CITIC Securities said that the US CPI in July was fully in line with expectations, core inflation continued to perform moderately, and the secondary inflation effect was weak, which helped further ease market concerns about the risk of inflation. We still believe that US inflation is not very sticky. It is expected that the overall US CPI will generally continue to slow moderately in the third quarter and bottom in September. After that, there will be a slight rebound in the fourth quarter of this year and a rapid decline in March next year. We still expect the Federal Reserve to remain on hold throughout this year, and expectations for interest rate hikes in derivatives market pricing still have room for further decline.

CITIC Securities said that the US CPI in July was fully in line with expectations, core inflation continued to perform moderately, and the secondary inflation effect was weak, which helped further ease market concerns about the risk of inflation. We still believe that US inflation is not very sticky. It is expected that the overall US CPI will generally continue to slow moderately in the third quarter and bottom in September. After that, it will rebound slightly in the fourth quarter of this year and decline rapidly in March next year. We still expect the Federal Reserve to remain on hold throughout this year, and expectations for interest rate hikes in derivatives market pricing still have room for further decline.