Data released by the United States last night showed that the core PCE price index was 2.8% year-on-year in April, in line with expectations and the previous value was 2.8%. The data continued to consolidate the original expectations of a rate cut. After the data was released, the probability of a rate cut in September increased slightly (51%). The PCE indirectly confirmed that the Fed's inflation pressure did begin to weaken in the second quarter, which played a good role in promoting rate cuts. We may only need one more CPI data to reach the turning point of rate cuts.