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Market OverviewCeasefire talks between Israel and Lebanon are expected to boost hopes for a sustained ceasefire between the US and Iran. US stocks rose again, with the three major indices closing at their highest levels in over a month, and the S&P 500 and Nasdaq extending their gains for seven consecutive sessions. Storage chip stocks led the chip index up over 2%, outperforming the broader market for the seventh consecutive day, with SanDisk soaring over 9%. After its CEO's shareholder letter confirmed the company's potential in AI and provided a basis for AI investment, Amazon rose 5.6%, leading the tech giants. Conversely, software stocks plunged against the trend, with Microsoft being the sole decliner among the "Magnificent Seven" tech stocks. ServiceNow fell nearly 8%, and Palantir dropped over 7%.Following the Israeli Prime Minister's directive to initiate negotiations with Lebanon, US Treasury yields turned lower during intraday trading, hitting a daily low. The dollar index accelerated its decline, approaching a four-week low, marking its fourth consecutive day of losses. The offshore yuan turned higher, breaking above 6.83 and approaching a three-year high. Bitcoin rebounded above $72,000, up nearly 3% from its daily low.Among commodities, crude oil rebounded, with WTI rising nearly 9% and Brent up 5% during intraday trading, but they gave back over half of their gains after the Israeli Prime Minister's directive for negotiations with Lebanon. Gold and silver continued to rise, with spot gold up nearly 2% and spot silver up over 4% intraday. LME nickel fell over 2%, LME copper dropped from a three-week high, and LME aluminum closed lower for the second consecutive day.During the Asian session, the three major A-share indices declined on low trading volume, while computing power hardware saw gains. The Hang Seng Tech Index fell over 2%, and AI large model stocks rallied intraday, with Zhipu up 7%.Key NewsChina"The first stock of Hangzhou's Six Little Dragons" is here: Qunhe Technology starts its IPO on April 9th, aiming to list on the Hong Kong Stock Exchange on April 17th.COSCO SHIPPING Holdings: Has not yet considered resuming passage through the Strait of Hormuz, as its capacity on Middle East routes is relatively small.OverseasIsraeli Prime Minister instructs to initiate direct negotiations with Lebanon as soon as possible, stating there will be no ceasefire in Lebanon until Hezbollah is disarmed. Trump calls for Israel to reduce its strikes on Lebanon, expressing "great optimism" for a peace deal with Iran. Iran prepares for further conflict, stating its delegation will go to Pakistan for talks but a ceasefire must include Lebanon. Reports suggest Israel and Lebanon will negotiate in the US next week, and Iran will not reach a peace deal with the US before a ceasefire in Lebanon.Iran's Supreme Leader: Iran does not seek war and will not abandon its rights; the management of the Strait of Hormuz will enter a new phase. Trump warns Iran against charging passage fees through the Strait and calls for NATO countries to pledge security guarantees.US Q4 Final GDP annualized quarterly growth revised down to 0.5%, indicating a greater-than-expected economic slowdown. The Fed's preferred inflation indicator, February core PCE, rose 3% year-on-year, below the previous value, and consumer spending saw virtually no month-on-month growth.Report: OpenAI expects advertising revenue to reach $2.5 billion this year, soaring to $100 billion by 2030.Deep Integration: Google and Intel expand AI chip cooperation, committing to use Xeon processors.Amazon shareholder letter reveals Q1 AI annualized revenue exceeding $15 billion, with self-developed chip production doubling to $20 billion; if sold externally, chip annualized revenue could reach $50 billion.CoreWeave secures a $21 billion deal with Meta, locking in computing power supply until 2032.Market Close ReportEuropean and US Stock Markets: S&P 500 Index rose 0.62% to 6824.66 points. The Dow closed up 0.58% at 48185.80 points. The Nasdaq closed up 0.83% at 22822.417 points. The European STOXX 600 Index fell 0.15% to 612.59 points.A-shares: The Shanghai Composite Index closed down 0.72% at 3966.17 points. The Shenzhen Component Index closed down 0.33% at 13996.27 points. The ChiNext Index closed down 0.73% at 3323.30 points.Bond Market: By the end of trading, the yield on US ten-year Treasury bonds was around 4.28%, down about 1 basis point on the day. The yield on two-year US Treasury bonds was around 3.77%, down about 2 basis points on the day.Commodities: WTI crude oil futures for May closed up 3.66% at $97.87 per barrel. Brent crude oil futures for June closed up 1.23% at $95.92 per barrel. COMEX gold futures for June closed up 0.85% at $4818 per ounce. COMEX silver futures for May closed up about 1.4% at $76.438 per ounce. LME nickel futures closed down about 1.2% at $17088 per ton. LME copper futures closed down about 0.2% at $12682 per ton. LME aluminum futures closed down about 0.3% at $3444 per ton.Key News DetailsGlobal HighlightsChina"The first stock of Hangzhou's Six Little Dragons" is here! Qunhe Technology began its IPO subscription on April 9th and plans to list on the Hong Kong Stock Exchange on April 17th, becoming the "first global spatial intelligence stock" and the first listed company among "Hangzhou's Six Little Dragons." The company owns the space design platform Kujiale. It is projected to achieve revenue of 820 million yuan and adjusted net profit of 57.1 million yuan in 2025, marking its first profitable year.COSCO SHIPPING Holdings: Has not yet considered resuming passage through the Strait of Hormuz, as its capacity on Middle East routes is relatively small. COSCO SHIPPING Holdings stated at its earnings briefing that the Middle East situation has limited impact on its revenue and that it has not yet considered resuming passage through the Strait of Hormuz. Previously, the company had resumed new bookings on Middle East routes through multimodal transport.OverseasIran's Supreme Leader: Iran does not seek war and will not abandon its rights; the management of the Strait of Hormuz will enter a new phase. Mojtaba Khamenei stated that the Iranian nation has achieved a "decisive victory" in the current conflict and that Iran will not let any aggressor go unpunished and will seek compensation for war damages.Oil giants protest to the White House: If Iran can charge fees, so can Singapore and Turkey. The oil industry is intensively lobbying the Trump administration to strongly oppose allowing Iran to charge passage fees through the Strait of Hormuz. Trump is even considering a "joint venture" to operate the strait with Iran. Industry insiders warn that this move would not only significantly increase energy costs and face sanctions risks but also undermine the order of global free navigation, potentially prompting similar actions in critical waterways like the Strait of Malacca.Report: Iran allows no more than 15 ships to pass through the Strait of Hormuz daily. According to Xinhua News Agency, citing an Iranian source via TASS, Iran permits no more than 15 vessels to pass through the Strait of Hormuz daily under the current ceasefire. Iran's President stated that Israel's airstrikes on Lebanon violate the ceasefire agreement and would render negotiations meaningless. Iran's Deputy Foreign Minister, Gholamreza Bagheri, stated that Iran's delegation will travel to Pakistan for negotiations.Israeli Prime Minister instructs to initiate direct negotiations with Lebanon as soon as possible; Trump asks Israel to reduce strikes on Lebanon; Iran prepares for further conflict. Trump expressed "great optimism" about reaching a peace deal with Iran soon and asked Israel to be "more low-key" in its military operations in Lebanon. The Israeli Prime Minister reiterated that the ceasefire does not include Lebanon and will not cease operations until Hezbollah is disarmed. Reports indicate that Israel and Lebanon will negotiate in the US next week; Lebanon has proposed a temporary ceasefire to create conditions for dialogue with Israel; both the US and Israel believe the ceasefire agreement does not cover Lebanon, but Israel has agreed to be a helpful partner. Iran's Deputy Foreign Minister stated that Iran's delegation will go to Pakistan for negotiations and that a ceasefire must include Lebanon, and the US must stop Israel's continued attacks on Lebanon. Iran's Foreign Minister stated that security passage through the Strait of Hormuz can be achieved through relevant guidelines. Iran's President stated that Israel's invasion of Lebanon is a blatant violation of the ceasefire agreement and that if the aggression continues, negotiations will lose all meaning.Trump posted on social media on Thursday, warning Iran against charging passage fees through the Strait of Hormuz, saying if they charge, they should stop. He added that oil will flow from the Persian Gulf, with or without Iran's help.During a meeting with NATO Secretary General Jens Stoltenberg on Thursday, Trump requested NATO member states to commit to ensuring security in the Strait of Hormuz.Sources say Iran will not negotiate peace with the US until a ceasefire is achieved in Lebanon.Trump stated on Wednesday that the 10 ceasefire terms were "fake news" and that US forces would "continue to be stationed in and around Iran". While denying media reports of the 10 ceasefire terms with Iran, Trump warned that US forces would remain deployed until the agreement is "fully adhered to," otherwise hostilities would reignite on an "unprecedented scale," becoming "bigger, stronger, and faster." Less than 24 hours after the ceasefire agreement was reached, its progress is already precarious.US Q4 Final GDP annualized quarterly growth revised down to 0.5%, indicating a greater-than-expected economic slowdown. The final annualized quarterly growth rate for Q4 actual GDP was 0.5%, below market expectations of 0.7% and the initial estimate of 0.7%. The weaker-than-expected economic growth is unlikely to change the Federal Reserve's cautious stance.The Fed's preferred inflation indicator, the US February core PCE price index, rose 3% year-on-year, below the previous value of 3.1%, and consumer spending saw virtually no month-on-month growth. US service inflation significantly slowed in February, but a jump in non-durable goods prices poses a potential disturbance. Consumer spending data shows significant divergence: actual spending increased by only 0.1%, nearly stagnant, while personal income unexpectedly fell by 0.1%, and the savings rate dropped to 4.0%. Consumers are using savings to maintain spending, raising doubts about the sustainability of growth.Report: OpenAI expects advertising revenue to reach $2.5 billion this year, soaring to $100 billion by 2030. OpenAI is upgrading its advertising business from an exploratory effort to a core strategy, expecting advertising revenue to reach $2.5 billion in 2026 and targeting over $100 billion by 2030. This growth is based on assumptions of 2.75 billion active users per week and capturing a share of advertising from major players. The accelerated focus on advertising reflects commercialization anxiety amid high computing costs, but also raises concerns about conflicts between business interests and user trust.Deep Integration! Google and Intel expand AI chip cooperation, committing to use Xeon processors. Google is expanding its cooperation with Intel by integrating Xeon 6 into AI training and inference, signaling a resurgence of CPUs in AI infrastructure to address computing bottlenecks in the era of intelligent agents. This move provides Intel with a new opportunity to enter a landscape dominated by Nvidia. Coupled with government investment, industry capital support, and advancements in advanced manufacturing, market confidence is being restored. While strengthening cooperation, Google continues to pursue its TPU and self-developed CPU strategy, accelerating the AI computing power competition with its diversified approach.Unfazed by Production Capacity Bottlenecks! Amazon's Q1 AI Annualized Revenue Exceeds $15 Billion, Self-Developed Chip Production Doubles to $20 Billion. In his annual shareholder letter, Amazon CEO Andy Jassy disclosed that the company's AI initiatives are yielding accelerated commercial returns: chip business annualized revenue exceeds $20 billion, and AWS cloud business AI revenue run rate surpasses $15 billion, both publicly disclosed for the first time. The chip business, driven by strong demand for self-developed chips, could reach $50 billion in annualized revenue if operated independently.Amazon considers selling self-developed AI chips externally, with potential annualized revenue of $50 billion. Amazon CEO Andy Jassy disclosed in his annual shareholder letter that the company's chip division already has an annualized revenue exceeding $20 billion and could reach $50 billion if sold externally. Previously, Amazon only "rented" chip computing power through AWS, but may directly sell Trainium chip racks in the future.CoreWeave secures a $21 billion deal with Meta, locking in computing power supply until 2032. Meta and CoreWeave have signed a new agreement covering 2027 to 2032, worth $21 billion. This allows CoreWeave to reduce its heavy reliance on Microsoft and diversify its customer base. Microsoft's capital expenditure plan for this year is between $115 billion and $135 billion, double that of 2025. Meta's AI model competition is currently under pressure, and CoreWeave expects the partnership to deepen. Subsequently, CoreWeave plans to raise funds by issuing $1.25 billion in bonds due in 2031.Research HighlightsIs the Dollar Collapsing? Eight Key Indicators Reveal a Worrying Truth. US federal debt has surpassed $39 trillion, with interest payments exceeding $1.2 trillion. Coupled with the Federal Reserve's resumption of balance sheet expansion and monetary easing, fiscal and monetary pressures are intensifying. Meanwhile, the 10-year US Treasury yield is rising, money supply is expanding, and CPI disputes are increasing, with gold reaching record highs. Eight core indicators point to a common trend: debt-driven growth and excessive money printing are continuously eroding the dollar's purchasing power, posing a systemic challenge to the dollar system.Semianalysis: With the explosion of intelligent agents, CPUs are becoming the new "AI bottleneck". CPUs are already sold out! Dylan Patel, Chief Analyst at the renowned semiconductor analysis firm SemiAnalysis, points out that as the paradigm of AI workloads evolves from simple text generation to complex "agents" and "reinforcement learning," CPUs are facing an extremely severe capacity shortage.HappyHorse Practical Test: Does it Surpass Seedance 2.0's Dark Horse Performance? A mysterious "dark horse" named HappyHorse has emerged in the AI video circle, topping multiple categories on the authoritative Artificial Analysis rankings for Text/Image-to-Video. Guolian Minsheng Securities released a practical test, stating that it excels in "high image quality and synchronized audio" with a strong sense of completeness, but its control over complex movements and scene transitions is not yet as good as Seedance.What Does Anthropic's Outburst Mean? Bank of America: As Long as Large Models Continue to Run Wild, Those Selling Shovels and Renting Computing Power Will Inevitably Profit! Bank of America Securities points out that Anthropic's annualized revenue has surged past $30 billion, with accelerated expansion of enterprise customer demand. This not only directly benefits its main cloud computing partners, Amazon AWS and Google Cloud, but also provides strong real-world backing for the core investment logic of "continued high AI capital expenditures."As the "Era of Intelligent Agents" Arrives: Transformation for Traditional Enterprises, Doom for Software Companies, and "Underestimation" by Wall Street. As core users of enterprise software shift towards AI intelligent agents, industry experts like Box CEO Aaron Levie point out that software must be completely restructured for intelligent agents in the future. This means the logic of enterprise software is evolving from "humans using tools" to "intelligent agents calling systems." However, due to compliance friction at large enterprises and rigid IT budget systems, the penetration speed of AI in real business environments may be slower than expected, but its ultimate market scale will far exceed current capital market calculations.Domestic MacroZhang Yu: If two of these three conditions are met, the People's Bank of China is highly likely to raise interest rates. Zhang Yu proposes the "236" rule to determine the critical point for a central bank interest rate hike: if core CPI exceeds 2%, CPI exceeds 3%, and PPI exceeds 6%, it is highly likely to raise rates if two of these are met. Even under extreme assumptions such as oil prices remaining at $120 and pork prices soaring, current CPI and PPI are unlikely to reach the critical boundaries, and stagflation risks remain controllable.Domestic CompaniesWhat to Expect from Alibaba's Q1 Earnings? Instant Retail Losses Expected to Halve, Cloud Business Growth May Exceed 40%. Three major investment banks are bullish on Alibaba ahead of its earnings report: cloud business growth is expected to exceed 40%, the loss reduction roadmap for instant retail is clear, and the Qwen large model is accelerating its penetration into the enterprise sector. Morgan Stanley, HSBC, and Nomura have target prices ranging from $172 to $200, an upside of over 40% from the current stock price. The consensus among the three institutions is that the market has severely underestimated the monetization of AI and the logic of loss reduction.Following Alibaba and Baidu, Tencent also raises prices! The "price hike wave" for cloud services continues. Tencent Cloud announced a uniform 5% price increase for products such as AI computing power and container services, effective May 9th. This makes it another leading vendor to raise prices, following Alibaba Cloud and Baidu Smart Cloud. Smaller vendors like Wangsu Technology and UCloud had already raised prices, and the price hike trend is spreading from the industry's periphery to major players. The surge in AI computing power demand and chip shortages provide support for the price increases.Huawei AI Glasses, Coming Soon. He Gang, CEO of Huawei Terminal BG, recently posted an image with the watermark "HUAWEI AI Glasses," raising market expectations for the launch of Huawei's new AI glasses in April. This product may leverage the HarmonyOS system and link with the XiaoYi AI assistant, strengthening the company's edge AI layout.Tesla Resumes Affordable Car Plan? Reports Suggest It's Developing a Small Electric SUV, Planned for Production in China. Tesla is secretly advancing a brand-new, small, affordable electric SUV, planned for production in China and potentially expanding to European and American markets. This model will be smaller, with a single motor and small battery, priced below the Model 3, targeting cost reduction and sales recovery. This move is seen as a strategic shift back to the mass market, following setbacks in its autonomous driving bets."Number One Brokerage" reports strong first quarter, CITIC Securities' net profit attributable to parent company exceeds 10 billion yuan, with revenue increasing by 41% and net profit by over 54%.Photovoltaic Equipment Exports Facing Restrictions? Sector Plummets, Multiple Listed Companies Respond to Rumors. Regarding rumors of export controls on photovoltaic equipment, the photovoltaic equipment sector saw a significant decline on April 9th. Several listed companies responded that they have not received any clear export restriction documents or notices, and their overseas orders and daily business operations are normal.Overseas MacroHassett: "Confident" in Wash's appointment as Fed Chair in May, does not believe Powell will remain on the board. White House Economic Advisor Hassett stated that he is "highly confident" in Wash's appointment as Fed Chair in May and does not expect Powell to remain on the Fed's board at that time. However, Powell has previously stated he would not leave the Fed until the relevant criminal investigation is concluded. This investigation is currently facing judicial challenges, with a judge upholding a subpoena injunction. For Wash to take office in May, the confirmation process must be completed before Powell's term expires, and it remains uncertain whether the legal disputes can be resolved.Declaring "the beginning of the end of the war"! Hedge funds are "covering their US stock shorts" at the fastest pace since 2020. Hedge funds are hitting the "short-selling brakes" on US stocks at the fastest pace since the COVID-19 pandemic. Following Trump's announcement of a US-Iran ceasefire, Goldman Sachs disclosed that fund managers are massively closing their US stock short positions, covering major indices and ETFs, with the scale expected to rival that seen at the beginning of the pandemic in 2020. Goldman Sachs partner Flood stated: "The freezing stage is over, and the short-covering stage has begun."Even a ceasefire can't stop retail investors from selling US stocks. The ceasefire news triggered a market rebound, but US retail investors chose to sell. JPMorgan believes that the behavioral patterns of retail investors have fundamentally changed – from previously "buying the dip" to now "selling on rallies," with a continuous strengthening of defensive sentiment. Retail trading activity this week has been extremely sluggish, with activity levels only at the 1.2% historical percentile.As the US and Iran reach a ceasefire, Trump once again turns his attention to Greenland. Amidst the fragile US-Iran ceasefire agreement, Trump has once again publicly criticized NATO and reignited the Greenland territorial dispute. He posted: "NATO is not there when we need them, and they won't be there if we need them again," followed by: "Remember Greenland? That big, badly managed ice!" NATO Secretary General responded that Trump's disappointment with several NATO member states "clearly exists."68 empty oil tankers are heading in, US crude oil exports in April may hit a record, Middle East conflict sparks oil rush. Affected by the turmoil in the Strait of Hormuz, Asian buyers are turning to North America, driving US crude oil exports in April to an expected record high of 5.2 million barrels per day. The number of empty oil tankers heading to US ports has surged from pre-war levels to 68, about double the average of the same period last year. Increased exports are exacerbating domestic inflation in the US, putting the Trump administration, which promised to lower oil prices, in a political dilemma.Saudi Arabia reveals the impact of the conflict on its energy lifeline: daily losses of 700,000 barrels in transport, nearly 600,000 barrels per day in production capacity. According to Saudi state media, Saudi Arabia's east-west pipeline, a crucial corridor connecting the Persian Gulf and the Red Sea, was attacked, resulting in a loss of transport capacity of about 700,000 barrels per day. This pipeline plays a key role in exporting crude oil bypassing the Strait of Hormuz. In addition to critical upstream oil field facilities, the attack also affected several key refineries in Riyadh and Yanbu, as well as a natural gas processing facility.Despite large sales by Turkey and Russia, global central banks still bought a net 27 tons of gold in February. Data from the World Gold Council shows that global central banks purchased a net 27 tons of gold in February, an increase from January and in line with the monthly average of 2025. Poland led with 20 tons, while China, Uzbekistan, and Kazakhstan continued to increase their holdings. Turkey and Russia were the largest sellers during the month, but the Turkish central bank governor stated that the use of about 50 tons in March was a swap operation and the reserves would be returned upon maturity. African central banks showed increased willingness to purchase gold.Buying in the East, Selling in the West! US leads global gold ETF outflows in March, Asia records quarterly inflow record. Global physical gold ETFs saw a net outflow of $12 billion in March, marking the largest monthly outflow on record. North America alone sold $13 billion, ending a nine-month streak of inflows. However, Asia saw a strong counter-trend, with a net inflow of $14 billion for the quarter, a new record, with China contributing $8 billion. Amid fierce competition between Eastern and Western funds, the overall trend of global net inflows continued for the seventh consecutive quarter.Reviewing the Stagflation Period of the 1970s: A "Golden Pit" is Hard to Find. The escalating US-Iran conflict and the potential blockade of the Strait of Hormuz are driving up oil prices, rapidly increasing stagflation expectations, and putting pressure on gold. A review of two oil crises in the 20th century shows that gold, while often facing initial liquidity shocks and brief declines during crises, repeatedly set new historical highs driven by stagflation logic, exhibiting a typical "initial decline followed by a rebound" trend. The window for medium-to-long-term gold allocation is quietly opening.IMF Chief: IMF downgrades global economic growth forecast due to Iran conflict. Given the many uncertainties surrounding the Middle East conflict, the IMF will present a range of scenario forecasts in its upcoming "World Economic Outlook" report next week. However, IMF Managing Director Kristalina Georgieva stated that even in the most optimistic scenario, the organization will lower its economic growth forecast. What the IMF can be certain of is that growth will slow down, even if peace is lasting. If inflation expectations risk de-anchoring and potentially trigger costly inflation spirals, central banks should decisively raise interest rates.Overseas CompaniesAnthropic's fundraising falls short of expectations, mainly due to employees "reluctant to sell" old shares, leaving investors "unable to buy with money". Anthropic recently completed an employee share transfer, but the actual amount raised fell far short of the $6 billion that investors were prepared to invest. The core reason is the company's soaring revenue and expected IPO within the year, leading employees to "reluctantly sell" their old shares due to optimism about future development, preferring to hold onto them for appreciation. This resulted in investors being "unable to buy with money," highlighting the extreme scarcity of equity in leading AI companies.Detailed Breakdown of Kalshi - Where "Everything Can Be Traded". Bank of America states that Kalshi is the fastest-growing prediction market platform in the US, holding a CFTC federal regulatory license. Its weekly trading volume has surged from $100 million to $3 billion, accounting for over 90% of the US market share. Its growth was driven by the 2024 presidential election, with sports betting contracts (accounting for about 80% of turnover) becoming the core driver. The platform operates both B2C applications and B2B exchanges, with a fee-based model that theoretically offers high profit margins, generating an annualized revenue of approximately $1.5 billion and a valuation of $22 billion. Crypto assets are becoming a second growth curve, and institutionalization is also advancing.1-year contracts are a thing of the past; Samsung and SK Hynix will only sell for long-term orders of 3-5 years. Samsung Electronics and SK Hynix are spearheading a business model revolution in the storage industry, completely abandoning the quarterly short-term contracts that have been in place for many years and strongly pushing for 3-5 year long-term supply agreements (LTAs). Tech giants like Microsoft and Google will be included in the fixed-price, fixed-volume long-term framework, which is expected to break the "curse" of cyclical declines in the storage market."Engineering issues" in the testing phase are normal! Morgan Stanley: Apple's foldable phone "is highly likely to be released on time". A Morgan Stanley report indicates that supply chain checks show no adjustments in Apple's component orders, and the September release plan for the first foldable iPhone is highly likely to remain unchanged. The firm states that engineering issues during the EVT phase are normal in the R&D process and that hinge-related problems are expected to be resolved before mass production this summer. Historical experience suggests that technical obstacles during the testing phase typically do not affect the final release date.Google CEO's In-depth Conversation: Low Points, Reversals, and Regrets of a 10-Year CEO Career. Google CEO Sundar Pichai reflects on his decade-long tenure: the Transformer, born at Google, ultimately benefited OpenAI; an early internal version of ChatGPT was "too toxic" to release. The "value growth curve of AI is extremely steep," with capital expenditures to reach $180 billion by 2026, and wafer capacity will be the biggest constraint. By 2027, Google's business operations are predicted to be fully managed by AI, and space data centers have begun small-scale operations.Today's News PreviewChina's March CPI.US March CPI.US February Factory Orders and Durable Goods Orders.US April University of Michigan Consumer Sentiment and Inflation Expectations.