#美联储货币政策# In July, U.S. wholesale prices rose 3.3% year-on-year, reaching a six-month high and far exceeding expectations. This data reflects the gradual impact of Trump's tariff policy. The sharp increase in PPI may transmit to CPI, thereby affecting the Fed's monetary policy decisions. Currently, inflationary pressures are accumulating, and the Fed may face a greater policy dilemma. Close attention should be paid to subsequent economic data and speeches from Fed officials to assess whether there will be another rate cut in September. At the same time, it is advisable to monitor changes in the U.S. dollar index and U.S. Treasury yields, as this may affect global capital flows.