In August, the CPI in the United States basically met expectations, overall continuing the "moderate" tone of the previous report, but the core CPI reading had flaws due to inflation in rental prices. We expect that the year-on-year inflation in the United States will remain stable, and we still believe that the cooling trend in rental inflation will not reverse. We maintain the forecast of three interest rate cuts of 25bps each by the Federal Reserve within the year. The presidential debates have weakened market concerns about the risk of "reinflation" in the United States next year, and the market is currently sensitive to growth data in the context of easing inflation. Pay attention to opportunities for short-term US bonds and defensive US stocks.