The first Fed rate cut, which was fully priced in by the swap market, was pushed back to November from September.

The British pound sterling against the US dollar GBP/USD fell below 1.26, down 0.62% on the day.

Money markets expect the ECB to cut rates by around 80 basis points in 2024, compared with 87 basis points before the U.S. data.

The three-month copper contract on the London Metal Exchange (LME) turned lower after the release of US inflation data, falling 0.1% to $9,408 per ton.

U.S. stock index futures fell, with Dow futures down 1%, S&P 500 futures down 1.3% and Nasdaq futures down 1.6%.

Bitcoin fell by $1,000 in the short term, falling below $68,000 per coin, down 1.54% on the day.

[USD/JPY rises above 150, intervention risk rises] Institutional analysis pointed out that the hot US CPI data and the USD/JPY rise above 152, the highest level since 1990, may trigger more verbal intervention from the Japanese. At the same time, foreign exchange traders suspect that when the Japanese authorities are convinced that momentum investors are overextended, the actual level of intervention will be higher.

The swap market shows that the Federal Reserve will only cut interest rates by 50 basis points this year.

Treasury yields surged after the release of the US March CPI data.

Fed Governor Bowman will speak on Basel capital requirements in ten minutes.

Spot silver fell by $0.3 in the short term, down 1.00% on the day, and is now trading at $27.82 an ounce.

Spot gold fell more than 1.00% on the day, now at $2,328.62 per ounce. COMEX gold futures fell below $2,350 per ounce, down 0.53% on the day.

Non-US currencies fell collectively, with the euro/USD falling more than 60 points in the short term, the pound/GBP/USD falling nearly 70 points in the short term, and the dollar/Japanese yen USD/JPY rising 70 points in the short term, rising straight through the 152 mark.

After the March CPI data, swap markets showed a lower chance of a Fed rate cut in June.