According to news from Coin World, former Vice Chairman of the Federal Reserve and current PIMCO advisor Richard Clarida stated that although U.S. inflation performed better than expected at the beginning of the year, subsequent pressures remain high due to pre-stocking and accumulated tariffs. He pointed out that in June, the average effective tariff rate in the U.S. rose to 15.6%, the highest since 1937, which may cause inflation to rebound to over 3%. Clarida questioned whether the Federal Reserve would still maintain its forecast of two rate cuts within the year and emphasized that if the market questions the independence of the new chairman, the stock and bond markets will react violently. He believes that the yield on 10-year U.S. Treasury bonds has already shown the return of the 'bond vigilantes'.