Core CPI data once again fell below market expectations, and a problem that was once hanging over our heads is being redefined — the threat of inflation is gradually diminishing.

What does this mean? Many people's first reaction is: interest rate cuts are coming. But it's not that simple.

A more accurate way to say it is: the reasons to continue maintaining tight monetary policy are disappearing. When inflation is no longer an enemy, the current high interest rate levels lose their necessity.

The next question is no longer whether policymakers "should" take action, but rather what the market is betting on — how far will they push the pace of liquidity release? This change in expectations often occurs faster than the policy itself and has a more direct impact on asset prices.