Last night's CPI data showed that the core CPI in April was 3.6% year-on-year, which was in line with expectations and lower than the previous value of 3.8%. The broad CPI was 3.4% year-on-year, which was also in line with expectations and lower than the previous value of 3.5%. Although these two data were not as much lower than expected as predicted by Morgan Stanley, this should be the first decline in inflation since 2024. If I remember correctly, the data in the previous few months were basically higher than expected. So this time is a turning point. It is the standard evidence of the decline in inflation required by the Federal Reserve. The boost to market confidence is still very obvious. So after this data came out, the swap market raised the probability of a rate cut in September to more than 80%, and the latest probability of a rate cut in September by CME also reached 73%. The increase in expectations for a rate cut caused a big rebound in the US stock market and the currency market at the same time last night. However, this data is not perfect for the Fed's mouthpiece Nick. Nick believes that after this CPI is released, the market needs at least two similar CPI reports to raise the rate cut to before September. The significance of this report is that it retains the possibility of a rate cut later this year and calms some people's concerns that the Federal Reserve may need to further open the door to rate hikes.