The upcoming market needs to pay close attention to the U.S. Producer Price Index (PPI) data to be released this Thursday, as this indicator will provide key validation for assessing the trend of U.S. inflation and the state of economic operations. Following the latest CPI data release, market expectations for a shift in the Federal Reserve's monetary policy have continued to cool. Combined with the policy signals released by Federal Reserve Chairman Powell earlier this month, the current market has formed a clear consensus: barring significant economic slowdown or substantial implementation of tariff policies, the Federal Reserve is highly likely to maintain policy stability.

It is important to be cautious, as although positive signals from the easing of U.S.-China trade frictions have boosted market sentiment, core inflation pressures and recession risks cannot be ignored. The ongoing support effect of current market liquidity and the controllability of inflation levels essentially still depend on the pace of policy adjustments. Notably, the recent upward pressure on inflation mainly stems from the transmission effects of potential tariff policies, which means that if there are substantial adjustments in trade policies in the future, inflation management will gain greater policy space. #山寨季何时到来