The U.S. CPI data for June will be released at 20:30 tonight, and people are paying attention to its impact on the Federal Reserve's interest rate hike in July. In fact, no matter what the CPI is, it will not change the Fed's decision. The purpose of raising interest rates is to predict inflation before the end of the year. The inflation rate hit a record high in the same period last year, and the decline this year has been relatively large. Core inflation remains a problem. The monthly rate of CPI increased, the decline in core CPI was limited, and inflation continued to recur. The Fed is worried about excessive inflation and is under pressure. The U.S. job market is booming, with the unemployment rate falling and wages continuing to grow. While inflation may fall, the likelihood of a relapse increases. Inflation is currently higher than the target, and the market believes that there will be no interest rate hike in 2023. Inflation data has little impact on risk markets, and technology stocks are supported by AI. The correlation between US stocks and the encryption market has decreased, and CPI has less impact on btc/eth. One of the reasons why the Fed did not raise interest rates in June was the demand for debt issuance from the Treasury Department. Increased issuance leads to economic contraction, which is equivalent to raising interest rates.