CITIC Securities: It is expected that the year-on-year growth rate of the US CPI will increase in March and April.

The research report of CITIC Securities believes that the US CPI in February is in line with expectations overall, with moderate performance in core inflation. However, the market focus is no longer on this somewhat "outdated" data. Under the baseline scenario of easing tensions in Iran in the coming weeks or a dull market reaction, CITIC Securities expects the year-on-year growth rate of US CPI to increase in March and April respectively due to the rise in oil prices and compensatory increase in rent inflation, fluctuating around 3% thereafter.