Tonight, the CPI data is about to be released, and the market is holding its breath.

Inflation expectations continue to rise, with Wall Street generally predicting that both CPI and core CPI will increase by 0.1% month-on-month, while the year-on-year increase may reach 2.4%, higher than the previous value of 2.3%. This wave of inflation is mainly influenced by the lagging effects of Trump's tariff policies.

Like a ticking time bomb, previously temporarily masked by data adjustments from U.S. officials, it is now gradually revealing its true power. The Federal Reserve is currently maintaining a wait-and-see attitude, but the market's nerves are already taut.