This Wednesday (today) and Thursday (tomorrow) the CPI and PPI data will be released. Current market expectations suggest there is a possibility of an increase. According to the data forecast from the Cleveland Fed, the broad CPI is 2.4%, which is higher than the previous value but lower than market expectations, while the core CPI is 2.84%, the same as the previous value. Additionally, Nick's analysis shows the broad CPI is 2.4% and the core CPI is 2.9%. Therefore, overall, the probability that tonight's CPI data will be higher than expected is greater, which may trigger some minor fluctuations in the market.

However, this data is unlikely to affect the Federal Reserve's monetary policy and does not represent the inflation trend after the implementation of reciprocal tariffs. Still, it can easily influence investor sentiment, making investors aware that inflation has already rebounded even before the implementation of reciprocal tariffs. The Federal Reserve may adopt a more aggressive stance on monetary policy, which could impact the trend of risk markets.