In terms of data,

The March CPI set to be released on Thursday will be the focus,

According to economists surveyed by Bloomberg, the data from the U.S. Bureau of Labor Statistics to be released on Thursday is expected to show that the Consumer Price Index (CPI) for March may only rise by 0.1% month-on-month, which would be the smallest increase since July of last year.

Meanwhile, the core CPI, which excludes the more volatile food and energy costs, is expected to rise by 0.3% month-on-month and increase by 3% year-on-year; if achieved, this would be the slowest annual growth rate since 2021.

However, this "temporary breather" may be hard to sustain. Wall Street has already sensed the risks—commodity inflation may have begun brewing before Trump announces the comprehensive tariffs on April 2, as merchants may have already raised prices in advance.

On the same day, the Federal Reserve will also release the minutes from the March policy meeting, which will provide more clues. The latest minutes may reveal the Fed's level of concern regarding the "rise in short-term inflation expectations" and whether the "economic uncertainty" brought about by Trump's tariff policy is being considered as a reason to delay a policy shift. #美国加征关税