According to a research report by CITIC Securities, the September CPI in the United States exceeded expectations, with a relatively hot core month on month trend, and the inflation rate did not fall back quickly enough towards the target. CITIC Securities expects the Federal Reserve to keep interest rates unchanged in October and raise them by 25 basis points in December. In the context of high oil prices and inflation stickiness, the financial conditions in the United States are difficult to relax, the liquidity of the US dollar remains tight, the downward space for US bond rates is limited, and gold sentiment is fragile. (Source: Jin Shi)
AI interpretation: Inflation stickiness exceeded expectations and core month on month growth directly blocked the space for monetary policy to shift towards easing in the short term. The necessity for the Federal Reserve to maintain high interest rates has significantly increased, and the market's pricing logic for interest rate hikes within the year has been strengthened. The financial environment continues to tighten, and US bond yields will remain volatile at high levels. The safe haven appeal of gold assets is deeply suppressed by the high interest rate environment.
