Tonight at 21:30, the market will迎来 a truly meaningful "heartbeat moment."

As trading approaches midnight, all eyes are almost simultaneously locked on the same node—the release of US December CPI data. This is not just an inflation report card but also a key that could directly open or close the door to the next phase of the market.

From the calendar schedule, the content of this release is substantial:
CPI annual rate, monthly rate, as well as core CPI annual and monthly rates, will be released simultaneously, with extremely high information density. Any deviation from expectations could trigger chain reactions.

The current market consensus is relatively moderate:

The annual rate roughly remains at 2.7%, the monthly rate rebounds to around 0.3%, and core CPI also slightly rises. On the surface, it seems calm, but this "calm" itself conceals risks for the market.

The reason is simple—The Federal Reserve is near a policy turning point.
If the data is hot, rate cut expectations may be quickly postponed, strengthening the dollar and pressuring risk assets;

If the data is cold, market sentiment could instantly turn optimistic, with bullish funds ready to enter and ignite.

It is precisely because of this that this set of data is marked as the highest level of attention in trading systems, belonging to those that, once released, immediately reprice the market.
Now, the only thing the market can do is wait.

A few hours later, the answer will be revealed, and the fate of bulls and bears may switch between those few decimal places.

Tonight, it is destined to be restless.