CITIC Securities said July US CPI rose 0.1% MoM and core CPI 0.2% MoM, both in line with expectations. The modest MoM CPI gain was led by a rebound in core goods and a pickup in core services, while a second consecutive monthly decline in energy partially offset upside pressure. July PPI YoY continued to decelerate. Although the US–Iran conflict creates uncertainty and risks to oil and inflation remain, overall US inflation upside appears controllable, so CITIC retains its view the Fed will keep policy rates unchanged in September.(金十数据)