CITIC Securities: U.S. CPI in June is significantly lower than expected. Still expected that the Fed will remain unchanged for the whole year.

CITIC Securities research report stated that the US CPI in June was significantly lower than expected, with retail oil prices falling and core services showing zero growth on a month-on-month basis. The secondary inflationary effect is weak. CITIC Securities believes that inflation in the United States is not strongly sticky, with the overall CPI year-on-year confirmed to have passed the peak of this round. It is expected to show a mild downward trend in the third quarter and reach a low point in September, then rise to a second peak at the end of the year and quickly decline in March of next year. CITIC Securities still expects the Federal Reserve to remain unchanged for the whole year.