The just released CPI data for April, as discussed in the following afternoon: 1. The focus this time is on the month on month ratio, which is consistent with the Cleveland Fed's forecast of a month on month travel ratio of 0.2%; 2. The significant decline in energy in April offset inflation in new cars, used cars, and food. It should be an important factor that meets expectations year-on-year and falls below expectations month on month; 3. The actual monthly income rate of -0.1% in April is significantly lower than the previous value, because actual income is the sum of income obtained by individuals from various sources, including wages, rent, dividends, and social welfare, which can truly reflect the individual's actual purchasing power level. The month on month decline has driven consumption to weaken, of course, I personally think that as long as the reason is due to stock market adjustment factors Short term positive news, then look at the PPI data on Thursday night.