The just released January CPI data for the United States showed that the year-on-year and month on month CPI were lower than expected, while the year-on-year and month on month core CPI met expectations. Except for the month on month core CPI, the other three data were lower than the previous values. The several reference data tracked as discussed in the afternoon all revealed signals slightly lower than the institution's expectations. Combined with the inflation data for December of last year released in mid January, https://(x.com)/qinbank/status/2011081995817013695? s=46&t=k6rimWsEbo2D2tXolYcM-A， It can be seen that the inflation rebound that started in the second half of last year has already peaked and fallen back. The biggest significance of this data is not that it can immediately push the Federal Reserve to cut interest rates in March, but at least it can largely indicate that signs of a downward turning point in inflation have emerged. If inflation continues to maintain this momentum, the key to determining the pace of the Fed's subsequent policies will turn to the labor market. The viewpoint we discussed in early January is that if we treat the three interest rate meetings before Chairman Powell's term ends as a whole, there may be one interest rate cut and we cannot expect more. For the market, it belongs to boosting confidence and expectations. But it still depends on how the other logical threads driving the recent market perform.