Huatai Securities: November US CPI data fell short of expectations, increasing interest rate cut expectations

According to Jinshi News, Huatai Securities pointed out that although the November U.S. CPI data was significantly lower than expected, marginally raising expectations for a Federal Reserve rate cut, the Fed may pause rate cuts for observation due to the high noise in inflation and labor data. It is expected to cut rates 1-2 times in the second half of next year. As the tariff rates have not increased further, the impact of tariffs on inflation is relatively mild, and the risk of high inflation in the U.S. is controllable.