BBH: Suspect that CPI data may not fully reflect the impact of tariffs on inflation.

Brown Brothers Harriman's analyst Elias Haddad said, "The inflation pressure brought about by tariff hikes is still relatively mild. However, we suspect that the latest consumer price index does not fully reflect the impact of tariffs on inflation. After all, according to estimates from relevant institutions, the average effective tariff rate in the United States has risen from 2.4% in January to 20.6% on July 14, the highest level since 1910. In conclusion, the risk of stagflation still remains a major drag on the US dollar."