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Group 1 - Wall Street strategists warn that the U.S. economy is sliding into stagflation, with tariff policies beginning to show their impact, potentially limiting the Federal Reserve's ability to cut interest rates significantly [1][4] - Analysts believe inflation is under control, betting on two rate cuts by the Federal Reserve this year, with the first cut possibly as early as next month [4] - Multiple investment banks have issued warnings about stagflation, with Apollo Management's chief economist stating that the market's expectation of rate cuts contrasts with significant inflation risks [5] Group 2 - The evolving tariff landscape is expected to be stagflationary, reducing growth while pushing up inflation, as noted by a macro strategist from Bank of New York Mellon [6][7] - Recent inflation data shows that the U.S. Consumer Price Index (CPI) rose by 2.7% year-on-year in June, the highest since February, slightly above the expected 2.6% [7] - Minneapolis Fed President Neel Kashkari acknowledged that tariffs are a major variable affecting the economy and could alter expectations for rate cuts if inflation rises due to tariffs [7]