海外经济政策跟踪：美国通胀，小幅回升

Market Performance - Major global asset prices declined last week, with the Hang Seng Index leading the drop at 6.3%[1] - The S&P 500 and Nikkei 225 fell by 2.1% and 2.2% respectively[1] - COMEX copper and London gold prices decreased by 5.7% and 4.5% respectively[1] - The 10-year U.S. Treasury yield rose by 13 basis points to 4.43%[1] U.S. Economic Indicators - October U.S. CPI increased by 2.6% year-on-year, marking a 0.2 percentage point rise from September[16] - Core CPI remained stable at 3.3% year-on-year[16] - October PPI rose by 2.4% year-on-year, exceeding market expectations of 2.3%[16] - Retail sales in October grew by 2.6% year-on-year, with a month-on-month increase of 0.4%[19] Inflation Expectations - As of November 15, the 5-year inflation expectation in the U.S. was 2.39%, down 4 basis points from the previous week[22] - The 10-year inflation expectation decreased by 2 basis points to 2.33%[22] - Market expectations for a 25 basis point rate cut by the Federal Reserve in December decreased slightly from 64.6% to 61.9%[22] European Economic Trends - The Eurozone's industrial production index fell by 2.8% year-on-year in September, a decline of 2.7 percentage points from August[30] - Employment in the Eurozone saw a slight increase of 1.0% year-on-year in Q3[30] Monetary Policy Outlook - Federal Reserve officials indicated a cautious approach to rate cuts, suggesting a potential slowdown in the pace of future cuts[35] - The European Central Bank may consider a rate cut in December, with indications of a more neutral monetary policy stance[36] - The Bank of Japan is still observing the economic outlook before making any rate adjustments[36]