QCP analysis indicates that the United States and Saudi Arabia have reached a $600 billion trade agreement and initiated tariff reductions, triggering a strong market rebound. The S&P 500 index has recovered the 17% decline from last month, returning to flat year-to-date. The US CPI being lower than expected strengthens market expectations for interest rate cuts, with the market currently anticipating the Federal Reserve will cut rates for the first time in July, although QCP believes September is more realistic. Expectations for rate cuts in 2025 have now been reduced to two times. The cryptocurrency market is leading, with Bitcoin approaching historical highs, and ETH/BTC rising to 0.025. QCP states that as Coinbase is set to enter the S&P 500 on May 19, crypto assets are expected to continue rising.