The recently released U.S. June PPI data all fell short of expectations and were lower than previous values, especially with the PPI and core PPI month-on-month rates both at 0%, significantly below expectations. As the price index at the wholesale level, PPI serves as an upstream indicator for inflation data like CPI and PCE, suggesting that the June PCE data should be quite good, and it even provides a leading indication for July's inflation data. This is positive data for the market. The day before yesterday, I mentioned that "greed is harder to reverse than fear," which undoubtedly boosts market sentiment and future interest rate cut expectations. The PPI (Producer Price Index) has significantly decreased across the board from producers to wholesalers, showing no reflection of tariff impacts. I believe there are two reasons for this: 1. Today’s tweet on "What does Trump really want regarding tariffs?" 2. The weakness in the service sector; the June PPI data falling short of expectations is largely due to the decline in service sector prices. Yesterday's CPI data also showed that the core CPI month-on-month was below expectations.