The global financial markets are focusing on the upcoming CPI data from the United States, which will have a significant impact on the Fed's policy direction. Recently, U.S. economic data has frequently signaled weakness, creating conditions for adjustments in monetary policy.

The latest non-farm payroll data shows that only 73,000 jobs were added in July, far below market expectations. More importantly, the employment data for the previous two months has also been significantly revised downwards. This series of signs indicating a weak labor market undermines one of the reasons for the Fed to maintain high interest rates.

At the same time, the postponement of the China-U.S. trade negotiations may affect the inflation data to some extent. If the upcoming CPI data shows moderate performance, Fed Chairman Powell's stance of not cutting interest rates will face greater pressure. Currently, the market generally expects the Fed to cut interest rates by 25 basis points in September, with a probability as high as 89.1%.

Apart from economic data, changes within the Fed are also attracting attention. The hawkish governor, Quigley, announced his resignation, which may influence the Fed's policy direction. With increasing signals of an economic slowdown, inflation data has become a key factor in determining the Fed's policy orientation.

Investors are closely monitoring this series of developments, as the Fed's decisions will have far-reaching effects on global financial markets. With the continuous updates of economic data, market expectations regarding adjustments to Fed policy are also constantly changing, and this dynamic will continue to influence the performance of various assets.