#美国核心物价涨幅不及市场预估 Core CPI is the Fed's key indicator for judging inflation trends. When this indicator consistently underperforms expectations, the market naturally starts to consider—should the Fed consider easing? Expectations of rate cuts are also heating up.

But here’s a crucial detail: Fed officials have all said they won't change their stance based on a single month's data. Deeper indicators like service sector inflation and labor costs are also within their watchful eye. Focusing only on the decline of core CPI and getting excited can easily lead to pitfalls.

The reality is, inflationary pressures are indeed easing, which helps to alleviate the tightening cycle. But there’s still some distance to go before reaching the Fed’s long-term 2% target. The real policy shift will depend on how employment data and wage growth, among other factors, play out. Only by considering all these signals can we understand how monetary policy will proceed next.