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Before the CPI release, as I mentioned yesterday, the market is gradually easing pressure. The easing direction is energy prices and July CPI data. Although the US-Iran situation has led to a short-term energy rebound, the negotiation window has not closed. Although short-term tensions remain, optimism remains. With energy prices stabilizing, the market is anchoring tonight's CPI for pricing trading. Before the data release, both the US dollar and bond yields were falling, and US stocks performed well before the market opened. Clearly, this is trading a moderate inflation data. What exactly is moderate inflation data? Nominal inflation annualized and monthly rates, as well as core inflation annualized and monthly rates in line with expectations, as long as tonight's data meets expectations, it will provide the market with moderate inflation data. However, it should be noted that the market has already priced in the data in advance. Once the data meets expectations, the pricing logic will reverse. The dollar may rebound slightly to gain support, bond yields will temporarily stabilize, and the optimistic rebound in US stocks will continue into the first half. Tonight's data core is not nominal CPI, but core CPI data—not the annual rate, but the monthly rate change! Tonight's focus is twofold: whether the nominal CPI monthly rate will continue to show that June inflation is moderately declining, and whether international energy fluctuations have a secondary transmission effect on inflation. Second, regarding the core CPI monthly rate, the market should look at whether the main factors causing sticky or slight rebounds in inflation come from energy, food, or services inflation and housing. If core CPI remains strong, it will trigger inflation concerns and increase the probability of rate hikes. #今晚CP