Tariffs pose a threat to economic activity and present an upward risk to Inflation. President Trump's trade policy may impact economic rise, but they have indicated that they will not respond by rapidly cutting interest rates.

Data shows that the seasonally adjusted CPI in the U.S. fell by 0.1% in March, unexpectedly recording a negative value, the lowest level since May 2020, far below the expected 0.1%. However, due to the impact of tariffs, the improvement in Inflation is unlikely to be sustained. The future of the cryptocurrency index is not too optimistic!!