[CICC: Fed Expected to Raise Rates by 25 Basis Points at September 16 Meeting] According to a report by Caixin, CICC Research pointed out that the U.S. August CPI rose 0.4% month-on-month (previous month 0.1%) after seasonal adjustment and increased 3.4% year-on-year (previous month 3.4%). Core CPI rose 0.3% month-on-month (previous month 0.2%) and 2.4% year-on-year (previous month 2.5%), slightly exceeding market expectations. The month-on-month rebound in inflation was mainly driven by rising energy prices, telecom price hikes, and ongoing inflationary pressures brought by AI. CICC believes this CPI report has already reached the Fed's threshold for a rate hike, and therefore expects the Fed to raise rates by 25 basis points at the September 16 meeting. Additionally, the Fed may lower its unemployment rate forecast, raise its inflation forecast, and the dot plot may adjust the interest rate path for 2027 and 2028 upward, signaling a longer period of tightening.