Cathay Pacific Haitong released a research report saying that the July US inflation data was in line with expectations. Structurally, it showed strong products and stable services, which partly allayed market concerns about the Fed's interest rate hike in September. Currently, US inflation continues to be moderate, but we still need to be wary of the disturbances caused by oil prices and demand-side resilience to falling inflation. If the August inflation data does not exceed expectations and US employment growth remains low, the Federal Reserve's wait-and-see window may be further extended, and interest rates may remain unchanged in September.

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