On August 14th, multiple Western countries such as the USA, United Kingdom and France announced their latest inflation data. The CPI of both the United Kingdom and France rebounded in July, and the unadjusted CPI of the United States continued to fall to 2.9%. After the Bank of England and the European Central Bank initiated a rate cut, the impact of US inflation prospects on Fed decisions has attracted more attention from the market. In the view of industry insiders, the Fed is expected to implement a "precautionary rate cut" in September this year. For the domestic market, resources in the up cycle are expected to achieve excess returns and northbound funds are expected to continue to flow into the market. However, considering that the capital market has priced in the expectations of a Fed rate cut much earlier than in the past, the actual impact of the rate cut on asset prices may be relatively moderate.