The real impact on inflation can be seen in the second month after the implementation of the 10% basic equivalent tariff on CPI for May, which was announced tonight. The inflation data for April was very close to the inflation forecast of the Cleveland Fed at that time. Judging from the latest forecast data of the Cleveland Fed, the annual and monthly rates of CPI and core CPI are both lower than market consensus expectations. Watch Bloomberg @ AnnaEconomist's tweet today mentioning that tariffs on most CPI categories have fallen, and see if this is immediately reflected in commodity inflation. We have previously discussed how tariffs lead to higher commodity inflation, which in turn serves as a hedge against the decline in energy and consumption, resulting in a decrease in the service industry. Looking forward to seeing if the Cleveland Fed's inflation forecast is once again close to the published value?