On April 11, according to TheBlock, the year-on-year increase in March CPI released yesterday fell to 2.1%, the largest single-month decline since 2020, providing room for the Fed's May monetary policy meeting. "The relief of inflation pressure may prompt the Fed to cut interest rates and relax financial conditions. Bitcoin also stood firm at $80,000 after the release of CPI data yesterday, but spot ETFs recorded net outflows for the sixth consecutive day, setting the longest outflow since February, reflecting the difficulty in maintaining sustained bullish momentum. But on the positive side, Wall Street crypto funds may soon usher in a wave of capital inflows, and multiple positives are gathering, including cooling inflation, peaking tariffs, and regulatory easing expectations brought by the inauguration of new SEC chairman Paul Atkins."

Just as the market digests the positive inflation, the US bond market sends an alarm. The yield on the 10-year U.S. Treasury bond broke through the 4.5% mark, hitting a new high since 2022. Bond yields are inversely related to prices, and the soaring yields reflect investors' deep concerns about the government's ability to repay debt. "The complex picture of low inflation data, bond market crashes and a 90-day tariff suspension exposes structural imbalances in the global economic system," Douro Labs CEO Mike Cahill said via email.

Although the Trump administration announced a suspension of the imposition of new tariffs for 90 days, market concerns have not eased. Mike Marshall, head of research at Amberdata, pointed out: "The appeasement effect of the tariff suspension is seriously overestimated, and the intensity of the current trade war is still heating up. This policy uncertainty is reshaping the flow of capital, and it is predicted that in the long run, funds will shift from a fragile bond market to a digital asset field with practical utility and programmable stability." Faced with the dual signals of cooling inflation and a bond market crisis, the Federal Reserve's decision-making balance is swinging. BRN analyst Valentin Fournier believes that short-term pain may be exaggerated, there is room for active mediation in trade tensions, and breakthrough progress may be made in the coming weeks. But the market is more concerned about structural changes - the policy orientation of the new SEC chairman may become a key variable, and the "crypto-friendly regulatory framework" he promises may inject institutional confidence into the crypto asset market if it is implemented as scheduled.