According to BiJie.com, on August 8, CICC found that tariffs have actually led to a partial rebound in U.S. inflation, but the seasonal adjustment method underestimated inflation by nearly 20bp over the past two months, and the CPI reading has not yet reflected the true situation of the inflation rebound. It is predicted that the CPI month-on-month may confirm an upward turning point in the next 1-2 months, with the earliest verification on August 12. The year-on-year upward cycle of CPI may last for about a year, and the increase in inflation can be estimated using the input-output table. U.S. inflation has entered an upward cycle, which may disrupt the Fed's rate cut pace and bring new variables to global assets.