Golden Ten Data, February 14th News, Guosheng Securities pointed out that the US January CPI and core CPI both exceeded expectations, and the rebound of secondary inflation pressure has begun to emerge. After the data was released, the market's expectation of a rate cut by the Federal Reserve was significantly lowered. At present, the market expects the Federal Reserve to cut interest rates only once in 2025, possibly as soon as September. Against the background of secondary inflation and the bottoming out of the US economy, be cautious about the possibility that the Federal Reserve may not cut interest rates this year. In the future, it is still necessary to pay close attention to the performance of non-farm payrolls, CPI and other data, as well as whether Trump will use political means to pressure the Federal Reserve.