In the short term, tariff trade negotiations have retreated to a secondary conflict, and tonight's CPI weight has increased. What will happen to inflation in the first month after the implementation of tariffs? The key point here is how the significant drop in energy in April will hedge against commodity inflation brought about by the implementation of tariffs? The current median institutional consensus expectation is not significantly different from the forecast of the Cleveland Fed, but the key is the month on month rate. If it is data from the Cleveland Fed, a slightly lower than expected value of 0.2 (rounded) is a good thing, and it also boosts the market in the short term. If it is higher than expected, it is certainly not a good thing. Another point that the market will not completely rest assured about is that on Thursday evening, PPI data will see the transmission of the production chain from manufacturers to wholesalers, which has a certain predictive effect on next month's inflation (PPI is upstream of CPI)