美国1月CPI点评：通胀降温支持降息空间

Inflation Data - January CPI increased by 0.2% month-on-month, down from 0.3% in December[1] - Year-on-year CPI stands at 2.4%, lower than the expected 2.5%[1] - Core CPI month-on-month rose by 0.3%, matching the previous month's increase[1] Energy and Food Prices - Energy prices decreased by 1.5% month-on-month, significantly cooling inflation[1] - Gasoline prices fell by 3.2% month-on-month, while fuel oil dropped by 5.7%[1] - Food prices increased by 0.2% month-on-month, down from 0.7% in December[1] Core Inflation Trends - Core CPI year-on-year is at 2.5%, slightly down from 2.6%[1] - Rent prices increased by 0.2% month-on-month, a slowdown from 0.4%[1] - Service prices overall rose by 0.4% month-on-month, up from 0.3%[1] Market Reactions - After the data release, the 2-year U.S. Treasury yield fell by 3.4 basis points to approximately 3.41%[1] - The 10-year U.S. Treasury yield decreased by 3.6 basis points to around 4.06%[1] - Market expectations indicate a high probability of two rate cuts starting in June 2026[4]