The just-released CPI data for April,

1. The focus this time is on the month-on-month rate, which aligns with the Cleveland Fed's forecast of a month-on-month change of 0.2%;

2. The significant drop in energy prices in April offset inflation in new cars, used cars, and food. This should be an important factor where the year-on-year rate meets expectations, but the month-on-month rate falls short of expectations;

3. The actual income month-on-month rate for April is -0.1%, significantly lower than the previous value, as actual income is the total income individuals receive from various sources, including wages, rents, dividends, and social welfare, which can truly reflect personal purchasing power levels. The month-on-month decline has led to weaker consumption, but I personally believe that as long as the reasons are due to stock market adjustments, it is beneficial in the short term, and then we will look at Thursday night's PPI data.