The CICC Research Report pointed out that the Federal Reserve's current policy position is generally appropriate; it is neither clearly behind the inflation situation, nor excessive austerity. Our benchmark scenario is to raise interest rates again in December and then continue to wait and see. Overall, this round of interest rate hikes is more likely to be a gentle, gradual adjustment rather than a stormy cycle of austerity. Continued interest rate hikes will likely also be based on the sound fundamentals of the US economy, and may not cause a significant slowdown in aggregate demand. As far as the capital market is concerned, the risk from the Federal Reserve's tightening beyond expectations may have declined in the short term. Even if the next economic data continues to be strong, it only proves that the Federal Reserve needs to raise interest rates again in December, and this is within market expectations. In the medium term, the US economy is still in an upward cycle, and growth momentum is steady. We believe this means that the Federal Reserve is likely to maintain a tight monetary position over the next six months, and the possibility of shifting to easing is low.

The CICC Research Report pointed out that the Federal Reserve's current policy position is generally appropriate; it is neither clearly behind the inflation situation, nor excessive austerity. Our benchmark scenario is to raise interest rates again in December and then continue to wait and see. Overall, this round of interest rate hikes is more likely to be a gentle, gradual adjustment rather than a stormy cycle of austerity. Continued interest rate hikes will likely also be based on the sound fundamentals of the US economy, and may not cause a significant slowdown in aggregate demand. As far as the capital market is concerned, the risk from the Federal Reserve's tightening beyond expectations may have declined in the short term. Even if the next economic data continues to be strong, it only proves that the Federal Reserve needs to raise interest rates again in December, and this is within market expectations. In the medium term, the US economy is still in an upward cycle, and growth momentum is steady. We believe this means that the Federal Reserve is likely to maintain a tight monetary position over the next six months, and the possibility of shifting to easing is low.