The US CPI report did not address the secondary effects of surging energy prices.

```htmlGolden Ten Data reported on May 12 that analyst Ritchie commented on the US CPI: In fact, the market tends to interpret this report as a very mild dovish signal. The yield on US two-year Treasury bonds has dropped from the previous high of 3.99% to around 3.97% now. Overall, the core inflation rate's increase of only 0.38% did not exceed market expectations, and investors’ concerns about inflation remain focused on the uncertain second-round effects caused by soaring current energy prices. This report provides an answer to that.```