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On April 10, Peter Cardillo, Chief Market Economist at Spartan Capital Securities in New York, commented on the U.S. March CPI report: "The key is core inflation, which is actually slightly below expectations, while overall inflation is higher than we anticipated, especially year-on-year. Therefore, although these figures are not overly concerning at the moment, they have yet to reflect the full impact of the energy crisis. Looking ahead, further increases in inflation are clearly to be expected, but the key signal of core inflation being below expectations indicates that energy prices will eventually be gradually transmitted throughout the system and will manifest later. However, for now, inflation remains high and sticky." (Jinshi)

[Economist: Core Inflation Weak but Lagging Pressure, Inflation Remains Sticky]On April 10, Peter Cardillo, Chief Market Economist at Spartan Capital Securities in New York, commented on the U.S. March CPI report: "The key is core inflation, which is actually slightly below expectations, while overall inflation is higher than we anticipated, especially year-on-year. Therefore, although these figures are not overly concerning at the moment, they have yet to reflect the full impact of the energy crisis. Looking ahead, further increases in inflation are clearly to be expected, but the key signal of core inflation being below expectations indicates that energy prices will eventually be gradually transmitted throughout the system and will manifest later. However, for now, inflation remains high and sticky." (Jinshi)

Economist: Core Inflation Weak but Lagging Pressure, Inflation Remains Sticky

On April 10, The Wall Street Journal reported that to prevent Israel's military actions in Lebanon from interfering with the upcoming US-Iran negotiations, President Trump has requested Israeli Prime Minister Netanyahu to reduce the intensity of strikes against Lebanon. The report stated that Trump communicated with Netanyahu and 'sternly' expressed that while the US understands Israel's security concerns, Israel should ease its military actions against Lebanon to maintain the upcoming negotiations. A US official revealed that the duration of their conversation was 'shorter than usual.' The official noted that the Trump administration had never before requested Israel to slow down its military operations against Hezbollah in Lebanon. This pressure comes in response to accusations from Iran and mediator Pakistan that Israel is violating the ceasefire agreement, with Trump concerned that continued strikes could affect the US-Iran ceasefire and disrupt the openness of the Strait of Hormuz.

[Trump Pressures Israel to Scale Back Attacks on Lebanon]On April 10, The Wall Street Journal reported that to prevent Israel's military actions in Lebanon from interfering with the upcoming US-Iran negotiations, President Trump has requested Israeli Prime Minister Netanyahu to reduce the intensity of strikes against Lebanon. The report stated that Trump communicated with Netanyahu and 'sternly' expressed that while the US understands Israel's security concerns, Israel should ease its military actions against Lebanon to maintain the upcoming negotiations. A US official revealed that the duration of their conversation was 'shorter than usual.' The official noted that the Trump administration had never before requested Israel to slow down its military operations against Hezbollah in Lebanon. This pressure comes in response to accusations from Iran and mediator Pakistan that Israel is violating the ceasefire agreement, with Trump concerned that continued strikes could affect the US-Iran ceasefire and disrupt the openness of the Strait of Hormuz.

Trump Pressures Israel to Scale Back Attacks on Lebanon

The three major U.S. stock indices opened slightly higher, with the Nasdaq up 0.4%, the S&P 500 up 0.21%, and the Dow Jones up 0.03%. Nvidia's stock price increased by 0.51%, Google Class A shares rose by 0.86%, Apple’s stock price fell by 0.47%, Microsoft’s stock price decreased by 0.18%, Amazon’s stock price went up by 1.26%, Meta Platforms Inc Class A shares rose by 1.2%, Tesla’s stock price increased by 0.2%, and Netflix’s stock price rose by 0.35%.

[U.S. Stock Market Opens Slightly Higher]The three major U.S. stock indices opened slightly higher, with the Nasdaq up 0.4%, the S&P 500 up 0.21%, and the Dow Jones up 0.03%. Nvidia's stock price increased by 0.51%, Google Class A shares rose by 0.86%, Apple’s stock price fell by 0.47%, Microsoft’s stock price decreased by 0.18%, Amazon’s stock price went up by 1.26%, Meta Platforms Inc Class A shares rose by 1.2%, Tesla’s stock price increased by 0.2%, and Netflix’s stock price rose by 0.35%.

U.S. Stock Market Opens Slightly Higher

White House economic advisor Hassett stated that the Strait of Hormuz could reopen within two months, and we have contingency plans for opening the Strait of Hormuz.

[Hassett: Strait of Hormuz Could Reopen in Two Months]White House economic advisor Hassett stated that the Strait of Hormuz could reopen within two months, and we have contingency plans for opening the Strait of Hormuz.

Hassett: Strait of Hormuz Could Reopen in Two Months

On April 10, U.S. Vice President Mike Pence departed on Air Force Two for Islamabad, Pakistan, to participate in U.S.-Iran negotiations. Accompanying him are U.S. Special Envoy for Middle East Affairs David Schenker and President Trump's son-in-law Jared Kushner. Before boarding, Pence expressed his anticipation for the upcoming negotiations with Iran and believes 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 mentioned that President Trump has provided 'fairly clear guidelines' for the negotiations.

[US Vice President Expects Positive Progress in Talks with Iran]On April 10, U.S. Vice President Mike Pence departed on Air Force Two for Islamabad, Pakistan, to participate in U.S.-Iran negotiations. Accompanying him are U.S. Special Envoy for Middle East Affairs David Schenker and President Trump's son-in-law Jared Kushner. Before boarding, Pence expressed his anticipation for the upcoming negotiations with Iran and believes 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 mentioned that President Trump has provided 'fairly clear guidelines' for the negotiations.

US Vice President Expects Positive Progress in Talks with Iran

On April 10, the U.S. March unadjusted CPI year-on-year rate was 3.3%, the highest since May 2024, in line with market expectations, compared to the previous value of 2.40%. According to CME's 'FedWatch' data, following the release of today's U.S. CPI data, the probability of the Fed raising rates by 25 basis points in April is currently reported at 1.6%, while the probability of keeping rates unchanged is at 98.4%.

[U.S. CPI Data Released: 98.4% Probability of Fed Keeping Rates Unchanged in April]On April 10, the U.S. March unadjusted CPI year-on-year rate was 3.3%, the highest since May 2024, in line with market expectations, compared to the previous value of 2.40%. According to CME's 'FedWatch' data, following the release of today's U.S. CPI data, the probability of the Fed raising rates by 25 basis points in April is currently reported at 1.6%, while the probability of keeping rates unchanged is at 98.4%.

U.S. CPI Data Released: 98.4% Probability of Fed Keeping Rates Unchanged in April

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

Zach Weinersmith, author of Soonish, said on social media that the only argument I've heard about cryptocurrencies is that they make sense within the framework of believers themselves, who don't want a centralised currency issuer. But within that framework, why not just use gold?
 To this, Vitalik Buterin, co-founder of Ether, replied that gold is very inconvenient, it is difficult to use, especially when transacting with untrusted parties, and it does not support secure storage options such as multiple signatures. At this point, gold has a lower adoption rate than cryptocurrencies and therefore cryptocurrencies are the better choice.

Detail

【Vitalik Buterin: Gold has a lower adoption rate than cryptocurrencies】Zach Weinersmith, author of Soonish, said on social media that the only argument I've heard about cryptocurrencies is that they make sense within the framework of believers themselves, who don't want a centralised currency issuer. But within that framework, why not just use gold?
 To this, Vitalik Buterin, co-founder of Ether, replied that gold is very inconvenient, it is difficult to use, especially when transacting with untrusted parties, and it does not support secure storage options such as multiple signatures. At this point, gold has a lower adoption rate than cryptocurrencies and therefore cryptocurrencies are the better choice.

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Vitalik Buterin: Gold has a lower adoption rate than cryptocurrencies

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