All the good macro news is here this week:

1. China adjusts some travel policies;

2. U.S. inflation fell more than expected.

The carnival that global markets are ushering in is now reacting as if they were not raising interest rates.

In the face of the huge rise, Wall Street has started a confrontation mode. The most interesting ones are Morgan Stanley and Morgan Stanley.

- Wilson, chief U.S. strategist at Morgan Stanley, Wall Street's biggest short, has turned tactically bullish and expects the stock market's recent rally to continue.

- But top JPMorgan trader Ron Adler decided not to buy the rally (he was apparently skeptical about whether the rally had support)

Inflation is still at a high level, but core inflation is more than three times the Fed's inflation target. The future inflation trend is not necessarily all the way downward. Once it rises in a certain month, panic will still follow.