The US December one-year inflation expectation final value is announced at 4.2%, slightly higher than the expected 4.1% and the previous 4.1%. This data may seem insignificant, but the market implications behind it are not simple.

**New Concerns About Inflation Stickiness**

From the data, consumers' inflation expectations for the next year have not decreased as rapidly as the November CPI (2.7%) suggested. This "lag effect" provides enough argument for hawkish Federal Reserve officials—who use it to advocate against rushing to cut interest rates.

**Short-term Impact on the Dollar and Risk Assets**

This data will reinforce market expectations of "higher interest rates lasting longer" in the short term, providing some support to the dollar. Accordingly, valuations of crypto assets and other risk assets may also face some pressure.

**The Subtle Tug-of-War Between CPI and Expectations**

Interestingly, the November CPI pointed to a narrative of "rate cut cycle has begun," while this expectation data hints that "the pace of rate cuts may not be too aggressive." The two sets of data tug at each other, further deepening market uncertainty.

**How to View These Fluctuations?**

In the short term, market sentiment may be under some pressure, but an important reminder is—such emotional swings triggered by a single macroeconomic data point have little direct relation to the actual progress of projects or community building. There's no need to change the long-term development rhythm because of these noises.

On the contrary, when the market is swayed by macro data, it’s even more important to emphasize the value of solving real problems. After all, this value proposition is completely unrelated to the Federal Reserve's interest rate decisions.