According to CoinMeta, a research report by CICC states that in the United States, in October, CPI rose 0.4% month-on-month (0.6% last month), and the core CPI rose 0.3% month-on-month (0.3% last month), both exceeding market expectations. Overall, inflation inertia remains strong, with the core CPI rising 0.3% for the third consecutive month, supporting the Federal Reserve's continued interest rate hikes. Recently, Federal Reserve Governor Powell suggested that a 50-basis-point hike in December is not ruled out. However, CICC believes that the Fed's policy is not significantly "behind the curve," and since financial conditions have already tightened marginally, there is not a strong necessity to accelerate interest rate hikes. CICC maintains its baseline judgment of a 25-basis-point hike in December, suggesting that the pace of this round of tightening will still be gradual and moderate.