美国6月CPI创六年最大降幅，通胀放缓

We just got the June Consumer Price Index, the chief benchmark economists use to measure inflation. Markets are closely watching the data, which was released on the first day of Fed Chairman Kevin Warsh's testimony before Congress. This month's report shows consumers got some easing on pricing pressures following the shocks tied to the conflict in the Middle East and the data center buildout. Take a look at this chart. Inflation fell 0.4% from May to June. That's the biggest drop we've seen since April 2020. Let's zoom out. Over the last 12 months, core inflation, which excludes volatile food and energy prices, is up 2.6%. But overall inflation decreased in June for the first time this year, coming in at 3.5%. In May, inflation had hit a 3-year high of 4.2%. The relief we saw in June is tied in large [music] part to the fall in oil prices. Tanker traffic ramped up in the Strait of Hormuz as part of the deal between the US and Iran, easing pressure on some consumers. The energy index saw the largest month-over-month drop in 6 years, [music] coming in at 15.7%. That's down 5.7% from May. Gas decreased 9.7% from May [music] to June. Electricity is up 4% over the past year. That's likely because the data center buildout is driving up utility costs. The AI boom is also increasing demand for memory chips. That leads into consumer prices for electronics. Prices for computers and related equipment pulled back this month, but it broadly trended upward this year. Computer software and accessories, meanwhile, are up 17.4% [music] year-over-year. Over the course of decades, the cost of buying computers has come way down when adjusted for inflation [music] because they become more cost-effective to produce. But this year, that trend has started to reverse as demand for memory chips skyrockets. Computers have been an area where consumers were getting some inflationary relief. But now that downward pressure is evaporating. That's been exacerbated by tariffs, which are impacting many of the specialized materials used [music] to manufacture computers. Clothing prices are also seeing a lot of tariff impact. Apparel is up 3.9% over the past year. The US imports the overwhelming majority of clothing from other countries. Let's take a closer look at housing. [music] Rent of primary residences are up 2.8% from June 2025. Owners' equivalent rent of residences, which is what owners would be paying [music] if they paid rent, is up 3.3% over the same period. That data shows that housing prices seem to be normalizing. But this comes as the median housing prices hit an all-time high above $440,000 in June. The Fed is still off its 2% target for [music] annual inflation. But this month's data shows that even after the shock tied to the war, it's starting to move back in the right direction. [music] That's good news for Kevin Warsh, who has a mandate from President Trump to bring down interest rates.