At 21:30 tonight, a major test of the global financial markets is about to unfold. The release of the US Consumer Price Index (CPI) will directly influence the trends of risk assets such as cryptocurrencies, stocks, and exchange rates.

This month's core inflation data is particularly focused on, as the 2.7% figure has become a dividing line for both bulls and bears. In simple terms, this is a "barometer" for the Federal Reserve's next policy move.

Let's look at three possible scenarios. If the core CPI unexpectedly falls below 2.7%, it will be a clear signal of cooling inflation. In this case, market expectations for rate cuts will quickly heat up, and investors' risk appetite will rebound. Once the expectation of liquidity easing forms, cryptocurrencies like Bitcoin and Ethereum will respond most sensitively, and growth stocks and tech stocks in the US stock market will also surge.

Conversely, if the core CPI remains stubbornly above 2.7%, it indicates that inflation is more persistent than expected. The Fed's hawkish stance will be further reinforced, and the expectation that "high interest rates will last longer" will deepen. Once risk appetite cools, the crypto market will face downward pressure, and the overall market's risk-averse sentiment will intensify.

Another scenario is that the data precisely hits 2.7%, aligning with market neutral expectations. But this is the most complex situation, as both bulls and bears can find reasons to justify their views, leading to market stalemate. Cryptocurrencies are likely to fluctuate within a range, mainly depending on how on-chain funds choose to move.

Currently, the market is beginning to stir, with volatility clearly increasing. As traders, this is a time to be especially cautious. Develop a solid risk management plan, strictly execute stop-loss orders, and don't let a single data release catch you off guard.

Frankly, macro-driven market movements like this tend to be the most volatile and present the greatest opportunities — but only if you survive to see the subsequent trends. Protecting your principal is the top priority. Tonight's "data storm" in the global markets may bring surprises or tests our resilience.