Dongwu Securities: US August inflation does not change the determination to cut interest rates by 25bp in September

According to the report, the non-farm payroll data in August did not decisively determine whether the interest rate would be cut by 25bp or 50bp. However, the inflation data released last night is the "decisive battle" that determines the magnitude of the interest rate cut, basically announcing the victory of the camp advocating a 25bp rate cut. The U.S. inflation data in August continued to decline, with a year-on-year pump of 2.5%, in line with expectations and the previous value of 2.9%. The core CPI remained unchanged at 3.2% year-on-year, in line with expectations and the previous value. Although the month-on-month increase slightly exceeded expectations at 0.3%, this growth rate is still within a "comfortable range" and is not enough to exert upward pressure on secondary inflation.

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