美国12月CPI点评：关税传导仍有限

Inflation Data - December CPI increased by 0.3% month-on-month and 2.7% year-on-year, aligning with market expectations[1] - Core CPI rose by 0.2% month-on-month and remained flat at 2.6% year-on-year[1] Energy and Food Prices - Energy prices saw a year-on-year increase of 2.3%, down from 4.2% previously, with energy commodities dropping by 3.0%[1] - Food prices increased by 3.1% year-on-year, with household food rising by 2.4% and non-household food by 4.1%[1] Core Inflation Insights - Rent prices increased by 3.6% year-on-year, while owners' equivalent rent remained stable at 3.4%[1] - Core services CPI recorded a year-on-year increase of 3.0%, with medical care services at 3.5%[1] Tariff Impact - Tariff price transmission remains limited, with CPI for goods excluding food and energy at 1.4% year-on-year[1] - New vehicle prices increased by only 0.3% year-on-year, indicating subdued price trends despite the sales season[1] Market Reactions - U.S. Treasury yields slightly declined, with the 2-year yield at approximately 3.52% and the 10-year yield at around 4.17%[1] - Major U.S. stock indices faced pressure, with the Nasdaq down by 0.2% to approximately 23,694[1]