The CICC Research Report points out that the main line hidden behind frequent asset turnover changes since the beginning of this year is economic fundamentals and policy expectations driven by tight financial conditions since May, and we suggest that subsequent economic data may strengthen again if strengthened too much, and may even affect the third-quarter interest rate cut window similar to the “reversion” at the beginning of the year, thus limiting the space and sustainability of rising market and asset risk appetite in this position. In other words, the less expected interest rate cuts are, the more likely they are to lead to interest rate cuts; the more interest rate cuts are expected, the more likely they are to be pushed back. Therefore, even if you continue to participate in interest rate cut transactions in the current environment, you should pay attention to the continuation of the rebound and the reversibility of loosening financial conditions. The Federal Reserve, for its part, may learn the lessons of the rapid shift at the end of last year, which led to higher inflation at the beginning of the year, maintain its current tight stance and wait for more data to be fulfilled (for example, inflation continues to fall next month) before relenting.