Recently, the market has generally been optimistic that the US CPI will rebound in December, but everyone believes this is mainly a statistical correction and does not mean that inflationary pressures are truly making a comeback.

But here’s a more critical point—the CPI data itself is not the focus; the key is whether it will change the current market consensus on the Federal Reserve's interest rate trajectory.

Just look at the current market pricing: the January meeting is almost certain to keep rates unchanged. As for when the first rate cut will occur, market expectations point to the period between March and June, but honestly, no specific date has gained widespread market confidence. This uncertainty itself is the most important thing to watch right now.