ChainThink report, on March 13, the U.S. fourth-quarter real GDP growth was significantly revised downward to 0.7%, down from the initial estimate of 1.4%, markedly below the market consensus of 1.5%, indicating a clear slowdown in economic momentum. Following the data release, markets still anticipate that the Federal Reserve could begin rate cuts as early as before September; however, amid persistent inflation and rising oil prices driven by geopolitical tensions in the Middle East, the outlook for rate cuts remains uncertain.

Meanwhile, the U.S. January PCE price index rose 0.3% month-over-month and increased 2.8% year-over-year; the core PCE, excluding food and energy, rose 0.4% month-over-month and reached 3.1% year-over-year, marking the highest level in nearly two years. Core PCE has recorded a 0.4% month-over-month increase for two consecutive months, underscoring the persistent stickiness of inflation.