Regarding the US June CPI to be released tomorrow night: The current institutional consensus expectations for CPI and core CPI are 2.7% and 3% year-on-year, respectively, and both are 0.3% month on month. The Cleveland Fed's inflation forecast for June, which has been highly accurate in the past, is 2.64% (usually rounded to 2.6% by US officials) and 2.95% (rounded to 3%) for CPI and core CPI, respectively, with month on month comparisons of 0.25% and 0.23%. If the accuracy of the Cleveland Fed's forecast remains online this time, it means that US inflation in June will be higher than before, slightly lower than expected (core CPI year-on-year in line with expectations). How will the market react? There should be fluctuations at home, which will weaken the upward momentum of the market but will not lead to a reversal. It is likely to be in a state of oscillation, because "greed is harder to reverse than fear", and market sentiment may still consider this as a one-time rebound, and then see what kind of tariffs will ultimately be negotiated. Last weekend, Trump sent tariff letters to the EU, Mexico and Canada. According to the reaction of several parties (the EU and Mexico both expressed their intention to reach an agreement before August), the market believed that TACO transactions would continue. The future surprise is that if the conditions are still not met and Trump really takes the tax rate in the tariff letter into effect on August 1, then the market will need to be recalibrated.