中国11月CPI同比上涨0.7%，PPI同比下降2.2%，美联储如期再降息25个基点

Domestic Economic Indicators - China's November CPI increased by 0.7% year-on-year, up from 0.2% in October, with a cumulative CPI of 0.0% from January to November[3] - November PPI decreased by 2.2% year-on-year, slightly worse than the previous month's decline of 2.1%, with a cumulative PPI decline of 2.7% from January to November[3] Monetary Policy and Market Reactions - The Federal Reserve lowered the federal funds rate by 25 basis points to a range of 3.50%-3.75%, marking the third consecutive rate cut[5] - The Fed plans to purchase $40 billion in government bonds over the next 30 days to maintain sufficient reserve supply[6] Bond Market Dynamics - The 10-year government bond yield remained stable at 1.8350%, while the 10-year policy bank bond yield fell by 1.25 basis points to 1.9035%[13] - On December 10, the central bank conducted a reverse repurchase operation of 189.8 billion yuan, resulting in a net injection of 110.5 billion yuan into the market[9] International Market Trends - U.S. Treasury yields generally declined, with the 2-year yield down 7 basis points to 3.54% and the 10-year yield down 5 basis points to 4.13%[23] - Major European economies saw a rise in 10-year government bond yields, with Germany's yield increasing by 1 basis point to 2.86%[26] Commodity Price Movements - WTI crude oil futures rose by 0.95% to $58.87, while Brent crude increased by 0.91% to $62.58[7]