The unexpected slowdown in the US core CPI is changing expectations in the global markets.

Why is this indicator so important? Simply put, core CPI excludes volatile items like food and energy, providing a more accurate reflection of the true price pressure in the economy. When this number declines, it means that the upward momentum of US inflation has truly been contained, rather than just a short-term fluctuation.

The Federal Reserve has long adopted aggressive rate hikes and liquidity tightening policies primarily to lower this indicator. Now that the target is showing results, the logic chain of global central bank policies is changing accordingly. The boundaries of the tightening cycle are becoming clearer.

What does this mean for global capital markets? First, the room for increasing global financing costs is limited; second, the policy flexibility of various central banks is enhanced; third, pressures on exchange rates and capital flows are expected to ease.

The key point to watch is this: as long as core inflation does not rebound, the turning point in the global liquidity environment is essentially established. Although commodity prices are unlikely to fall sharply in the short term, the trend of "money becoming more expensive" is likely already at its peak. This is a significant signal for institutions and investors seeking risk asset allocations.