As the geopolitical situation suddenly heats up due to the recent escalation in the scale of military strikes between the US and Iran, the already high international oil prices and international oil and gas energy shipping costs continue to rise, driving the market's inflation expectations for the US and the global economy to continue to heat up. However, it is against the backdrop of the worsening geopolitical situation and rising energy prices and global energy shipping that continues to face significant resistance, the upcoming US CPI inflation data for August may directly determine whether the Federal Reserve will return to the path of interest rate hikes at the September FOMC monetary policy meeting. The latest remarks by Federal Reserve Chairman Walsh and Waller, one of the Federal Reserve's governors, show that the burden of proof has been shifted — only a very meaningful decline in CPI can prevent the Fed from returning to raising interest rates.

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