CITIC Securities: It is believed that there is a high probability that the Federal Reserve will maintain its policy interest rate level unchanged this year.

According to the research report of CITIC Securities, the year-on-year growth rate of the US CPI in June decreased from 4.2% in May to 3.5%, and the core CPI fell from 0.2% to 0.0% month-on-month, with both overall CPI and core CPI growth rates lower than market expectations. The month-on-month decrease in US CPI in June was mainly driven by a sharp rebound in energy costs, while negative growth in core commodity items and a slowdown in the growth rate of housing items in core services also contributed to the slowing pace of inflation.