【宏观周报】国内四经济经济成绩超预期，美国12月核心通胀回落

Domestic Economy - Q4 GDP growth exceeded expectations at 5.4%, achieving the annual growth target of 5%[3] - In December, industrial added value, service production index, and retail sales of consumer goods grew by 6.2%, 6.5%, and 6.7% year-on-year, respectively[3] - National fixed asset investment (excluding rural households) increased by 3.2% year-on-year, while real estate development investment fell by 10.6%[3] Overseas Economy - In December, the U.S. core CPI rose by 2.9% year-on-year, with the core inflation rate dropping to 3.2%, marking the first decline in six months[3] - The U.S. non-farm payrolls added 256,000 jobs in December, significantly exceeding the expected 165,000, with the unemployment rate at 4.1%[8] Monetary Policy - The People's Bank of China suggested increasing the intensity of monetary policy adjustments, with potential rate cuts on the horizon[5] - In December, M1 growth was 11.4%, while M2 growth was 7.3%, indicating a rise in monetary liquidity ahead of the Spring Festival[3] Consumer Prices - In December, the national consumer price index (CPI) rose by 0.1% year-on-year, indicating weak price levels, with core CPI increasing by 0.4%[4] - The overall domestic price level remains weak, necessitating continued policy support for price recovery[4]