CICC Says August CPI Clears the Bar for a Fed Rate Hike on Sept 16

CICC's read matters less as a CPI recap than as a signal that sell-side desks are treating a September move as near-locked and shifting attention to the dot plot. That reframes the debate from whether the Fed hikes to how long it stays restrictive, which is the part that transmits into dollar funding, real yields and, by extension, crypto and tokenized RWA valuations. Whether the dot plot actually validates CICC's longer-tightening call, and how risk assets absorb a hawkish dot plot rather than the hike itself, is the open question.