When I woke up, it was already 2:30 in the morning Tonight, the CPI data for April in the United States was released, which is in stark contrast to the previously rapidly rising US stock market. In fact, the expectation of inflation rising is almost talked about every day, but the market hardly believes it, after all, AI is currently on fire. The broad inflation that the public is most concerned about was 3.3% last month, and the market expectation has already reached 3.7%, while the actual announced one is 3.8%. The most direct way for inflation to rise is to further delay the Federal Reserve's assessment of interest rate cuts. To put it simply, interest rate cuts are even more difficult, and if they continue to rise, it is not ruled out that there will be no interest rate cuts in 2026, which is not good for the overall market. Even AI may stall in the face of high inflation. The main reason for the rise in inflation is the rise in energy inflation, which is mainly gasoline and fuel oil. This is what we have always said. The most direct impact of the Strait of Hormuz blockade is that today's WTI prices have returned to $102. If Trump can no longer solve the "oil" problem, nothing else needs to be considered. This is not the end. The Federal Reserve led by Powell had always believed that inflation was caused by tariffs. If Trump tariffs were lowered or abolished, it would be very helpful for inflation. So Powell was optimistic about inflation before. Now Iran and the United States have not solved the problem for so long. The Federal Reserve estimates that it will be necessary to re measure inflation. After all, even if the Strait of Hormuz is inflationary now, it will take some time for oil prices to fall back. Overall, rising inflation is a bad thing for the entire risk market.