Institutions: Rising prices are the primary concern for American consumers. The Fed's decision not to cut interest rates is correct.

On July 29, Jin10 reported that Numerator's Chief Economist Leo Feler stated that despite facing increasingly strong political pressure for rate cuts, the Fed's choice to remain inactive is correct. The Fed is currently striving to balance its dual mandate. However, the monthly consumer sentiment survey shows that the public's concern about price上涨 far exceeds that of unemployment. In Numerator's monthly survey of approximately 2,000 representative households last year, 'price上涨' has always been the primary concern of consumers, ranking above unemployment, economic recession, crime, or immigration issues. Even though the current inflation rate has fallen below 3%, this ranking remains unchanged. Economists, business leaders, and consumers generally expect inflation to rise again. Although tariffs have not significantly driven up consumer prices, this does not mean that price上涨 will not come. Currently, all parties are in a wait-and-see mode, but business leaders clearly state that they will raise prices once the economic environment becomes clearer. Given that inflation risks are higher than unemployment risks in the context of tariffs, and the public is highly sensitive to inflation, it is indeed wise for the Fed to act cautiously within its mandate.