There are a total of 5 important macro data points in the past two weeks, It is also an important observation point during the ceasefire period: -Minutes of the March FOMC Meeting of the Federal Reserve on April 9th -April 10th US March CPI -April 14th PPI for March in the United States -On April 16th, the Federal Reserve's Beige Book -Retail Sales for March in the United States on April 21st In theory, this month's data has not been affected by the war and the rise in oil prices, So it will reflect deeper economic problems in the United States. Under certain circumstances, CPI data can determine market sentiment, and the inflation caused by war will gradually dissipate after the war ends. However, the CPI data for March must meet expectations in order to smooth out the wear and tear on the market caused by the war narrative over the past month. The Federal Reserve can shift a lot of its internal economic bad debts to risk aversion and energy shocks during wartime, which to some extent alleviates a lot of pessimism about the internal situation. While the war premium is good, the recovery speed of the real economic engine is much slower than imagined, so the retail sales data for March will not be too optimistic. The illusion of oil prices falling back to normal, CPI softening, and stable economic data between China and the United States is unrealistic at present. It will take some time for high beta encrypted assets to fully recover from the market.