关税冲击尚且可控！美国7月核心PCE物价指数同比2.9%，符合预期但创下四个月来最大增幅

Group 1 - In July, U.S. consumer spending saw the largest increase in four months, indicating resilient demand despite persistent inflation [1] - The PCE price index for July increased by 2.6% year-on-year, aligning with expectations and previous values, while month-on-month it remained flat at 0.2%, down from 0.3% [1] - The core PCE price index rose by 2.9% year-on-year in July, matching expectations and marking the highest level since February, with a month-on-month increase of 0.3% [2] Group 2 - The super core PCE, which excludes housing and focuses on services, increased by 3.32% year-on-year, consistent with the level seen in July 2024 [3] - Following the data release, U.S. stock index futures and government bonds reduced their declines, while the dollar strengthened, as traders anticipated a potential interest rate cut by the Federal Reserve in mid-September [3] - Recent data indicates a rebound in service prices, raising concerns about inflation amid the impact of tariffs on the economy, although consumer spending remains robust [4]