[CITIC Securities: The Fed is still expected to raise interest rates in December after holding steady in October] On October 15, CITIC Securities reported that the U.S. CPI in September exceeded expectations, the core month-on-month was once again on the hot side, the detailed range of price increases was wide, and the inflation rate failed to "fall back toward the target fast enough." We still expect the Fed to raise interest rates once more this year, that is, to raise interest rates by a further 25bps in December after holding steady in October. In an environment where oil prices remain high and inflation remains sticky, it is difficult for U.S. financial conditions to be loosened meaningfully. U.S. dollar liquidity is expected to remain tight. U.S. bond interest rates do not yet have clear downward space. Gold sentiment remains fragile. The resilience of fundamentals is more important than the odds of liquidity.