#美国PPI数据高于预期 Core Data (January 30, 2026, U.S. Bureau of Labor Statistics)
- Final Demand PPI Month-on-Month **+0.5% (Expected +0.2%), Year-on-Year +3.0%** (Expected +2.7%)
- Core PPI (Excluding Food/Energy) Month-on-Month **+0.7% (Expected +0.2%), Year-on-Year +3.3%** (Expected +2.9%)
- Main Reasons: Sharp increase in service costs, trade profit margins reach the largest increase since mid-2024, contributions from wholesale machinery profits; commodity prices remain stable
Market Impact
- U.S. Dollar Index rises briefly, U.S. Treasury yields increase, U.S. stock futures decline
- CME “FedWatch”: Probability of rate cuts in March cools, Fed may be more cautious
Key Interpretation
- Inflation pressure at the wholesale level is rising, with services being the main force, while the commodity side remains stable
- May push up subsequent core PCE, Fed rate cut path may be delayed $BTC
