[Institution: From the perspective of maintaining the Federal Reserve's credibility, it’s best for the Fed to raise rates in September] Golden Finance reported on September 14 that a research report from CICC stated that, from the perspective of maintaining the Federal Reserve's credibility, it’s best to raise rates in September, as this is the key factor in deciding whether to hike or not. The deliberate ambiguity of FOMC’s Waller in July caused market expectations to fall into chaos, with the U.S. Treasury term premium rising from 0.65% at the end of July to 0.9% in mid-August, forcing Waller to make a hawkish commitment at the Jackson Hole meeting. If the data weakens, the Fed may still have room to maneuver, but with non-farm payrolls and inflation data consistently exceeding expectations, the Fed is gradually being cornered. Although these short-term indicators have limitations, they are the only data available before the FOMC meeting. Imagine, if this meeting still “forcibly refrains from hiking,” how would the market view the previous hawkish statements? It would likely lead to a more severe credibility crisis and uncontrollable U.S. Treasury yields. (Jin10)