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September CPI brings more rate hikes, with rate hike decisions swinging between October and December. Macro pressure is gradually increasing. How will the US stock market, US bonds, and #Bitcoin perform? First, looking at the bond market: after the data release, 2Y, 10Y, and 30Y bonds all rose simultaneously, then experienced a small-scale pullback. The 2Y yield rose the most sharply, initially indicating a strong hawkish market expectation for tonight's CPI, with increased expectations for rate hikes and inflation. The pullback is a technical correction following the short-term data shock. Going forward, continue to watch the 10Y and 30Y trends. If the 10Y and 30Y continue to fall, it means the Fed is more hawkish but long-term inflation is controllable. If the 10Y and 30Y continue to rise, be cautious that the market is redefining a higher long-term neutral rate, and inflation concerns are more persistent. If so, risk assets will face more obvious pressure. #US September CPI year-on-year rose to 3.7%, with core inflation exceeding expectations. Now looking at the US stock market: so far, large US banks' earnings reports are optimistic, proving that AI capital supply is good. ASML's earnings are strong, and the AI industry narrative is healthy and stable, which should have driven prices up, but was offset and even clearly pressured by tonight's CPI data bearish impact, mainly because long-term interest rates remain high under the macro background, amplifying the bearish effect. Next, this week still has Thursday's TSMC earnings report. Although TSMC's earnings expectations are good, it only proves the stability and health of the AI narrative. Reversing the trend this week is very difficult, as macro pressure dominates this week. As for #Bitcoin's trend, it has maintained around the 4-hour MA120 for the first two days of this week