Why the market not perssimistic any more?US January CPI increased 6.4% YoY, higher than consensus 6.2%, previous 6.5%; It rose 0.5% M/M in January, a tick higher than the 0.4% expected and a jump from the 0.1% increase in December (which was revised from -0.1%).Core CPI increased by 5.6% YoY, and the growth rate continued to fall, which was the lowest level since December 2021, but still higher than consensus 5.5%, previous 5.7%; It rose 0.4% MoM, which was the same as consensus.At MoM view, Food away from home, energy commodities, gasoline and gas services, clothing, medical care commodities, shelter and transportation services are beyond average. Food at home, fuel