April PCE data will be released soon, and the current expectation is for an increase, but based on the current trend of the bond market and the dollar, the market has already priced in this expectation, and bond yields have not risen, especially the 1-year short-term bonds.

If the market has already priced in a rebound in inflation, then after the data is released, as long as it does not exceed expectations, it will basically be considered a bearish event with the downside already priced in, which could actually ease pressure on risk markets and stimulate a pre-market rebound.
Of course, if inflation rises above expectations, markets will still face pressure due to inflation risk pricing. Conversely, if the data is below expectations, the rebound strength will increase.