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As I mentioned earlier, if you expect tonight's CPI to reverse the probability of a rate hike in September, you will still be disappointed. This situation has basically been confirmed so far. The dollar has returned to 100, short-, medium-, and long-term bond yields have risen again, and the gains in the U.S. stock market narrowed at the close. This tells us one conclusion — tonight's CPI is not dovish enough. The CME swap rate for the probability of a September rate hike also rebounded from 36% to 40% after the CPI release. As long as the probability does not fall below 30%, the market is still not safe enough! Don't lose heart yet; tomorrow's PPI and the day after's retail sales can still continue to influence the market! #7月CPI符合预期，9月还会加息吗?