China International Capital Corporation pointed out that the further weakening of the US CPI in June, combined with Powell's "dovish" speech, opened the "door" for the Federal Reserve to cut interest rates, and the market's expectations for interest rate cuts in September also rose to 90%, making interest rate cuts a "high probability event". It is expected that US inflation will continue to fall in the third quarter, so if there are no surprises during this period, it is also a key window for interest rate cuts before the election sprint. After more than half a year of brewing and "pendulum-like" repetitions, interest rate cuts seem to finally become a reality.