According to the CITIC Securities Research Report, the US CPI overall fell short of expectations in June, retail oil prices declined, core services grew zero month-on-month, and the secondary inflation effect was weak. We believe that US inflation is not very sticky. The overall CPI has been confirmed to have surpassed this peak year on year. The third quarter will generally show a moderate downward trend and bottom in September. After that, it will rise to the second highest point at the end of the year and decline rapidly in March next year. We still expect the Federal Reserve to remain on hold throughout this year, and there is room for further decline in interest rate hikes in derivatives pricing. Currently, US bonds are not suitable for allocation opportunities, short-term bonds are better than long-term bonds, the US dollar index is difficult to keep rising, but there is support, and the main technology line of US stocks is still attractive.

According to the CITIC Securities Research Report, the US CPI overall fell short of expectations in June, retail oil prices declined, core services grew zero month-on-month, and the secondary inflation effect was weak. We believe that US inflation is not very sticky. The overall CPI has been confirmed to have surpassed this peak year on year. The third quarter will generally show a moderate downward trend and bottom in September. After that, it will rise to the second highest point at the end of the year and decline rapidly in March next year. We still expect the Federal Reserve to remain on hold throughout this year, and there is room for further decline in interest rate hikes in derivatives pricing. Currently, US bonds are not suitable for allocation opportunities, short-term bonds are better than long-term bonds, the US dollar index is difficult to keep rising, but there is support, and the main technology line of US stocks is still attractive.