PANews reported on July 10 that according to Jinshi, Fed's Musallem said that the United States is not currently in stagflation, and financial conditions support economic activities. As long as market expectations are stable, monetary policy can effectively respond to the weak labor market, but attention should be paid to downside risks such as falling working hours and wages. Companies are generally reluctant to lay off employees, and the recruitment trend is more moderate than before. Long-term inflation expectations have been anchored, and it is crucial to keep them stable. The impact of tariffs may not be fully apparent until later this year or early next year. The depreciation of the US dollar may push up inflation, and high profit margins can partially absorb tariff pressure. Inflation has been positive recently, but in the future, there may be upside risks to inflation due to rising tariffs, a good overall economic situation, and a labor market close to full employment.