It's that time again when Wall Street holds its breath. The November CPI data for Thursday is about to be released. How significant is this report for the market? To put it simply, this is the first inflation data released after the U.S. government shutdown ended, and the market is watching it closely.

Economists forecast an annual rate of 3.1%, with core inflation around 3.0%. But what really matters is—can inflation break into the "2s"? It may seem like a numbers game, but in reality, this psychological threshold directly influences expectations of rate cuts and thus guides the overall market sentiment.

However, there is a problem. Due to the government shutdown, the data collection process was disrupted, and this report lacks month-over-month data. So, there is a consensus in the industry: this report is not "clean" enough. Without the monthly comparison data, accurately interpreting inflation trends becomes difficult, and the report's completeness is significantly compromised. How the market will react can only be known once the data is out.