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On April 10, Nick Timiraos, the 'mouthpiece' for the Federal Reserve, stated that the U.S. core CPI for March was slightly below expectations. However, data from a single month does not indicate much. The Federal Reserve hopes to see a decline in energy prices (and is more confident that the effects of tariffs have ended), and the chain effects of energy (such as airfare and shipping prices) are likely still to come.

[Fed's Mouthpiece: U.S. Core CPI in March Slightly Below Expectations, Chain Effects of Energy Likely Still to Come]On April 10, Nick Timiraos, the 'mouthpiece' for the Federal Reserve, stated that the U.S. core CPI for March was slightly below expectations. However, data from a single month does not indicate much. The Federal Reserve hopes to see a decline in energy prices (and is more confident that the effects of tariffs have ended), and the chain effects of energy (such as airfare and shipping prices) are likely still to come.

Fed's Mouthpiece: U.S. Core CPI in March Slightly Below Expectations, Chain Effects of Energy Likely Still to Come

On April 10, Alexandra Wilson-Elizondo from Goldman Sachs Asset Management stated that the market had previously prepared for strong inflation data, so today’s data, which aligned with expectations, brought some relief. However, this may be the best overall inflation reading we see for some time, as the data may only partially reflect the full impact of the conflict in Iran, which once pushed U.S. crude oil and gasoline prices up by about 70%. She added, 'The Fed has room to be patient and ample reason to do so. Today's data buys the Fed some time, but the real test lies ahead.' (Jin Shi)

[Goldman Sachs: Inflation Eases but Pressures Remain, Fed Has Room to Be Patient]On April 10, Alexandra Wilson-Elizondo from Goldman Sachs Asset Management stated that the market had previously prepared for strong inflation data, so today’s data, which aligned with expectations, brought some relief. However, this may be the best overall inflation reading we see for some time, as the data may only partially reflect the full impact of the conflict in Iran, which once pushed U.S. crude oil and gasoline prices up by about 70%. She added, 'The Fed has room to be patient and ample reason to do so. Today's data buys the Fed some time, but the real test lies ahead.' (Jin Shi)

Goldman Sachs: Inflation Eases but Pressures Remain, Fed Has Room to Be Patient

On April 10, The Block reported that Bitcoin rose this week, with an approximate increase of 8% over the past week, reaching $72,267; Ethereum saw a rise of about 7.8% during the same period, and several altcoins also rebounded. Meanwhile, Bitcoin spot ETFs recorded a net inflow of $358 million on April 9, while Ethereum spot ETFs had a net inflow of approximately $85 million (according to Farside data). However, analysts generally point out that the market has not yet escaped the volatility driven by geopolitical tensions and interest rates. QCP Capital stated that the key takeaway this week is that a ceasefire does not equate to a full return of risk appetite; crude oil has absorbed some of the war premium, but it is still insufficient to eliminate inflationary pressures, and the market is still far from pricing a smooth recovery. XS.com senior market analyst Simon Massabni noted that Bitcoin is at the crossroads of the Strait of Hormuz and Wall Street, with geopolitical tensions and institutional caution jointly influencing future market trends. In terms of inflation, the March CPI rose 3.3% year-on-year, up from 2.4% in February, with rising energy costs being the main driver, although it was slightly below the market expectation of 3.4%; the core CPI recorded a year-on-year increase of 2.6%, also below the expected 2.7%. Capital.com senior financial market analyst Kyle Rodda stated that the market continues to react to every ceasefire and war headline, but the importance of inflation data has increased, as it provides the first real reading on how energy shocks are transmitted through the U.S. economy. In the options market, STS Digital CEO Maxime Seiler indicated that the implied volatility priced for summer trends has been calmer than the recent volatility; downside protection relative to call options remains relatively expensive, with institutions continuing to sell covered call options, suppressing upward enthusiasm and resulting in Bitcoin exhibiting a 'following trend but lacking full confidence' stance.

[Analysts: Bitcoin Faces Oil Price Impact and Inflation Challenges Amid Ongoing Macro Uncertainty]On April 10, The Block reported that Bitcoin rose this week, with an approximate increase of 8% over the past week, reaching $72,267; Ethereum saw a rise of about 7.8% during the same period, and several altcoins also rebounded. Meanwhile, Bitcoin spot ETFs recorded a net inflow of $358 million on April 9, while Ethereum spot ETFs had a net inflow of approximately $85 million (according to Farside data). However, analysts generally point out that the market has not yet escaped the volatility driven by geopolitical tensions and interest rates. QCP Capital stated that the key takeaway this week is that a ceasefire does not equate to a full return of risk appetite; crude oil has absorbed some of the war premium, but it is still insufficient to eliminate inflationary pressures, and the market is still far from pricing a smooth recovery. XS.com senior market analyst Simon Massabni noted that Bitcoin is at the crossroads of the Strait of Hormuz and Wall Street, with geopolitical tensions and institutional caution jointly influencing future market trends. In terms of inflation, the March CPI rose 3.3% year-on-year, up from 2.4% in February, with rising energy costs being the main driver, although it was slightly below the market expectation of 3.4%; the core CPI recorded a year-on-year increase of 2.6%, also below the expected 2.7%. Capital.com senior financial market analyst Kyle Rodda stated that the market continues to react to every ceasefire and war headline, but the importance of inflation data has increased, as it provides the first real reading on how energy shocks are transmitted through the U.S. economy. In the options market, STS Digital CEO Maxime Seiler indicated that the implied volatility priced for summer trends has been calmer than the recent volatility; downside protection relative to call options remains relatively expensive, with institutions continuing to sell covered call options, suppressing upward enthusiasm and resulting in Bitcoin exhibiting a 'following trend but lacking full confidence' stance.

Analysts: Bitcoin Faces Oil Price Impact and Inflation Challenges Amid Ongoing Macro Uncertainty

On April 10, the U.S. Department of Labor reported on Friday that the Consumer Price Index (CPI) in March rose by 3.3% year-on-year, significantly higher than February's 2.4%. The core inflation, excluding food and energy, increased by 2.6%, slightly below the market expectation of 2.7%. Energy prices in March surged by 12.5% year-on-year, a sharp acceleration from February's 0.5%. Gasoline prices rose by 18.9%, and fuel oil increased by 44.2%. The report released on Friday reflects the first impact of the Iran war on U.S. inflation. The closure of the Strait of Hormuz disrupted shipping and drove up crude oil and gasoline prices last month. Economists warn that even if the Strait of Hormuz fully reopens, the increased energy and commodity prices following the outbreak of war will not immediately return to previous levels. Businesses typically respond quickly to price increases but are slower to reduce prices. Stifel Chief Economist Lindsey Piegza stated, 'Most of these effects may not become apparent until one to two months later.' (Jin Shi)

[Surge in Oil Prices Drives Up Inflation, US CPI Soars in March]On April 10, the U.S. Department of Labor reported on Friday that the Consumer Price Index (CPI) in March rose by 3.3% year-on-year, significantly higher than February's 2.4%. The core inflation, excluding food and energy, increased by 2.6%, slightly below the market expectation of 2.7%. Energy prices in March surged by 12.5% year-on-year, a sharp acceleration from February's 0.5%. Gasoline prices rose by 18.9%, and fuel oil increased by 44.2%. The report released on Friday reflects the first impact of the Iran war on U.S. inflation. The closure of the Strait of Hormuz disrupted shipping and drove up crude oil and gasoline prices last month. Economists warn that even if the Strait of Hormuz fully reopens, the increased energy and commodity prices following the outbreak of war will not immediately return to previous levels. Businesses typically respond quickly to price increases but are slower to reduce prices. Stifel Chief Economist Lindsey Piegza stated, 'Most of these effects may not become apparent until one to two months later.' (Jin Shi)

Surge in Oil Prices Drives Up Inflation, US CPI Soars in March

On April 10, in the evening of Pakistan time, the U.S. delegation attending the U.S.-Iran talks departed for Islamabad, Pakistan. U.S. Vice President Vance has boarded the plane. Before departure, Vance expressed anticipation for negotiations regarding the Iran issue and stated that President Trump has provided 'fairly clear guidelines' for the talks. (CCTV News)

[U.S. Delegation Departing for Pakistan to Attend U.S.-Iran Talks]On April 10, in the evening of Pakistan time, the U.S. delegation attending the U.S.-Iran talks departed for Islamabad, Pakistan. U.S. Vice President Vance has boarded the plane. Before departure, Vance expressed anticipation for negotiations regarding the Iran issue and stated that President Trump has provided 'fairly clear guidelines' for the talks. (CCTV News)

U.S. Delegation Departing for Pakistan to Attend U.S.-Iran Talks

On April 10, U.S. Vice President Mike Pence boarded Air Force Two en route to Islamabad, Pakistan, to participate in U.S.-Iran negotiations. Accompanying him are U.S. Special Envoy for Middle East Affairs David Schenker and Trump's son-in-law Jared Kushner. Before boarding, Pence expressed his anticipation for the upcoming negotiations with Iran, believing that the talks in Islamabad will be positive. He stated that if Iran is willing to 'negotiate in good faith,' the U.S. will maintain an open attitude. He also warned Iran not to attempt to 'fool the United States.' Pence noted that President Trump has provided 'quite clear guidelines' for the negotiations.

[US Vice President Expects Positive Progress in Talks with Iran]On April 10, U.S. Vice President Mike Pence boarded Air Force Two en route to Islamabad, Pakistan, to participate in U.S.-Iran negotiations. Accompanying him are U.S. Special Envoy for Middle East Affairs David Schenker and Trump's son-in-law Jared Kushner. Before boarding, Pence expressed his anticipation for the upcoming negotiations with Iran, believing that the talks in Islamabad will be positive. He stated that if Iran is willing to 'negotiate in good faith,' the U.S. will maintain an open attitude. He also warned Iran not to attempt to 'fool the United States.' Pence noted that President Trump has provided 'quite clear guidelines' for the negotiations.

US Vice President Expects Positive Progress in Talks with Iran

On April 10, foreign exchange analyst Carter Johnson stated that under the market conditions following the release of CPI data, the US Dollar Spot Index has declined by approximately 1.4% this week, likely marking its largest weekly drop since January. In terms of clear macro trading strategies during the US-Iran conflict, buying dollars and oil has proven to be quite effective. However, as the foreign exchange market enters the next phase of trading based on news headlines (this time regarding negotiations under a fragile ceasefire), this strategy will face challenges.

[Analysis: US-Iran Negotiations as a New Variable Challenge Dollar and Oil Buying Strategies]On April 10, foreign exchange analyst Carter Johnson stated that under the market conditions following the release of CPI data, the US Dollar Spot Index has declined by approximately 1.4% this week, likely marking its largest weekly drop since January. In terms of clear macro trading strategies during the US-Iran conflict, buying dollars and oil has proven to be quite effective. However, as the foreign exchange market enters the next phase of trading based on news headlines (this time regarding negotiations under a fragile ceasefire), this strategy will face challenges.

Analysis: US-Iran Negotiations as a New Variable Challenge Dollar and Oil Buying Strategies

On April 10, following the release of the U.S. March CPI data, market pricing indicates that bets on a rate cut by the Federal Reserve within the year have increased. (Jin Shi)

[Market Bets on Fed Rate Cut Increase After CPI Release]On April 10, following the release of the U.S. March CPI data, market pricing indicates that bets on a rate cut by the Federal Reserve within the year have increased. (Jin Shi)

Market Bets on Fed Rate Cut Increase After CPI Release

On April 10, the U.S. March seasonally adjusted CPI annual rate recorded 3.3%, with the increase in gasoline prices accounting for nearly three-quarters of the rise in the U.S. CPI. (Jin Shi)

[Gasoline Price Increase Accounts for Nearly Three-Quarters of U.S. CPI Rise]On April 10, the U.S. March seasonally adjusted CPI annual rate recorded 3.3%, with the increase in gasoline prices accounting for nearly three-quarters of the rise in the U.S. CPI. (Jin Shi)

Gasoline Price Increase Accounts for Nearly Three-Quarters of U.S. CPI Rise

According to Bloomberg, Singapore proposed to ban retail investors from borrowing to fund cryptocurrency purchases, part of a slew of suggestions to further tighten the city-state’s regulatory regime for digital assets. Other potential steps in a Monetary Authority of Singapore consultation paper include stopping companies from using tokens deposited by such investors for lending or staking to generate yields. Crypto prices are “highly volatile” and leverage can saddle customers with big losses, the central bank said in the paper Wednesday, adding the retail sector shouldn’t be able to use credit cards or other credit facilities to buy virtual coins. Stablecoins would need to be pegged to the local dollar or a Group of 10 currencyes and be fully backed by reserve assets of the same denomination, according to the document. Minimum capital requirements would be imposed on issuers too. The central bank said in Wednesday’s paper that it rejected entirely banning cryptocurrency services for retail consumers because that could lead them to unlicensed platforms. The window for feedback on the consultation paper lasts until Dec. 21 after which final guidelines will be set.

Detail

【Singapore proposes ban on borrowing to fund cryptocurrency purchases】According to Bloomberg, Singapore proposed to ban retail investors from borrowing to fund cryptocurrency purchases, part of a slew of suggestions to further tighten the city-state’s regulatory regime for digital assets. Other potential steps in a Monetary Authority of Singapore consultation paper include stopping companies from using tokens deposited by such investors for lending or staking to generate yields. Crypto prices are “highly volatile” and leverage can saddle customers with big losses, the central bank said in the paper Wednesday, adding the retail sector shouldn’t be able to use credit cards or other credit facilities to buy virtual coins. Stablecoins would need to be pegged to the local dollar or a Group of 10 currencyes and be fully backed by reserve assets of the same denomination, according to the document. Minimum capital requirements would be imposed on issuers too. The central bank said in Wednesday’s paper that it rejected entirely banning cryptocurrency services for retail consumers because that could lead them to unlicensed platforms. The window for feedback on the consultation paper lasts until Dec. 21 after which final guidelines will be set.

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Singapore proposes ban on borrowing to fund cryptocurrency purchases

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