Today's PPI data is also not good. Although it is below the previous value, it exceeds expectations. The month-over-month rate is higher than both the previous value and expectations. The annual and monthly rates of core PPI are also higher than previous and expected values. Inflation has been declining for two consecutive months, but this month may face some challenges, which is also a concern for investors. The rise in PPI is very likely to lead to an increase in PCE, which is not good news for U.S. monetary policy. However, in the long term, I am not very worried. On one hand, the tariffs that have suppressed the Federal Reserve's rate cuts have already yielded results. Once the tariff scare subsides, the probability of inflation declining increases. On the other hand, as June approaches, Federal Reserve Chair Jerome Powell is a very important card for Trump. There is indeed a chance to continue easing in the second half of 2026 to boost the mid-term elections. A pullback to around 1890-1878.8 can be used to add positions. The rebound target can be seen around 1928-1960. A rebound to around 1964-1995 can be used to short, with a target around 1820-1700.