According to Jinshi, institutional analysts believe that the slight optimism brought by the CPI data may be hit because the overall PPI and the PPI excluding food and energy rose more than expected. In addition, the previous PPI data was significantly revised upward, making the year-on-year indicator more error-prone. Data scientists need to carefully study the details and sort out the components of PCE inflation, but on the surface, as the Fed's preferred inflation indicator, the changes in PCE will not be as friendly as yesterday's CPI data suggest. Perhaps a more significant bond market reaction is waiting for the PCE data, but on the surface, the rebound in yields is completely understandable.