After Trump announced the tariff proposal, market sentiment took a sharp downturn, and concerns about global economic growth expectations quickly intensified, leading to a significant decline in U.S. stocks. Moreover, the tariff outlook remains filled with uncertainty for next week. At the same time, the trajectory of inflation data poses a new challenge for the Federal Reserve, and the U.S. dollar index faces the risk of a substantial drop. The following are the key points of focus for the market next week:

- Wednesday: 2 AM: San Francisco Fed President Daly will participate in the "Federal Reserve Economic Outlook and Work" dialogue; 9:30 PM: Dallas Fed President Logan will give a welcome speech at an event; 11 PM: Richmond Fed President Barkin will deliver a speech.

- Thursday: 2 AM: The Federal Reserve will release the minutes from the March monetary policy meeting; 8:30 PM: U.S. March CPI data will be released, along with the number of initial jobless claims for the week ending April 5.

- Friday: 12 AM: Chicago Fed President Goolsbee will speak at the New York Economic Club; 12:30 AM: Philadelphia Fed President Harker will discuss financial technology; 8:30 PM: U.S. March PPI data will be released; 10 PM: St. Louis Fed President Bullard will speak on the U.S. economy and monetary policy, while also releasing the preliminary one-year inflation expectation for April and the preliminary University of Michigan consumer sentiment index for April; 11 PM: New York Fed President Williams will speak on economic prospects and monetary policy.

The current market is in a state of high uncertainty, with dollar traders particularly focusing on the March CPI data to be released on Thursday. Tariffs not only pose a threat to economic activity but also bring the risk of upward inflation. If CPI data continues to rise, traders may scale back their rate cut bets. Additionally, PPI data and inflation expectations will also play a crucial role in the market direction.