CPI and core CPI both fell below expectations, which is a clear positive.

The logic of CPI is actually very simple:

Higher than expected → Inflation pressure increases → Bearish

Lower than expected → Inflation eases → Bullish

From the overall data, this time both CPI and core CPI fell below expectations,
which is a standard "strong positive" in the traditional sense.

Inflation pressure eases, and the market's expectation of a rate cut in January is heating up, with a macro bias towards the bullish side.