The CPI announced this time is slightly higher, but the core CPI (excluding food and energy) is actually lower. To be honest, I don't pay much attention to these economic indicators like CPI, PPI, GDP, PCE... The reason is simple: they are all lagging data; by the time you understand them, the market has already reacted, and there is no advantage in investing.

Instead of focusing on one or two rate cuts, it is more important to look at the overall direction. Why can the market withstand so much uncertainty and continue to rise? The driving force behind it is actually the 'growth + inflation' model—fiscal deficits are continuously expanding, and money is being spent more aggressively; meanwhile, the Federal Reserve is becoming increasingly dovish, especially in the era after Powell, where the style is quietly changing.

In fact, the Federal Reserve has never been passive in making decisions based on data. They have their own calculations. When CPI fell for several consecutive months, they didn't do much; now that inflation has risen slightly, they won't be in a hurry to change their stance.

For investment, the ideal environment is not low inflation, but rather moderate, stable rising inflation—growing neither too fast nor too slow, just enough to preserve the real returns of assets without forcing the Federal Reserve to take action. This state is the true 'asset sweet spot.'