CITIC Securities: The current US CPI report is beneficial to the liquidity of the US dollar in the short term, but the poor data quality and the calm state of the job market are insufficient to significantly boost expectations of interest rate cuts. We still expect the Fed to cut interest rates twice by 25 bps each for the whole of next year.

CITIC Securities: The current US CPI report is beneficial to the liquidity of the US dollar in the short term, but the poor data quality and the calm state of the job market are insufficient to significantly boost expectations of interest rate cuts. We still expect the Fed to cut interest rates twice by 25 bps each for the whole of next year.