Zheng Quan Shi Bao Wang·2026-01-14 00:34Group 1 - The core viewpoint of the article indicates that inflation in the U.S. is expected to moderate in 2025, with core inflation slightly below expectations and food inflation on the rise [1] - CITIC Securities believes that the impact of tariffs on prices may gradually weaken, and service inflation is likely to maintain a relatively ideal low-to-medium growth rate [1] - The cost of living is a key issue in the U.S. midterm elections, with Trump's recent directives regarding MBS purchases and credit card rate limitations aimed at addressing voter concerns about affordability [1] Group 2 - CITIC Securities does not believe that the criminal investigation against Powell will pressure the Federal Reserve into aggressive rate cuts, maintaining the expectation of a pause in rate cuts in January and two rate cuts of 25 basis points each throughout the year [1]