The US CPI rose 2.4% year-on-year in February. The market expects the Federal Reserve to cut interest rates in July.

Data released by the US Department of Labor on the 11th showed that in February, the US Consumer Price Index rose by 2.4% compared to the same period last year; excluding volatile food and energy prices, the core CPI rose by 2.5% year-on-year in February. Analysts pointed out that this data reflects the inflation situation in the US before the outbreak of military conflict in the Middle East. Considering the recent surge in international oil prices and the continued blockade of the Strait of Hormuz, the risk of a rebound in inflationary pressure in the US cannot be ruled out. Even though the recently released non-farm payroll data was significantly lower than expected, the market still expects the Federal Reserve to cut interest rates again in July this year.