美国CPI不及预期，美元维持弱势

Investment Rating - The report rates the dollar as "volatile" [6] Core Insights - Market risk appetite continues to decline, with most global stock markets experiencing downturns and bond yields rising, particularly US Treasury yields which have slightly increased to 4.31% [9][11] - The US dollar index fell by 0.12% to 103.7, while non-US currencies showed mixed performance [9][22] - The latest US CPI data for February was below expectations, with year-on-year growth dropping from 3% to 2.8% and core CPI decreasing from 3.3% to 3.1% [2][29] - Inflation expectations have risen, with the one-year inflation expectation jumping from 4.3% to 4.9% and the five-to-ten-year expectation increasing from 3.5% to 3.9% [2][11] Summary by Sections Global Market Overview - The market is characterized by a continued decline in risk appetite, with most stock markets down and bond yields up, particularly US Treasury yields which rose to 4.31% [9][11] - The dollar index decreased by 0.12% to 103.7, while gold prices increased by 2.6% to 2984 USD/oz [9][25] Market Trading Logic and Asset Performance - The US stock market has seen a four-week decline, influenced by tariff policies and recession expectations, with the S&P 500 dropping by 2.27% [11] - The February CPI data indicates a cooling inflation trend, with core inflation pressures easing, although food prices are rising [2][29] - The Federal Reserve is expected to maintain its current interest rates in the upcoming meeting, with inflation risks increasing [2][11] Hotspot Tracking - The February CPI data from the US was notably below expectations, indicating a temporary easing of inflation concerns [3][29]