Last night, Trump softened his stance on the increased tariffs on East Asia, and the 'dark cloud of bad news' hanging over the market has temporarily dissipated in the short term. However, do not let your guard down; there are still GDP and PCE data coming at the end of the month. Previously, the market expected a rebound, but the index couldn't even surpass the 85 mark and can only continue to fluctuate. Starting next month, inflation and employment data will become the focus, and it’s important to note that the inflation data includes tax information. Currently, various macroeconomic data seem to signal a 'slowdown' in the economy. If Powell hastily puts interest rate cuts on the agenda at this time, the market will not view it as a positive signal; instead, it will interpret it as the Federal Reserve being afraid of an economic recession and rushing to 'rescue' the situation. This is entirely different from the logic of last September's rate cuts. For risk markets like U.S. stocks and Bitcoin, it’s not only difficult to see any positive news, but it may even bring shocks. Investors must keep a close eye on data trends.