[CICC: The period before the election is a critical window for the Fed to cut interest rates] According to Golden Finance, CICC pointed out that the further weakening of the US CPI in June, coupled with Powell's "dovish" speech, opened the "door" for the Fed to cut interest rates. The market's expectations for a rate cut in September also rose to 90%, making a rate cut a "high probability event". It is expected that US inflation will continue to fall in the third quarter, so if nothing unexpected happens during the period, the period before the election is also a critical window for rate cuts. After more than half a year of brewing and "pendulum-like" repetitions, the rate cut seems to finally become a reality.