After the release of the US December CPI data, the market fell into a strange dilemma. The year-over-year growth rate of 2.7% seems moderate, but against the backdrop of data rebounding overnight after the government shutdown, many began to question the authenticity of these figures. Is inflation truly slowing down, or are statistical methods masking certain realities?

From the market reaction, the answer may not be so optimistic. The expectation of rate cuts has been shattered, and the Federal Reserve continuing to hold steady has become a foregone conclusion. This shift directly impacted the performance of major assets.

The gold market best illustrates the issue—initially falling sharply, then quickly rebounding and currently staying above $4600. The sustained gold purchases by central banks and safe-haven demand provide dual support, making gold the best indicator of investors' concerns about inflation.

Meanwhile, the US stock market has shown resilience. Investors' focus has shifted from interest rates to earnings season and developments in the artificial intelligence industry chain. The dollar has strengthened slightly, but long-term credit concerns still linger.

Returning to the core issue: this "perfect" CPI data instead exposes the stubborn nature of inflation. How much truth was masked by data revisions during the shutdown? When official figures face widespread skepticism, market participants need to stay alert—true inflation pressures may never have truly dissipated.