At 20:30 Beijing time tonight, the United States will release the Consumer Price Index (CPI) data for August, which will be an important basis for the Federal Reserve's interest rate decision next week. Currently, the market generally expects a rate cut in September, but if the CPI data exceeds expectations, it may lead to significant changes in market expectations.

Key observation points of this CPI data include:
1. Overall inflation level: The market expects a slight decrease.
2. Core Services Inflation (including essential expenditures such as housing and healthcare): If the annualized rate exceeds 3.6%, significantly higher than the previous value, it may trigger market panic.
3. Macroeconomic Signals: The previous decline in the Producer Price Index (PPI) and the slowdown in the labor market have created space for easing policies, but if core inflation rebounds, it may force the Federal Reserve to adopt a more cautious stance.

If the CPI data is lower than expected, it may have the following effects:
- Expectations for rate cuts are rising, and market liquidity is increasing.
- The US stock market may continue its upward trend.
- The cryptocurrency market may experience an overall rise.

On the contrary, if the CPI data is higher than expected:
- The Federal Reserve may slow down the pace of interest rate cuts or delay the rate cuts.
- Market risk appetite may decrease, putting pressure on US stocks.
- The cryptocurrency market may face capital outflows, leading to a rapid decline.

When the CPI data is released, the volatility of cryptocurrencies such as Bitcoin and Ethereum may increase. Investors can adopt corresponding short-term strategies based on the data results, but they should also pay attention to the medium- to long-term trends, focusing on the future space and pace of the Federal Reserve's interest rate cuts.

This CPI data is not just a number; it will become an important indicator for assessing the direction of the Federal Reserve's policies and the trends in the cryptocurrency market. Investors need to closely monitor this data and adjust their investment strategies in a timely manner based on the results.