The recent focus of the financial markets is on the trends of U.S. inflation and the direction of Fed policy. Some analysts believe that U.S. core inflation may experience a moderate rise in the third quarter due to tariff impacts, but there are differing views in the market regarding the magnitude and persistence of this increase. Nevertheless, the majority opinion suggests that the Fed is likely to initiate a new round of interest rate cuts in September. Although inflation is expected to rebound in the third quarter, this may not have a significant impact on the Fed's rate cut plans for 2025.

In the short term, the impact of rising inflation on U.S. Treasury yields may be limited. However, with the implementation of certain significant measures, U.S. Treasury yields still face upward pressure. From a medium to long-term perspective, the U.S. dollar may face depreciation pressure.

Currently, participants in the financial markets are closely following the Fed's policy signals and how it balances the relationship between inflation control and economic growth stimulation. This complex game regarding inflation, interest rates, and monetary policy will continue to influence the direction of global financial markets in the coming months.