Citics Securities analysis indicates that the US August CPI data aligns with expectations, displaying a moderate performance overall. However, there's an issue with the core CPI reading due to problems with rental inflation. Despite this, it is expected that the US inflation will remain stable year-on-year within the coming months. Citics Securities persists in its prediction that the Fed will cut rates three times this year, each by 25 bps. The election debate activities have alleviated concerns about the potential for 'reflation' in the US market next year. The market's recent sensitivity towards expectations of inflation moderation and economic growth data prompts investors to closely monitor these developments. Given this backdrop, it is advisable to focus on investment opportunities in short-term US Treasuries and parts of the US stock market with defensive characteristics, in preparation for potential market fluctuations.