Citic Securities: the pace of US inflation in May steadily supports the suspension of interest rate hikes. The CITIC Securities Research report pointed out that the inflation data in the United States in May are basically in line with expectations, with the overall CPI falling slightly more than market expectations and core inflation still sticky, and we expect the overall CPI to continue to decline significantly in June compared with the same period last year. We maintain the high probability that May will be the last time we raise or cut interest rates at the earliest or at the end of this year or early next year. We expect US bond interest rates and the dollar index to remain volatile in the short term, and the phased rebound in US stocks will continue, but recession expectations may turn downwards after the recession heats up.