Jenny learned that the quarterly adjusted CPI annual rate in the United States in March was 2.4%, significantly lower than the 2.8% level last month, hitting a six-month low and lower than the market expectation of 2.6%. As soon as the data came out, CPI weakened across the board, theoretically bearish for the US dollar, bullish not for the US and gold, and the market has even almost fully priced "the Federal Reserve will officially cut interest rates in June". However, Trump recently announced to raise tariffs on China to 125%. The impact of this round of tariffs has not yet been transmitted to the CPI data, and the real pressure may not emerge until June. In June, it may be a window for interest rate cuts and the eve of a turnaround. It is expected that BTC will have a big rebound in the Q3 quarter.