华泰证券：关税对美国通胀的传导目前仍相对温和

Group 1 - The core viewpoint of the report indicates that the impact of tariffs on U.S. inflation is currently relatively mild [1] - As of May-June 2025, the U.S. core CPI was below expectations, with a month-on-month increase of only 0.1-0.2% [1] - The limited effect of tariffs is attributed to several factors, including prior inventory accumulation by companies, a lower-than-theoretical weighted import tariff rate, weak corporate demand, and low service inflation [1]