The impact of the Middle East war on demand has intensified, and the growth momentum of the US service industry has significantly slowed down According to TechFlow, on May 5th, Chris Williamson, Chief Business Economist of S&P Global Markets Intelligence, stated that "after a slight decline in March, US business activity has resumed growth, but it is clear that growth momentum has slowed significantly since the beginning of the year. Survey data shows that GDP annualized growth rate is about a moderate 1%. Growth may further weaken as the service industry reports a decrease in new business inflows for the first time in two years, reflecting the intensifying impact of the Middle East war on demand. The direct impact of war is most evident in the service sector, where high prices have led to a decline in optional consumption (such as vacation and entertainment), while high fuel costs and travel disruptions have also suppressed transportation activities. However, the decline in demand for financial services is partly related to the increasing uncertainty of the market outlook, and also reflects the market's expectations of higher inflation and interest rate shocks to real estate and credit activities. Input cost inflation is further rising, fuel prices are increasing, commodity and service prices are generally rising, and wages are also increasing. These factors will be transmitted to consumer inflation in the coming months. ”(Golden Ten)