In October, the US CPI exceeded expectations and cooled, mainly due to a month on month decrease in energy and core commodity prices. In the next six months, it is expected that the US CPI and core inflation will decrease to within 3%, and US bonds are expected to decline in an "M" pattern in the fourth quarter. US bonds are the anchor of global assets, and the anchor also moves the heart. At the end of the Federal Reserve's interest rate hike, it is expected that US stocks will rebound in stages, and emerging markets such as Hong Kong stocks will also rebound with better growth styles. Loose liquidity may push gold prices back to $2000 per ounce. In the future, it is necessary to observe whether the US economy is experiencing a recession.