According to Jinshi report, Nomura Securities pointed out that based on CPI and PPI data, U.S. core PCE is expected to increase by 0.276% month-on-month in March, a slight acceleration from 0.261% in February. Housing services inflation remained stable, with prices for some services, such as car repair services and legal services, rising strongly during the month. Forecasts show that the annual rate of the U.S. core PCE price index in March was 2.7% (2.722%), down 0.1 percentage point from 2.8% last month. However, Fed Chairman Powell previously mentioned that the Fed staff's forecast for March is for 2.8% year-over-year growth, which would imply the Fed's preferred monthly core PCE inflation of 0.31% or higher, which brings some upside to our forecast. risk.