The market expects a temporary rebound in US CPI in December, and the data will be released on Tuesday at 21:30 (UTC+8), mainly due to the statistical repair effect after the Bureau of Labor Statistics survey returns to normal, which does not necessarily mean a structural deterioration of inflation. The non farm payroll data for November showed that the unemployment rate rose to 4.6%, but the reliability of the data was affected by the government shutdown. Interest rate futures show that the market expects the January meeting to keep interest rates unchanged, with the first rate cut expected between March and June. The mainstream expectation for this CPI is that the overall CPI annual rate will rise to 3.1%, and the core CPI annual rate will remain at 3.0%. December CPI may exacerbate short-term market volatility, and it is necessary to guard against the impact of extreme readings on interest rate expectations and asset pricing.