The just-released U.S. March CPI data shows that the broad CPI met expectations, while core CPI year-on-year and month-on-month came in slightly below expectations. As we discussed this afternoon: data meeting or slightly under expectations means March inflation wasn’t as strong as imagined, so naturally, the market will start wondering if April’s data might also be decent. Of course, positive data doesn’t necessarily mean the market’s concerns are completely eased. For the current market, as long as it’s not above expectations, it avoids the worst-case scenario and can be seen as a smooth transition. Next, we’ll have to see how the weekend negotiations progress.