The U.S. GDP data to be released tonight may bring some unexpected surprises. From the performance of the U.S. stock market on Monday and Tuesday, it seems the market has already reacted in advance. Traders appear to have made preliminary pricing on the direction of the GDP data. Even if the data underperforms expectations, it may not necessarily be a bad thing; rather, it could strengthen the market's expectations for a rate cut by the Federal Reserve within the year. At the same time, it is worth noting that PCE inflation expectations have been continuously declining, which undoubtedly opens up greater policy maneuvering space for the Federal Reserve. If GDP growth slows while inflationary pressures ease, the logic for a rate cut will be more persuasive. The market has been gradually pricing this logic, so in the short term, the U.S. stock and bond markets may show better-than-expected performance, especially after the data is released. Overall, regardless of whether tonight's data is strong or weak, its impact on the market hinges on whether it further supports the expectation of a rate cut within the year. Combined with the current scenario of slowing economic growth and declining inflation, the market seems ready to embrace a situation where bad news is seen as good news.