CPI Carnival Night? The market is "very dovish", and Bitcoin may open up new horizons!

The U.S. Consumer Price Index (CPI) report for July, which will be released at 20:30 Beijing time on Wednesday, will be a critical moment for the financial market, and its performance is likely to have an impact on the Fed's expectations of a rate cut in September. Earlier, Fed Chairman Powell emphasized that favorable inflation data is crucial for a rate cut in September.

According to the median forecast of economists, the overall CPI may increase by 3% year-on-year in July, the same as the previous month; the month-on-month growth rate is expected to rebound from -0.1% to 0.2%. At the same time, the year-on-year growth rate of the core CPI excluding food and energy in July is expected to slow from 3.3% last month to 3.2%, and the month-on-month growth rate will rebound slightly from 0.1% to 0.2%. If the data meets expectations, the core CPI will record the smallest three-month increase since the beginning of 2021.

Anna Wong, chief U.S. economist at Bloomberg, said: "We expect CPI to soften in July, driven by the long-expected slowdown in housing rents, lower used car prices and discounts in discretionary service categories as consumers control spending."

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