招商宏观：只要通胀缺口高于就业缺口美联储就难以降息

Core Viewpoint - The report from招商宏观 indicates that as long as the inflation gap remains higher than the employment gap, the Federal Reserve will find it difficult to lower interest rates [1] Group 1: Inflation Concerns - Powell expresses significant concern over inflation risks, suggesting that the current inflation is above target levels [1] - The Federal Reserve's forward guidance in June highlighted concerns about stagflation, which continued into July [1] Group 2: Employment Situation - Employment is currently at target levels, which contrasts with the elevated inflation, leading to a need for a moderately restrictive policy [1] - The focus on inflation over employment suggests a prioritization of controlling price levels in the current economic environment [1] Group 3: Policy Implications - The necessity for Powell to confirm that tariff-induced inflation impacts are fully reflected in the current economic assessments [1]