CITIC Securities: Still expects the Federal Reserve to cut rates by 25bps this year

```htmlGolden Ten Data reported on April 13 that a research report from CITIC Securities stated that overall U.S. inflation in March surged due to soaring oil prices, while core inflation remained moderate. We expect the risk of secondary inflation in the U.S. to be low. The April CPI month-on-month may continue to show a relatively high growth rate due to compensatory increases in rent inflation. If the pace of oil price decline is slow, the U.S. CPI year-on-year may remain above 3% for the rest of the year. We still expect the Federal Reserve to cut interest rates by 25bps within the year. The U.S. dollar may experience weak fluctuations in the near future, gold prices may have room for liquidity-driven recovery, U.S. stocks could benefit in the short term from improving risk appetite, and U.S. Treasury yields may lack sufficient downside potential due to support from economic fundamentals.```