At night, it was said that Powell's speech at the congressional hearing would not exceed the scope of his speech at the January interest rate meeting, and I just saw that Powell's congressional speech was indeed so. The CPI data tomorrow night is a crucial moment in recent times: inflation in October, November, and December of last year has essentially been rising for three consecutive months (although the December data met expectations, it was still higher than before), so tomorrow's CPI will further clarify whether this upward trend is being strengthened or interrupted in the market. If the former (the upward trend is strengthened) still exerts pressure on the market, although the market expects no interest rate cuts in March, in the uncertain situation of tariff issues, the market may overly pessimistic and expect inflation to continue to rise. At this point, the actual impact of tariffs is not important, and expectations come first; If the latter (the upward upward tilt sign is interrupted), it is naturally positive and can boost market sentiment. Combined with the special measures taken by the Ministry of Finance during the debt ceiling window period in the next one or two weeks, which are about to run out of funds, the withdrawal of TGA account funds is likely to drive a wave of overall liquidity recovery. Yesterday's tweet about the Ministry of Finance's fund measures: https://((x.com))/qinbafrank/status/1888957173226786956? s=46&t=k6rimWsEbo2D2tXolYcM-A Calculation of the recovery of liquidity during the window period after the debt ceiling in early January: https://((x.com))/qinbafrank/status/1876565512764948666? s=46&t=k6rimWsEbo2D2tXolYcM-A