📊 December 5, the market faces a true "judgment moment"

Tonight, the US PCE inflation data will be released—a report that arguably carries even more weight than the Fed's own statements.

The focus isn't on whether the numbers "look good or bad," but on whether they "behave" as expected. The market's passing line is clear: core PCE monthly rate at 0.2% (if achieved, that would make it three consecutive months at this level), and the annual rate steady around 3%. Meeting expectations? That means "inflation is tamed." Exceeding them? That means "inflation is starting to act up."

But if tonight's data deviates from expectations—even just a little—the consequences may go beyond a simple "rate cut delay" and could directly trigger a wave of market "repricing" turmoil.

Hold your breath and let the data speak.