The U.S. CPI in February was 2.4% year-on-year, in line with expectations, and the core CPI was 2.5% year-on-year, the lowest since March 2021. However, the conflict in the Middle East pushed up oil prices to US$90 per barrel, and the risk of imported inflation increased sharply. Market expectations for an interest rate cut were revised down to only one 25 basis points this year. Goldman Sachs postponed its interest rate cut forecast to September. The Federal Reserve is caught in a double dilemma between inflation and the economy, and its March meeting has become a key guideline.