✅ US May CPI data released: in line with expectations but still strong stickiness, expectations of interest rate cuts continue to be under pressure The US May CPI data just released (at 20:30 Beijing time tonight) overall meets market expectations, but core inflation stickiness remains, failing to provide significant breathing space for the new Federal Reserve Chairman Walsh. Core Data Overview: Unseasonally adjusted CPI annual rate: 4.2% (expected 4.2%, previous value 3.8%) Quarterly adjusted CPI monthly rate: 0.5% (expected 0.5%, previous value 0.6%) Core CPI annual rate: 2.9% (in line with expectations, reaching a new high since September 2025) Annual housing inflation rate: 3.4% (previously 3.3%) The overall data shows the characteristic of "meeting expectations but not significantly cooling down", especially the resilience of core CPI and housing inflation, which verifies the market's concerns about inflation stickiness Tonight's CPI data met expectations but did not bring any surprises, further exacerbating the quadruple deadlock facing Walsh: The dual pressures of inflation and politics have become more apparent: the CPI annual rate has rebounded to 4.2%, energy and housing prices remain sticky, and the impact of geopolitical conflicts on oil prices continues to rise. The traditional path of "shrinking the balance sheet first and then cutting interest rates" continues to be stuck. Internal divisions within the FOMC are difficult to alleviate: data has not significantly softened, and hawkish voices are expected to become stronger. Independence and trust are still at a low level: both the White House and the market are waiting for Walsh to find a difficult balance between "inflation resistance vs. market stability". The difficulty level of high-altitude steel wire has escalated: the situation where the four things of anti inflation, stabilizing the market, bridging internal conflicts, and rebuilding reputation are mutually constrained has not improved. The CPI meets expectations but has strong stickiness, turning Walsh's' impossible triangle 'from' difficult to solve 'to' even more difficult to solve '.