智通财经网·2026-02-14 12:07Core Viewpoint - The January CPI in the U.S. is 2.4% year-on-year, lower than the market expectation of 2.5%, primarily driven by declines in energy prices and used car prices. The core CPI month-on-month increase of 0.3% meets expectations, with moderate trends in rent and persistent price increases in some services. Despite the cooling inflation, overseas markets still anticipate two rate cuts in June as a high-probability scenario due to stable non-farm employment and statements from Federal Reserve officials [2][4]. Inflation Data Summary - January CPI month-on-month is 0.2% (previous value 0.3%), and year-on-year is 2.4% (previous value 2.7%). Core CPI month-on-month is 0.3% (previous value 0.2%), and year-on-year is 2.5% (previous value 2.6%) [1][2]. - Energy prices in January decreased by 1.5% month-on-month (previous value 0.3%), significantly contributing to the cooling inflation. Energy commodities fell by 3.3% month-on-month (previous value -0.3%), with gasoline down 3.2% (previous value -0.3%) and fuel oil down 5.7% (previous value -0.8%) [2][3]. Food Prices and Core CPI - Food prices increased moderately in January, with an overall month-on-month increase of 0.2% (previous value 0.7%). Household food prices rose by 0.2% (previous value 0.6%), while non-household food prices increased by 0.1% (previous value 0.7%). Beef prices fell by 0.4% (previous value 1.1%) due to tariff reductions [3][4]. - The core CPI month-on-month increase of 0.3% (previous value 0.2%) shows a slowdown in rent prices, with rent items rising by 0.2% (previous value 0.4%). Some service prices continue to rise, with overall service CPI increasing by 0.4% (previous value 0.3%) [3][4]. Vehicle Prices and Market Reactions - Prices for new and used vehicles are under pressure from demand-side cooling, with the CPI for used cars and trucks down 1.8% month-on-month (previous value -0.9%). The CPI for new transportation tools rose by 0.1% (previous value 0.0%) [4]. - Following the data release, the 2-year U.S. Treasury yield fell by 3.4 basis points to around 3.41%, and the 10-year yield decreased by 3.6 basis points to approximately 4.06%. The dollar index remained stable around 96.9 [2][4].