PCE in April is expected to climb to 3.8% year-on-year, a three-year high, with core PCE rising to 3.3%. Inflation is spreading from energy to the food, service industry, and AI hardware. The Federal Reserve's policy has completely turned hawkish. Kashkari has clearly stated that controlling inflation is the first priority. Restarting interest rates under the leadership of Warsh may become a policy option. Market expectations are that 85% believe that interest rates will remain unchanged before the third quarter, and that interest rate cuts are expected to be postponed to 2027. The value of gold allocation has strengthened, and the probability of the 30-year U.S. Treasury yield testing 5.5% exceeds 60%.