[GF Securities: The Necessity for Short-Term Fed Rate Cuts Remains Low] GF Securities' research report pointed out that although the December CPI data was somewhat volatile due to the previous government shutdown, the core readings remained moderate. Before the release of this data, the market had already anticipated that the technical disruptions caused by the earlier government shutdown and year-end effects would lead to fluctuations in certain subcategories. Therefore, the market generally views the rebound in categories such as clothing, recreational goods, and hotel accommodations as a base effect correction rather than a trend change. Against the backdrop of 'inflation not derailing + employment not stalling,' we understand that the necessity for short-term rate cuts remains low.