The data is finally looking somewhat decent. Last month, I complained that the CPI had some water content, but this time I finally see a real decline. The annual and monthly rates of the December composite CPI and core CPI both did not exceed expectations, and the core data is even more ideal. The composite CPI index has also shown a slight decline.

Thinking about these three months of rate cuts, including the Christmas shopping season, and yet prices did not rebound in December, this indeed alleviates many concerns about the continuation of easing policies. Of course, we still need to keep an eye on January's data.

Another variable is that there may be new developments tomorrow in the lawsuit related to tariffs. Policy-related uncertainties still exist, so be mentally prepared — there may be a rebound, but don't expect this to be a return to a bull market. The market is still waiting for more definitive signals.