#美国证券交易委员会推进数字资产监管框架创新 Next week, data CPI November AS$ of the US will become the watershed of the recent market. While the Federal Reserve has already started the rate cut cycle and released dovish signals, there are still many differences in the subsequent policy directions — this inflation report is likely to rewrite market expectations.

On Thursday night at 21:30, the US will release the November unadjusted CPI annual rate, core CPI annual rate, and monthly rate data. The same day, initial jobless claims will also be announced. On Friday, the University of Michigan Consumer Sentiment Index final value will be released. Among these data releases, CPI is particularly crucial.

Why? Because current US inflation still hovers around 3%, significantly higher than the Fed's 2% target. If the data exceeds expectations, the market will reinforce the logic of "inflation under control → continue rate cuts," pushing the dollar weaker and risk assets like cryptocurrencies to rebound; if the data falls short of expectations, it may trigger a reassessment of the entire rate cut cycle, even turning downward.

It is worth noting that after the rate cut last week, the 10-year US Treasury yield did not decline but rose, reflecting that market concerns about long-term inflation and economic resilience have not dissipated. The divergence trend between US stocks and bonds indicates that capital has not yet found a clear direction.

Next week, there will also be speeches by several Federal Reserve officials, including New York Fed President Williams and Atlanta Fed President Bostic. Their statements before and after the CPI release will be analyzed word by word, and any wording adjustments regarding inflation or employment could trigger volatility. A market reassessment led by macro data is brewing. $BTC $ETH