According to the CITIC Securities Research Report, the US CPI recorded a month-on-month growth rate of 0.1% in July, and the core CPI was 0.2% month-on-month, all in line with market expectations. The US CPI rose slightly month-on-month in July, mainly driven by a month-on-month rebound in core commodities and a recovery in the growth rate of core services. At the same time, the decline in energy prices for the second month in a row partially offset the upward pressure on inflation. The year-on-year growth rate of US PPI continued to decline in July, and the risk of an increase in overall US inflation expectations is manageable. There is still great uncertainty about the future of the current US-Iran conflict. There is still a risk that crude oil prices and US inflationary pressure will rise, but the overall US inflationary pressure is expected to be manageable, maintaining the Fed's judgment that interest rates will remain unchanged in September this year.

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