🔥Bitunix Analyst: Inflation transmission confirmed but demand side has not followed, policy disagreements are intensifying, liquidity is being re-priced amid expectation mismatches

Data shows that inflationary pressures continue to spread from energy to upstream sectors, but demand has not synchronized, leading to a clear mismatch between policy expectations and market pricing. The March PPI annual rate rose to 4%, hitting a new high, further confirming that energy costs are being transmitted along the supply chain to the production side, but core PPI remains moderate, consistent with the previous CPI structure, indicating that current inflation is still "cost-push" rather than "demand overheating." This presents a key contradiction for the market: inflation exists but is not yet sufficient to support a comprehensive tightening; the economy has not shown significant weakening but also not enough to justify easing. From policy signals, disagreements are rapidly widening. On one hand, Federal Reserve officials favor maintaining high interest rates for the long term or delaying rate cuts (part…
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