Huatai Securities Research Report pointed out that the US CPI in September slightly exceeded expectations on a month on month basis - the CPI in September fell from 0.6% in August to 0.4% on a month on month basis, higher than consensus expectations of 0.3%, and remained unchanged at 3.7% year-on-year, in line with consensus expectations; The core CPI remained unchanged at 0.3% month on month, in line with consensus expectations, with a year-on-year decrease of 0.2 pct to 4.1%; The core service that the Federal Reserve is more concerned about is the housing inflation index, which remained flat at 0.5% month on month in September and is relatively strong in absolute terms. The higher than expected inflation in September was mainly due to the boost in experiential consumption of entertainment goods, services, and accommodation hotels. Considering the significant tightening of financial conditions in the near future and the expectation of continued cooling of employment and inflation pressures, we believe that the probability of interest rate hikes from November to December may be less than 50%.