data released by the U.S. Department of Labor on the 11th showed that the U.S. Consumer Price Index (CPI) increased by 2.4% year-on-year in February; excluding the more volatile food and energy prices, the core CPI rose by 2.5% year-on-year in February. Analysts pointed out that this data reflects the U.S. inflation situation before the outbreak of military conflict in the Middle East. Considering the recent surge in international oil prices and the ongoing blockade of the Strait of Hormuz, the risk of a rebound in U.S. inflation pressure cannot be ruled out at present. Even though the recently released non-farm payroll data was significantly below expectations, the market still expects the Federal Reserve to cut interest rates again only in July this year.