The monthly retail sales rate has rebounded compared to the previous value, and the short-term bond market has slightly rebounded. However, from a trend perspective, the monthly retail sales rate has been lower than expected for three consecutive months, and the previous month's rate has been lowered to -1.2%. After the traditional peak sales season at the end of the year, the 3-month average retail sales rate outperformed the 3-month average of inflation indicators such as CPI/PCE. The recent increase in sales revenue is mainly contributed by rising prices. Based on data such as the Consumer Confidence Index, it can be concluded that there is indeed a gradual slowdown in the consumption side due to tariff expectations, and if tariffs are implemented as scheduled in April, there is no expectation of a rapid rebound. However, in the face of this super central bank week, these data have a relatively small impact on the market and have little trading value.