former Federal Reserve Vice Chairman Richard Clarida warned that the battle against inflation is not over. Since January, inflation data has indeed been better than expected, but the combined effects of inventory forward movement and additional tariffs have not yet fully materialized. Richard Clarida pointed out that the actual tariff rate faced by American consumers in June has reached 15.6%, the highest since 1937, which may cause inflation to rise to the 3% range in the short term. The Fed's previous set of forecasts was released at a meeting in March this year, when the "liberation day" tariffs had not yet shocked the market and global trading partners.
