周报：美联储会议纪要显示进一步降息须通胀下行

Inflation and Federal Reserve Policy - U.S. CPI increased year-on-year by 2.6%, 2.7%, 2.9%, and 3.0% from October 2024 to January 2025, indicating persistent inflation pressure[1] - Core CPI remained stable at 3.3% for three consecutive months, reflecting underlying inflation resilience[1] - The Federal Reserve acknowledges that further rate cuts require a clear downward trend in inflation[1] Market Expectations and Rate Cuts - As of February 23, the market anticipates a potential 50 basis points (BP) rate cut from the Federal Reserve this year[2] - The CME data indicates increasing volatility in market expectations regarding rate cuts due to inflation risks[2] REITs Market Performance - The China Securities REITs Index rose by 1.23%, outperforming the Shanghai Composite Index, which increased by 0.97%[3] - The transportation infrastructure sector led with an average weekly increase of 3.79%, while the rental housing sector saw a decline of 0.49%[3] Liquidity and Trading Activity - Average daily trading volume reached 9.53 billion yuan, up 2.91% from the previous week[4] - The average turnover rate was recorded at 1.30%, slightly lower than the previous week's 1.43%[4]