#Strategy加仓BTC December CPI data just released, with a year-on-year increase of 2.7% and a month-on-month increase of 0.3%, fully in line with market expectations——but beneath this surface stability, there are actually several details worth pondering.

Let's look at core CPI first, which, excluding food and energy, has a year-on-year increase of only 2.6%, and a month-on-month increase of just 0.2%, even lower than economists' forecast of 0.3%. What does this indicate? Underlying price increases are easing. From another perspective, the large fluctuations in food and energy are holding back the overall figure; the real inflation pressure isn't as fierce as it seems.

However, there's a background detail that needs clarification: the government shutdown caused the October CPI data to be unavailable, and November data also had collection issues. By December, things finally normalized, but these data quality issues will take time to resolve. Economists are also somewhat cautious, believing that the technical impacts will need time to fully dissipate.

The key question is—The Federal Reserve's target is 2% inflation, and it has been above this level for 55 consecutive months. From a monetary policy perspective, this stable CPI likely means the Fed will hold steady at its January 27-28 meeting, keeping interest rates unchanged. Meanwhile, the labor market hasn't collapsed; the December unemployment rate even fell to 4.4%.

But don't get too optimistic. Economists generally worry that once companies start passing on tariff pressures to consumers, prices could rise again in the coming months. This introduces uncertainty into the market—things are stable now, but there might be more turbulence ahead.