The U.S. CPI in December was 2.7% year-on-year, and the core CPI was 2.6% year-on-year, which was the same as in November. The government shutdown caused statistical deviations in November data, which was suppressed and replenished in December. The Fed's wait-and-see attitude is misaligned with market expectations, and political pressure has exacerbated policy differences. The outlook for inflation in 2026 is tortuous and downward, but it faces upward risks such as tax cuts and AI investments.