美国三月CPI：关税冲击前的平静？

Inflation Data Summary - March CPI decreased to -0.05% month-on-month, lower than the expected 0.22%[6] - Core CPI month-on-month fell from 0.23% in February to 0.06%, below the forecast of 0.3%[6] - Year-on-year core CPI was 2.8%, also below the expected 3.0%[6] Market Reactions - Market response to the CPI data was muted due to ongoing tariff impacts, with little change in Fed rate cut expectations[2] - Long-term yields continued to rise, while US stocks saw a decline after opening[2] Tariff Impact - Tariffs remain a key variable affecting market and Fed decisions, with potential inflation impacts expected to manifest by June[4] - The uncertainty surrounding tariffs may exacerbate the trend of global asset allocation away from the US dollar[2] Sector Contributions - Significant contributions to inflation decline came from volatile categories like school lodging and transportation services[3] - Core services excluding housing saw a negative growth rate of -0.06% month-on-month, indicating weakness in this sector[6] Risk Factors - Risks include a more dovish Fed than anticipated and significant tightening of US financial conditions[5]