Fangzheng Securities: It is expected that the Federal Reserve will maintain a wait-and-see attitude in July, and may start cutting interest rates in September.

Fangzheng Securities research report pointed out that the June CPI data has slightly increased but overall not too much beyond market expectations, the impact of tariffs is still relatively limited, largely due to inventory support. However, the impact of Q3 tariffs may continue to be reflected, and stagflation pressures may increase. Among them, the downward pressure on the economy is greater than the upward risks of inflation: Looking at the non-farm and inflation data in June, there is no sign of a slowdown in the US economy, and inflation pressures are relatively manageable, with no signs of stagflation risks as expected by the market. It is expected that the Fed will maintain a wait-and-see approach in July, and may start cutting interest rates in September.