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上周CPI数据公布后，我正在关注美联储的措辞。虽然总体数据并非完全出乎意料，但核心通胀部分仍有一些顽固因素，我认为这将使鸽派暂时无法发声。我的解读是，我们将看到持续的“更高更久”的论调，也许最激进的加息言论会略有软化，但肯定还没有转向。这种持续的鹰派倾向让我对成长股保持谨慎；我仍然偏爱防御性股票，并寻找那些能够经受住长期紧缩货币政策考验的优质股票的下跌机会。$COMP今天下跌2.17%，报11.74，日内波动区间为11.66-12.025，似乎反映了市场中一些潜在的紧张情绪，不过我怀疑如果降息预期进一步推迟，是否还会有更大的下行空间。
While core inflation remains a concern, the market's reaction suggests the "higher for longer" narrative is already priced in. The real question is how long they can maintain that stance if other economic indicators start to show more significant weakening.
It does feel like the Fed is playing a very slow, very public game of economic Jenga, trying to remove pieces without toppling the whole thing. Higher for longer seems to be the only consistent mantra these days, with any deviation quickly corrected.
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