Institution: Core CPI data reduces the likelihood of a September rate cut, which may not be as great as the market expects.

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Jin10 data reported on August 12, Bradesco BBI's stock strategy director Ben Laidler stated that the overall data was slightly below expectations, which provided great comfort to the market. On the surface, this confirms the overwhelming consensus among the market regarding the Fed's interest rate cut in September, but we remain cautious about it. From the core data perspective, it may not be as assured as the market imagines. We believe this report may not be as good as the market initially expected. We will gain more information at the Jackson Hole symposium, where Powell will provide some guidance on the policy direction for September. The market will continue to overwhelmingly expect an interest rate cut in September. However, the likelihood of a rate cut is not as great as the market imagines. If there is no rate cut in September, the market will be very disappointed.

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