Goldman Sachs' latest macroeconomic assessment: Inflation in the United States and deflation in China are of concern, and these major events may impact the market.

The core Consumer Price Index (CPI) in the United States rose by 0.32% in July, in line with expectations. We expect that the monthly core inflation rate will remain in the range of 0.3% to 0.4% in the coming months, mainly due to tariffs raising prices for most core goods (especially consumer electronics, automobiles, and clothing), but with limited impact on core service prices.