美国2月CPI点评：通胀不及预期，延缓“再通胀”担忧

Inflation Data Summary - February CPI in the U.S. increased by 2.8% year-on-year, lower than the expected 3.0%[3] - Core CPI rose by 3.1% year-on-year, below the anticipated 3.2%[3] - Month-on-month CPI increased by 0.2%, while the forecast was 0.3%[3] Energy and Transportation Impact - Energy CPI decreased by 0.2% year-on-year and increased by 0.2% month-on-month[4] - Transportation services CPI fell by 0.8% month-on-month, primarily due to a 4.0% drop in airfare prices[4] - Gasoline prices decreased by 1.0% month-on-month, contributing to the overall CPI decline[4] Core CPI Trends - Core CPI growth slowed to 3.1%, driven by declining housing prices and a slowdown in used car price increases[5] - Housing CPI rose by 0.3% month-on-month and 4.2% year-on-year, indicating a continued downward trend[5] - Used car prices increased by 0.9% month-on-month, down from 2.2% in January[5] Market Reactions and Future Outlook - Market concerns about "re-inflation" have been delayed but not eliminated following the CPI data release[6] - CME data indicates expectations for three interest rate cuts in 2025, now projected for June, September, and December[6] - The overall economic uncertainty remains high, particularly regarding tariff policies and their potential impacts[7]