On Tuesday, August 13, the U.S. Department of Labor released PPI data for July, with a lower-than-expected rise in the PPI indicating that inflation continues to moderate, adding ammunition to the argument in favor of the Federal Reserve's rate cuts starting in September. Among them, the July PPI was 2.2% year-on-year, the previous value was revised from 2.60% to 2.7%, 2.30% expected, 0.1% YoY, 0.20% expected, 0.20% YoY, 0.20% YoY, 0.20% expected, 0.40% YoY, 0% YoY, 0.20% expected, 0.40% YoY, after exclusion of food and energy, the core PPI was 2.4% year-on-year, 2.7% expected, 3.00% YoY, 0% YoY, 0.20% expected, 0.40% YoY, after exclusion of food and energy. According to the CME “Fed Watch”, the probability that the Fed will cut interest rates by 25 basis points in September is 46%, the probability of a 50 basis point cut is 54%, the probability that the Fed will cut interest rates by a cumulative total of 50 basis points by November is 29.6%, the probability of a cumulative total of 75 basis points of interest rate cuts is 51.2%, and the probability of a cumulative total of 100 basis points of interest rate cuts is 19.2%.