ChainCatcher news, according to Jinshi, Huatai Securities Research Report pointed out that tariffs are expected to moderately push up core inflation in the United States in the third quarter, and the market is divided on the magnitude and duration of inflation increase. The Fed is likely to resume its interest rate cut cycle in September, and although inflation will rebound in the third quarter, it is expected to have limited constraints on the Fed's rate cut in 2025. In the short term, the rebound in inflation has a limited impact on U.S. Treasury yields, but U.S. Treasury yields are still under pressure after the implementation of the "Big and Beautiful" bill, and Huatai Securities maintains the view that the U.S. dollar is under depreciation pressure in the medium and long term.