周报：美联储降息步伐维持稳健，国内REITs市场活跃

Economic Indicators - In January, the U.S. non-farm payrolls increased by 143,000, the lowest in three months, falling short of the expected 175,000[2] - The unemployment rate in January was 4%, better than the expected and previous value of 4.1%[2] - The CME FEDWatch data indicates that the market expects the Federal Reserve to cut rates once in May 2025, with the next cut not anticipated until October 2026[2] Federal Reserve Policy - The Federal Reserve's dual mandate is leaning towards controlling inflation, with upcoming inflation data expected to influence rate decisions in the first quarter[2] - The Fed's steady rate cut approach is supported by the resilient labor market, providing time and space for policy adjustments[2] Trade Policy Concerns - Trump's announcement of "reciprocal tariffs" could escalate trade tensions, impacting economic growth and inflation negatively[3] - The U.S. dollar index was reported at 108.10 as of February 7, reflecting increased volatility amid rising risk aversion[3] REITs Market Performance - The CSI REITs index rose by 1.45% in the past week, while the CSI REITs total return increased by 1.48%, underperforming the Shanghai Composite Index's 2.28%[4] - All eight REITs sectors recorded gains, with the consumer infrastructure sector leading at an average increase of 3.29%[4] Liquidity and Market Activity - Market liquidity has shown a marginal increase over the past five trading days, with significant improvements in the warehouse logistics, transportation infrastructure, and park infrastructure sectors[4] - The primary market remains active, with new REITs being processed by regulatory bodies, indicating a growing interest in the sector[4]