Data shows that the US April CPI rose by 3.4% year-on-year, which is consistent with market expectations but still far higher than the Federal Reserve's target of 2%, with a previous value of 3.5%. The core CPI of the United States increased by 3.6% year-on-year in April, consistent with market expectations, with a previous value of 3.8%. According to a report from Xinhua Finance, the lower than expected increase in US CPI in April indicates that inflation has resumed a downward trend in the early second quarter, boosting financial market expectations for a rate cut in September. The monthly rate of core CPI has cooled for the first time in six months, indicating that price pressure is gradually weakening and supporting the Federal Reserve's intention to maintain higher interest rates for a longer period of time. US President Biden stated that April CPI data shows that prices are still too high.