The content is for research reference only on macro markets, CTA and quantitative trading mechanisms, and does not constitute investment advice. At 20:30 Singapore time tonight, the US will release its July CPI data. According to Reuters surveys, the market expects headline CPI to rise 0.1% monthâoverâmonth and 3.4% yearâoverâyear; core CPI is projected to increase 0.2% MoM and 2.5% YoY. Juneâs headline CPI stood at 3.5% YoY. Tonightâs print will directly reshape market pricing for US inflation dynamics and the Federal Reserveâs policy path for September. That said, I believe what truly matters tonight is not simply whether CPI lands at 3.3%, 3.4% or 3.5%. A bigger risk variable may lie within the US Treasury market. The widelyâdiscussed â$400âbillion US Treasury short positionâ is, strict