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In the report, Stephen Coltman, Head of Macro Research at 21Shares, stated that the June PPI data released by the United States on Wednesday may be satisfactory to the Federal Reserve. The data further confirms the trend of slowing inflation reflected by the previous CPI data being lower than market expectations. He said, "Unless the situation in the Middle East escalates and triggers further conflict escalation, the Federal Reserve should consider that the current monetary policy constraints are sufficient to gradually reduce inflation to the target level set by the Federal Open Market Committee (FOMC)."