PPI

CPI 降温改善风险偏好，但 PPI、财报和油价仍在影响市场，股指期货交易者需要先控制合约规模。

Softer CPI helped risk sentiment, but PPI, earnings and oil mean futures traders still need smaller contract sizing and defined invalidation levels.

美国 CPI 降温支撑股指期货，但本周后续 PPI、零售销售、就业和褐皮书仍可能改变利率与板块节奏。

A softer CPI helped stock-index futures, but the rest of the July 13-17 calendar can still move rates, sector leadership and intraday futures liquidity.

股指期货交易者不应把 7 月 15 日数据当作普通后续日程，而应视为 CPI 利多后的确认风险。

Index-futures traders should treat July 15 data as confirmation risk, not as a routine calendar follow-up to Tuesday’s CPI relief.

CPI 降温带来市场反应后，零售销售、初请失业金和褐皮书将检验这轮期货反弹是否有基本面支持。

After a softer CPI reaction, the next U.S. data points matter because they test whether the futures rally has support from demand, margins and Fed expectations.

CPI 缓和带来第一波反应后，PPI、褐皮书和零售销售仍会决定本周股指期货风险区间。

After the CPI relief move, traders still have PPI, the Beige Book and retail sales before the macro risk range is settled.