On the evening of May 13, Beijing time, the second US inflation data for this week was released, showing a rebound in US inflation. The annualized Producer Price Index (PPI) for April reached 6%, the highest since December 2022, surpassing market expectations of 4.9%. Previously, the non-seasonally adjusted core Consumer Price Index (CPI) for April recorded an annual increase of 2.8%, the highest since September 2025, above market expectations of 2.7%, with energy inflation continuing to show high year-over-year growth. According to Nick Timiraos, half of the institutions now predict there will be no rate cuts this year. This week, Kevin Warsh’s nomination as Federal Reserve Chair will face a final vote, while Chair Powell's term ends on May 15, but he will remain as a Fed governor. Where will the Fed's monetary policy go? Will there be any rate cuts this year?