宏观经济数据点评：美国11月核心环比通胀率大致稳定，或不影响12月降息

Inflation Data - The core CPI inflation rate in the US for November rose slightly by 0.03 percentage points to 0.31%, aligning with market expectations[1] - The overall CPI growth rate increased by 0.07 percentage points to 0.31%, also meeting expectations[1] - Year-on-year, the overall CPI rose by 0.1 percentage points to 2.7%, while the core CPI remained unchanged at 3.3%[1] Employment Data - The US non-farm payrolls for November added 227,000 jobs, which is in line with market expectations but primarily reflects recovery from previous disruptions[3] - The unemployment rate increased from 4.145% in October to 4.246% in November[3] - Average hourly earnings growth slowed to 0.37% month-on-month, down from 0.43% in October, although year-on-year growth remained at 4.0%[3] Federal Reserve Outlook - Based on the November employment and inflation data, the expectation is for a 25 basis point rate cut in December[3] - The Fed is likely to focus more on the rising unemployment rate than on persistent inflation, particularly with the decline in key inflation metrics like owners' equivalent rent[3] - There is a forecast for up to five additional rate cuts in the next year, each by 25 basis points, potentially stabilizing the policy rate at 3%[3]