Trading day of the second week of 2024. It may seem calm on the surface, but in reality, there are hidden currents stirring!

The upcoming release of the USA December CPI data this week is highly anticipated. In the previous month, the year-on-year growth rate of the core CPI in November remained steady at 4%, showing no signs of cooling down, while the CPI in November rose by 3.1% year-on-year, with a slightly slower increase. Analysis indicates that service sector inflation remains high, while there is continued deflation in the goods sector. Despite some easing in price pressures, the strong labor market continues to drive consumer spending and the overall economy. Market focus is on whether the Fed can effectively resist inflation in the final stretch, with particular attention on the performance of the service sector.

Last Friday, the USA released the December non-agricultural employment report, showing a sharp increase of 0.216 million in employment numbers, with the unemployment rate remaining low at 3.7%, and hourly wages accelerating. However, the post-market release of the December ISM service sector data unexpectedly plummeted to 50.6, almost stagnating, causing market worries and volatility. The contrasting trends in these two sets of data have led to a "rollercoaster" scenario in the US bond market, leaving investors in a wait-and-see mode as uncertainties arise about the Fed's interest rate path.

In addition, the approval process of the bitcoin etf has also become a focal point of market attention. It is reported that the SEC has requested issuers seeking to list bitcoin etfs to submit final rule change proposals, with Blackrock expecting its bitcoin spot etf to be approved on January 10th, and other asset management companies' etfs are also likely to be approved. This news has sparked expectations in the market for digital asset etfs.

Overall, this week will be a key moment for investors to closely monitor the economic and financial market developments in the USA.

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