected to become more pronounced as inventories decrease [1] Group 1 - Analyst Katherine Judge from Canadian Imperial Bank of Commerce indicates that the impact of tariff increases is still mild at present [1] - Companies have accumulated inventory before the implementation of tariffs, which has mitigated the immediate effects [1] - As inventory levels decline, the anticipated transmission effects of tariffs are expected to manifest, potentially leading the Federal Reserve to maintain its current stance [1]