[CITIC Securities: Maintain the judgment that the Federal Reserve will keep interest rates unchanged in September this year] On September 3, CITIC Securities reported that the U.S. CPI growth rate in July was 0.1% month-on-month, and the core CPI month-on-month growth rate was 0.2%, both in line with market expectations. The U.S. CPI rose slightly month-on-month in July, mainly driven by the month-on-month rebound in core goods and the rebound in the growth rate of core services. At the same time, the decline in energy prices for the second consecutive month partially offset the upward pressure on inflation. The year-on-year growth rate of U.S. PPI continued to fall in July, and the upward risk of overall U.S. inflation expectations is controllable. There is still great uncertainty in the prospect of the current conflict between the United States and Iran, and there are still upward risks in crude oil prices and U.S. inflation pressure. However, the overall U.S. inflation pressure is expected to be controllable, and the Federal Reserve's judgment in September this year to keep interest rates unchanged is maintained.