CITIC Securities: It is expected that the Federal Reserve will cut interest rates three times within the year, each time by 25 basis points.

The research report of CITIC Securities pointed out that the US inflation in July roughly met expectations, with tariffs continuing to moderately push up prices and the pace slowing slightly compared to the previous month. Service inflation rebounded, and the price signal did not show signs of a slowdown in service consumption demand. We still expect US companies to pass on most of the tariff costs to the residential sector, and a slower pace of pass-through may mean a more moderate and longer-lasting boost to prices from tariffs. However, the increase in rental vacancy rates and the slowdown in labor demand indicate a relatively stable outlook for service inflation. We now expect the Federal Reserve to cut interest rates three times this year, each time by 25 basis points.