Federal Reserve megaphone: Today's CPI report has the characteristic of "being able to choose your own interpretation angle".

"The Fed Whisperer" Nick Timiraos comments on the U.S. June CPI data: Today's CPI report has the characteristic of "you can choose your own interpretation angle." The core CPI rose 0.23% in June, which is exactly the median monthly increase in core CPI over the past 12 months. This number is slightly moderate, slightly lower than some forecasters' expectations. However, the key is that most forecasters believe that the more significant impact of tariffs will not be seen until July and August, while the performance of commodity prices in June was relatively strong. Therefore, if you originally thought that the price impact driven by tariffs was still to come, this report will not change your view. Similarly, if you initially believed that inflation transmission would be slower and the impact smaller, this report will not shake your original judgment.