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PPI month-on-month 0%, core month-on-month 0.2%. This PPI further confirms last night's moderate CPI. It indicates that not only are consumer-end prices cooling down, but the price pressure on the production side has not significantly rebounded. The market will further reduce the necessity of an immediate rate hike in September, but whether to completely rule out a rate hike still depends on the PCE mapping items and next month's CPI. From the data alone, there seems to be no need for a rate hike in August, but from a political and feasibility perspective, September may be the only rate hike window before the election #CPI与PPI同步降温，加息分歧扩大