[CITIC Securities: Low Risk of Secondary Inflation in the U.S., but High Oil Prices Will Limit Inflation Decline This Year] Golden Finance reported on May 13 that a research report by CITIC Securities stated U.S. inflation in April remained elevated, with the spillover effects of the Middle East conflict still ongoing and compensatory increases in rent inflation pushing up core readings. High inflation continues to erode the real purchasing power of American households, with low-income families facing stronger cost pressures. Real hourly wages have returned to negative year-over-year growth for the first time in three years. We believe the risk of secondary inflation in the U.S. is low, but high oil prices will constrain the room for inflation to decline this year. Under the baseline scenario, we still expect the Federal Reserve to cut interest rates by 25bps within the year. U.S. Treasury bonds are currently more suitable for trading opportunities, while U.S. equities, nearing the end of a strong earnings season, require attention to short-term risks of profit-taking. The U.S. Dollar Index may fluctuate weakly below 100 but is unlikely to experience a sustained decline. (Jin10)