There is an event tonight at 21:30 that must be watched closely—the release of the latest US CPI data.

The first inflation report of 2026, how significant is this data for the entire market? In simple terms, it directly determines the Federal Reserve's next moves. The current market consensus is that the overall CPI remains stable around 2.7%, with core CPI at 2.6%.

But how much these numbers change can lead to very different market reactions—

Data far above expectations? Then the expectation of rate cuts might be pushed back, and the USD could appreciate. Data meeting or slightly below expectations? The expectation of rate cuts by mid-year could stabilize. Data significantly below expectations? The enthusiasm for an early rate cut could suddenly surge.

These changes seem to occur only at the macro level, but in reality, they are quickly transmitted through USD liquidity and global risk appetite. For risk assets like BTC, ETH, and SOL, any shift in Federal Reserve policy expectations can trigger significant volatility.

That’s why tonight’s data release can make the entire market hold its breath—every percentage point change could rewrite the trading logic for the coming months.