Xinhua News Agency, May 11, China International Capital Corporation reported that in the United States, CPI increased by 4.9% and core CPI increased by 5.5% in April compared with the same period last year, both slightly lower than last month and basically in line with market expectations. We believe that the decline in CPI growth rate is a positive signal, but the decline is not fast enough and the magnitude is not significant, especially the core CPI has hovered around 5.5% for four consecutive months, showing strong stickiness. The inflation data supports the Fed's suspension of raising interest rates in June, but it is still necessary to keep interest rates high, given that the US economy has been more resilient than expected since the start of the year and the bank credit crunch is not yet obvious. We maintain our previous judgment that the inflation center in the United States rose after the epidemic, and interest rates may stay high for a long time.