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Group 1 - US stock index futures are declining due to ongoing inflation pressures and potential new tariff threats, leading traders to significantly lower expectations for Federal Reserve rate cuts this year [1][2] - Recent US inflation data indicates that companies have begun passing some tariff-related costs onto consumers, which has quickly diminished market bets on Fed rate cuts [2] - The S&P 500 futures fell by 0.3%, suggesting that US stocks may close lower for the second consecutive trading day [1][2] Group 2 - The market's expectations for Fed rate cuts have narrowed significantly this month, particularly after strong June employment data released on July 3, which dispelled rate cut expectations for the July 30 meeting and weakened bets for September [2] - Dallas Fed President Lorie Logan stated that while policymakers may need to keep rates at current levels longer to fully cool inflation, they might also need to consider rate cuts if inflation and the labor market weaken [2] - Analysts generally believe that the Fed will remain on hold in the short term, with concerns over tariffs contributing to inflation and risks from increased government spending in major economies affecting the US bond market [2]