According to a report by Jinshi Data, Citic Securities' research report points out that after the release of the US CPI in July, the switch in US stock styles made the market recall the interest rate cut trading on July 11, 2024. On August 14, the US PPI for July significantly exceeded expectations, affecting the interest rate cut trading. We believe that if Powell adopts a dovish stance at the Jackson Hole Global Central Bank Annual Meeting and announces a rate cut in September, the main line of interest rate cut trading in the US stock market may become clearer again. At that time, the market trends for the rate-sensitive Russell 2000, the S&P 500 Real Estate, and the Nasdaq Biotechnology during the July 2024 interest rate cut trading may re-emerge.

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