CITIC Securities: Maintains the forecast that the Federal Reserve will cut interest rates three times by 25 basis points each within the year.

CITIC Securities believes that the US CPI in August roughly met expectations, the inflation situation did not worsen, and prices of import-sensitive goods and core services inflation remained relatively stable. The debate over the legality of White House tariffs remains unresolved, which may be one reason why businesses are postponing price increases. The overall US CPI year-on-year growth rate may hover around 3% in the coming months. We maintain our forecast that the Fed will cut interest rates three times by 25 basis points each by the end of the year, and rate cuts should be a clear trend in the near term.