德国10年期国债收益率微降至2.48%，投资者权衡了最新通胀数据及其对欧洲央行政策的影响。德国的统一通胀与预测相符，而法国的数据低于预期，每月下降0.2%。现在的注意力转向下周欧元区更广泛的通胀数据。与此同时，经济疲软的迹象依然存在，德国1月份的失业率上升，突显出欧洲最大经济体面临的持续挑战。市场继续预计欧洲央行今年将再降息三次，尽管不确定性仍然存在，特别是特朗普总统可能对美国征收贸易关税，这可能会推动欧洲央行进一步放松政策。与此同时，美联储周三维持利率不变，强化了谨慎的立场。

Germany’s 10-year Bund yield edged down to 2.48% as investors weighed the latest inflation data and its impact on ECB policy. Germany’s harmonized inflation matched forecasts, while France’s figures came in weaker than expected with a 0.2% monthly decline. Attention now turns to next week’s broader Eurozone inflation data. Meanwhile, signs of economic weakness persist, with Germany’s unemployment rate rising in January, highlighting ongoing challenges for Europe’s largest economy. Markets continue to price in three more ECB rate cuts this year, though uncertainty remains, particularly with potential US trade tariffs under President Trump, which could push the ECB toward even deeper easing. Meanwhile, the Federal Reserve kept rates unchanged on Wednesday, reinforcing a cautious stance.

初步估计显示，德国的年度消费者价格通胀率从12月的2.6%降至2025年1月的2.3%，低于市场预期的2.6%。食品通胀率大幅放缓至0.8%，而前一个月为2.0%，而服务价格的上涨速度略有放缓（4.0%对4.1%）。与此同时，能源成本下降了1.6%，与12月保持相同的下降速度。不包括食品和能源等波动性项目的核心通胀率降至2.9%，为三个月来的最低水平。按月计算，1月份消费者价格指数下降0.2%，此前12月份上涨0.5%，未达到市场预期的0.1%涨幅。

Germany's annual consumer price inflation dropped to 2.3% in January 2025, down from 2.6% in December and below market expectations of 2.6%, a preliminary estimate showed. Food inflation slowed significantly to 0.8%, compared to 2.0% in the previous month, while services prices rose at a slightly softer pace (4.0% vs. 4.1%). Meanwhile, energy costs declined by 1.6%, maintaining the same rate of decline as in December. Core inflation, which excludes volatile items such as food and energy, eased to 2.9%, the lowest in three months. On a monthly basis, consumer prices declined by 0.2% in January, following a 0.5% increase in December and missing market expectations of a 0.1% advance.

德国1月份年度CPI通胀率降至2.3%，而预期为2.6%。Destatis周五公布的初步估计显示，以消费者价格指数（CPI）变化衡量的德国通货膨胀率从12月的2.6%降至1月的2.3%。这一数据高于2.6%的市场预期。

Germany annual CPI inflation softens to 2.3% in January vs. 2.6% expected.Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), softened to 2.3% on a yearly basis in January from 2.6% in December, Destatis' flash estimate showed on Friday. This reading came in above the market expectation of 2.6%.

1月份德国消费者价格指数（同比）低于预测（2.6%）：实际（2.3%）。1月份德国消费者价格指数（同比）低于预测（2.6%）：实际（2.3%）

Germany Consumer Price Index (YoY) below forecasts (2.6%) in January: Actual (2.3%).Germany Consumer Price Index (YoY) below forecasts (2.6%) in January: Actual (2.3%)