CITIC Securities: US Stock Market's "Rate Cut Trade" Falters, Awaiting Powell's Remarks

According to ChainCatcher, citing Jintou, a research report from CITIC Securities pointed out that after the release of the US July CPI on August 12, there was a style shift in the US stock market, with investors recalling the "rate cut trade" that followed the June 2024 CPI release. However, the US July PPI released on August 14 far exceeded expectations, impacting the "rate cut trade." If Powell adopts a dovish stance and officially announces a rate cut for September at next Friday's Jackson Hole Global Central Bank Annual Meeting, the "rate cut trade" theme in US equities may become clear once again.