The latest US economic data shows that the Consumer Price Index (CPI) for August ( rose more than market expectations, prompting economists to deeply consider the future direction of the economy. The data indicates that the CPI increased by 0.4% month-on-month in August, a significant rise compared to 0.2% in July. At the same time, the CPI rose by 2.9% year-on-year in August, reaching the highest level since January this year, further climbing from 2.7% in July.

The release of this set of data has raised market concerns about the economy possibly falling into stagflation. Despite rising inflationary pressures, analysts widely believe that the Federal Reserve may still choose to cut interest rates at next week's meeting, considering the weak performance of the job market.

It is worth noting that the current inflationary pressures are partly due to the impact of trade policies. As businesses exhaust their inventories built up before the imposition of tariffs, prices may accelerate in the coming months. Several business surveys also suggest this trend.

Stephen Stanley, Chief Economist of Santander Bank's U.S. Capital Markets, pointed out: "A large amount of evidence suggests that more tariff-related inflation is on the way, although it may take a few months to fully manifest."

In the face of this complex economic situation, market participants are closely watching the Federal Reserve's policy direction and its impact on various assets, including cryptocurrencies. The current economic data undoubtedly presents new challenges for decision-makers, and how to strike a balance between stimulating economic rise and controlling inflation will be key.