海外宏观周报：通胀尘埃落定，静待议息会议-20251028

Economic Indicators - The delayed September CPI data from the U.S. shows a year-on-year increase of 3% and a month-on-month increase of 0.3%[10] - Core CPI rose by 3% year-on-year and 0.2% month-on-month, both lower than market expectations, indicating easing inflation pressures[10] - The owner’s equivalent rent (OER) increased by only 0.13%, the lowest level since 2020, suggesting a continued decline in housing inflation[10] Market Trends - The SOFR and IORB spread has turned positive, leading some market participants to believe the Fed may halt balance sheet reduction by the end of October[3] - The U.S. housing market remains weak, with existing home sales slightly rising to 4.06 million units, still at a low level, indicating weak supply and demand dynamics[10][21] - Market pricing indicates there are still two expected rate cuts by the end of the year, with a 96.7% probability for the next meeting[25] Risks - Ongoing trade tensions could elevate commodity inflation, potentially limiting the Fed's ability to ease monetary policy[4][26] - If housing inflation cools more slowly than anticipated, it may also constrain the Fed's easing options[26]