海外市场点评：9月通胀的降息悬念

Core Insights - The September CPI data is the first official inflation report since the U.S. government shutdown, significantly impacting the market. Following the release, there was a market rally in precious metals and risk assets, but profit-taking behavior has emerged as new data approaches [3][4] - It is anticipated that the September core CPI will show moderate growth, remaining at 3.1%. The divergence between service and goods inflation suggests that while goods prices are rising due to tariffs and demand, service inflation is declining, providing a buffer [4][5] - The report indicates that the core inflation is expected to continue its moderate upward trend, which implies that the market's pricing of a potential interest rate cut in October is unlikely to be reversed [5][6] Inflation Dynamics - The report predicts that the September CPI will rise above 3%, driven by energy and food inflation. The core CPI growth is expected to remain stable at 3.1%, with pressures from tariffs on goods being countered by a decline in service inflation, particularly in housing [4][5] - Factors driving the increase in goods prices include heightened demand for new vehicles and the impact of tariffs on retail prices, particularly for imported goods [4][8] - Service inflation is expected to ease, particularly in housing, due to high interest rates and seasonal declines in travel-related service prices [4][8] Future Outlook - The report suggests that core inflation may face an upward turning point in Q4, with projections indicating that the year-on-year core CPI will rise to 3.2%, 3.4%, and 3.7% in October, November, and December, respectively [6][8] - Even if a 25 basis point rate cut occurs in October, the Federal Reserve's future easing path may be constrained due to accelerating inflation pressures [8][9] - A potential disruption in Q4 inflation could arise from the upcoming Supreme Court ruling on tariffs, which may provide the Federal Reserve with a more lenient decision-making window if tariffs are deemed illegal [9]