Macro outlook for next week: CPI will make it even more difficult for the Federal Reserve, and the US dollar index may fall into a slump quagmire After Trump announced his tariff proposal, market sentiment sharply deteriorated, exacerbating concerns about global growth expectations and causing a sharp drop in the US stock market. Looking ahead to next week, the outlook for tariffs is far from clear. The following are the key points that the market will focus on in the new week: On Wednesday at 02:00, San Francisco Federal Reserve Chairman Daly attended a dialogue event titled "Federal Reserve Economic Outlook and Work" At 23:00 on Wednesday, Richmond Fed President Barkin delivered a speech On Wednesday at 21:30, Dallas Fed President Logan delivered a welcome speech at an event At 02:00 on Thursday, the Federal Reserve released the minutes of its March monetary policy meeting Thursday 20:30, US March CPI data, initial jobless claims for the week ending April 5th At 0:00 on Friday, Chicago Fed President Goolsby delivered a speech at the New York Economic Club At 00:30 on Friday, Philadelphia Fed President Huck gave a speech on financial technology Friday 20:30, PPI data for March in the United States On Friday at 22:00, St. Louis Fed President Moses Lem delivered a speech on the US economy and monetary policy Friday 22:00, preliminary expectations for the one-year inflation rate in the United States for April, and preliminary expectations for the University of Michigan Consumer Confidence Index for April On Friday at 23:00, New York Fed President Williams delivered a speech on the economic outlook and monetary policy Considering all the current uncertainties, US dollar traders will focus on the US March CPI data scheduled to be released next Thursday. Tariffs not only pose a threat to economic activity, but also pose an upward risk to inflation. If CPI data accelerates further, this may prompt traders to reduce some of their interest rate cut bets. In addition to CPI data, PPI data and inflation expectations may also become key market drivers.