Morgane Delledonne, head of European investment strategy at Global X ETFs, stated that the CPI data on January 11th was mixed, with core inflation slowing down while overall data rebounded, maintaining the status quo. The disagreement between the Federal Reserve and the market on interest rate prospects may continue into the first quarter, as both parties are waiting for data to confirm their views. Meanwhile, the prospect of interest rate cuts and a weaker US dollar has laid the foundation for a "soft landing" of the global economy in 2024, making the upside potential of the US stock market greater than that of the European stock market. Morgane Delledonne pointed out that the US Consumer Price Index (CPI) unexpectedly rose, with overall inflation rising by 3.4% annually, higher than the expected 3.2%, while core inflation only dropped by 0.1 percentage point to an annual rate of 3.9%, compared to an expected 3.8%. The 10-year Treasury yield has risen to above 4%, and the US dollar index has increased. Stock index has been volatile, with no clear direction. Federal funds futures still indicate that there will be 5-6 interest rate cuts this year, double the Federal Open Market Committee (FOMC) forecast.