周三，美元指数稳定在109.2左右，徘徊在两年高点附近，因为投资者正在等待12月的消费者通胀报告，这可能会影响美联储货币政策的未来方向。通胀的意外上升可能会限制美联储今年降息的范围，或可能促使央行在较长一段时间内维持目前的立场。市场目前预计只有一次25个基点的降息，可能是在今年下半年。与此同时，美元在周二经历了回落，此前月度PPI报告弱于预期，12月份仅上涨0.2%，低于经济学家预测的0.4%。核心PPI也保持不变，不符合0.3%的增长预期。在其他地方，随着1月20日就职典礼的临近，特朗普关税计划的不断变化的头条新闻预计将进一步加剧美元的波动。

The dollar index held steady around 109.2 on Wednesday, lingering near two-year highs as investors awaited the December consumer inflation report, which could influence the future direction of Federal Reserve monetary policy. An upside surprise in inflation could limit the scope for Fed rate cuts this year or potentially prompt the central bank to maintain its current stance for an extended period. Markets are currently anticipating only a single quarter-point rate cut, likely in the second half of the year. Meanwhile, the dollar experienced a pullback on Tuesday following a weaker-than-expected monthly PPI report, which rose just 0.2% in December, below economists' forecast of 0.4%. The core PPI also remained unchanged, defying expectations of a 0.3% increase. Elsewhere, evolving headlines on Trump’s tariff plans are expected to add further volatility to the dollar as the January 20th inauguration approaches.

美国12月CPI数据将于周三公布，估计范围（以及为什么了解这些数据至关重要）。看看与关键数据点的中值共识（上图中的“预期”）相比的预期范围：

US December CPI data due Wednesday, ranges of estimates (& why they're crucial to know).Taking a look at the range of expectations compared to the median consensus (the 'expected' in the screenshot above) for the key data points:

周三，美国股指期货上涨，投资者展望12月消费者通胀报告，该报告可能会影响对美联储货币政策的预期。在周二的常规交易中，道琼斯指数和标准普尔500指数分别上涨0.52%和0.11%，而纳斯达克综合指数下跌0.23%。此前，12月生产者通胀报告低于预期，对美元和国债收益率造成压力，为股市提供了一些缓解。在盈利方面，包括贝莱德、摩根大通、花旗集团、高盛和富国银行在内的主要金融机构将于周三公布其第四季度业绩。标准普尔500指数11个板块中有7个周二收盘走高，公用事业、金融和材料板块领涨。相比之下，技术和医疗保健等以增长为导向的行业表现不佳。

US stock futures ticked higher on Wednesday as investors looked ahead to the December consumer inflation report, which could impact expectations for Federal Reserve monetary policy. In regular trading on Tuesday, the Dow and S&P 500 gained 0.52% and 0.11%, respectively, while the Nasdaq Composite fell 0.23%. These moves followed a lighter-than-expected producer inflation report for December, which weighed on the dollar and Treasury yields, providing some relief for equities. On the earnings front, major financial institutions—including BlackRock, JPMorgan Chase, Citigroup, Goldman Sachs, and Wells Fargo—are set to release their fourth-quarter results on Wednesday. Seven of the 11 S&P 500 sectors closed higher on Tuesday, with utilities, financials, and materials leading the way. In contrast, growth-oriented sectors such as technology and healthcare underperformed.

美元反弹在美国通胀测试前暂停。周三，美元的大幅反弹遇到了减速带，因为交易员在当天晚些时候公布备受关注的美国消费者通胀报告之前变得谨慎，这使他们对新的头寸犹豫不决。

Dollar rally pauses ahead of US inflation test.The dollar's towering rally hit a speed bump on Wednesday as traders turned cautious ahead of a closely watched U.S. consumer inflation report due later in the day, making them hesitant to take on new positions.