On January 13th Beijing time, the US December CPI data was released. Year-over-year and core CPI both held steady at 2.7%, with both month-over-month figures rebounding to 0.3%. The numbers look quite good, but economists' interpretations are somewhat sobering—this may simply be the result of statistical distortions dissipating after the government shutdown in November. Inflation is still there; it's just hovering above the 2% target.

The market's reaction to this data is quite interesting. The unexpected rise in core CPI directly shattered expectations of rate cuts, and the Federal Reserve's January meeting is now basically locked in to maintain the status quo. Suddenly, gold, US stocks, and the US dollar all erupted.

Gold initially fell then rose, firmly holding above $4,600 and hitting new highs. Central banks worldwide continue to buy gold, combined with hedging against policy uncertainties, making gold the strongest driver of this upward trend.

US stock futures demonstrated remarkable resilience. Traders shifted focus from inflation concerns to expectations for earnings season. The AI industry chain continues to lead, and cyclically sensitive sectors are eager to try under the backdrop of moderate inflation.

The US dollar index slightly rebounded, regaining the 98-99 level. The interest rate differential advantage is still supporting the exchange rate in the short term, but the uncertainty surrounding Federal Reserve policies has become a hidden concern.

Interestingly, although inflation hasn't fully subsided, this "moderately high but stable" state has instead given new narratives to commodities and safe-haven assets. Will gold, riding this wave of risk aversion, break through $4,600 and continue higher? How will the crypto market follow the rhythm of traditional markets? Behind these questions lie key clues to future policy directions.