#美国核心物价涨幅不及市场预估 Mid to late January macro calendar, several key dates worth noting.

**January 20th (Tuesday)**
The U.S. Supreme Court will announce an important ruling. The outcome regarding Trump's tariff policy is a market focus; if the ruling is delayed, it may actually strengthen expectations for the advancement of tariffs.

**January 21st (Wednesday)**
A lawsuit against Federal Reserve Board member Lisa Cook will be heard. This is not just a personal case—it relates to the independence of the Federal Reserve and also directly impacts the extent of future political intervention in monetary policy.

**January 22nd (Thursday)**
Two heavyweight data releases. First, the Q3 GDP final estimate; if it deviates significantly from the previous estimate, it will impact market confidence in economic growth and expectations for rate cuts. Second, the November PCE inflation data; if it continues to decline, it will bolster expectations for rate cuts.

**January 23rd (Friday)**
University of Michigan Consumer Inflation Expectations and January PMI initial data. Relatively speaking, the market reaction to these two data points is less sensitive.

**The core of this week**
Don’t be fooled by the data calendar; the real variables are on the political side. The two Supreme Court rulings on tariffs and Federal Reserve independence are key to determining market sentiment. The outcome could directly influence the credibility of the Federal Reserve’s policies and the overall stability expectations of the financial markets.

$BTC $ETH Trends will also be influenced by these winds.