The December PCE data, which was delayed due to the government shutdown and released today, both exceeded expectations by 0.1 percentage points in annual and monthly rates. This directly offset the optimistic sentiment of interest rate cuts brought about by last week's CPI decline, leading to a shallow decline in the market. But macro data is no longer the absolute main line that dominates the market. At present, the sensitivity of the market to macro indicators is decreasing. As long as there is no extreme deviation in the data, this level of difference will only cause minor fluctuations and it is difficult to trigger large-scale cross asset selling. But last week's CPI decline may give Trump the confidence to take short-term military risks in Iran. Because the low inflation in the United States is quite dependent on low oil prices, and this week's rebound in PCE may make Trump have some misgivings when making decisions, reducing the probability of Trump taking military action. During the New Year period, due to the lack of participation from the Chinese market, the closure of the Asian core capital market directly drained a considerable amount of liquidity from the global market. In the absence of sufficient trading volume support, whether it is the traditional stock and bond market, cryptocurrency, or international political games, all forces tend to remain cautious, resulting in extreme compression of overall volatility.