According to CoinMeta, the Fed's “mouthpiece” Nick Timiraos stated that the July inflation report was largely in line with market expectations, alleviating the pressure for the Fed to raise interest rates next month. Wall Street is paying attention to the CPI data released today, and Fed officials have signaled that they are paying closer attention to this data. Over the past year, Fed officials expected inflation to fall back to the 2% target level without the need for further rate hikes, but some officials believe it is necessary to maintain higher interest rates. Other officials have said that if more data makes current forecasts difficult to maintain, they may join the hawks' camp. The current interest rate levels are already restrictive, and the reason for persistently high inflation lies in external shocks, rather than overly loose monetary policy. Previously, it was thought that tariffs would only push up costs once, and as tensions in the Middle East eased, energy prices would decline. However, in reality, these shocks continue to exist and overlap with the surge in demand brought about by the boom in artificial intelligence, driving up the prices of high-tech equipment and software.