通胀降温成色几何？高盛：美联储将无视12月CPI“噪音”，聚焦1月数据

Group 1 - Goldman Sachs indicates that the latest U.S. Consumer Price Index (CPI) data released on December 18 is unlikely to materially change the Federal Reserve's near-term policy outlook [1] - The firm emphasizes that the December inflation data, to be released before the January Federal Open Market Committee (FOMC) meeting, will hold greater significance for policymakers assessing ongoing price pressures [1] - Recent core CPI performance below expectations is attributed to technical and timing-related factors rather than a comprehensive easing of underlying inflation [1] Group 2 - Goldman Sachs warns against overinterpreting the recent weakness in CPI, noting that the U.S. Bureau of Labor Statistics (BLS) has not clarified how it will address identified data distortions, which increases the likelihood of a reversal in some of the recent drag factors in the coming months [2] - The firm expects the weakness in housing components to partially rebound in future data releases, while commodity inflation may see a slight acceleration in December [2] - Goldman Sachs believes the Federal Reserve will remain patient, relying on a broader array of data rather than a single CPI reading when making policy decisions into early 2026 [2]