On May 14, 2023, the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) data for April. The data showed that the April CPI rose 2.3% year-on-year, marking a new low since February 2021, and below the market expectation of 2.4%. This data has sparked widespread attention and discussion in the market.

Although the April CPI data was below expectations, the market generally believes that the impact of tariff policies on prices has not yet fully manifested. Goldman Sachs predicts that the overall CPI will rise by 0.31% month-on-month, with energy prices increasing by 0.4% and food prices by 0.3% month-on-month. Additionally, the impact of tariffs on clothing, household goods, and telecommunications is expected to become apparent in the coming months.

Trump expressed concern over the CPI data, stating that the Federal Reserve must lower interest rates to address inflationary pressures. The market expects an increased probability of the Federal Reserve lowering interest rates in June, which further affects the performance of the U.S. stock and bond markets.

CITIC Securities pointed out that the 'good data' in April may not be sustainable, and the full impact of tariffs will gradually become evident in the coming months. This view has been echoed by other analytical institutions, which believe that true inflationary pressures may emerge within the next two months.

Overall, although the April CPI data was below expectations, concerns about future inflationary pressures remain, which will have significant implications for the Federal Reserve's policy direction and the prices of various assets.