Huatai Securities: Maintains the judgment that the Fed will pause rate hikes in October and raise rates once in December.

Huatai Securities research report states that U.S. core CPI inflation in September rose again on a month-over-month basis beyond expectations. In addition to the unexpected in the housing component, which became the main driver, other components also showed widespread warming. This CPI data indicates that U.S. inflationary pressures may be relatively broad, but considering recent statements by Federal Reserve officials and the fact that financial conditions have already tightened somewhat, the Fed still has room to wait and see. We still maintain our judgment that the Fed will pause rate hikes in October and raise rates once in December.