#CPI数据来袭 【CPI Data Influences Global Market Nerves, Federal Reserve's Rate Cut Expectations Under Testing Again】The U.S. May CPI data is about to be released, and global investors are holding their breath. The market expects the overall CPI year-on-year growth rate to remain stable at 3.4%, while core CPI may drop to 3.5%. If the data falls below expectations, it will strengthen the market's expectation of a Federal Reserve rate cut in September, potentially providing a rebound opportunity for risk assets. Currently, the U.S. dollar index maintains a fluctuation around the 104 mark, and the volatility index VIX has risen to a monthly high, reflecting concerns about persistent inflation. If data shows a cooling trend for three consecutive months, it may solidify the trend of slowing inflation, paving the way for a shift in the Federal Reserve's monetary policy. However, caution is needed regarding potential market turbulence caused by a rebound in energy prices and the resilience of service inflation. Investors are advised to prepare for hedging, with a focus on changes in core components such as housing and healthcare.