After the CPI data was released, according to the CME "Federal Reserve Watch", the probability of the Federal Reserve cutting interest rates by 25 basis points in March was only 2.5%, and the probability of remaining unchanged was 97.5%. The probability of the Federal Reserve cutting interest rates by a cumulative 50 basis points through May is 0.2%, the probability of a cumulative 25 basis point cut is 11.7%, and the probability of remaining unchanged is 88.1%.