Analysts: The impact of tariffs on CPI is small, and the Federal Reserve is basically locked in the September interest rate cut

Guy lebas, chief fixed income strategist at Janney Montgomery scott, said July's CPI was broadly in line with expectations and did not pass much of the tariff impact on to consumer prices, which is certainly enough to lock in the possibility of a September rate cut. There is still some way to go before next month's meeting, but at least as far as inflation data is concerned, the current situation is not worrying. As an independent and impartial economist, there are two ways to interpret these data: one is that inflation may rise in the future because the tariff effect has not yet been fully realized, and the other is that companies are digesting the tariff impact, so it will not be transmitted to consumer inflation. But in either case, it is enough to make the case for the Federal Reserve to cut interest rates in September, provided that next month's data does not show a significant acceleration.