JPMorgan strategist Michael Cembalest stated that the S&P 500 Index has increased by more than 20% for two consecutive years, a situation that has only occurred 10 times since 1871. If the Trump administration adopts policies such as tax cuts, deporting illegal immigrants, imposing tariffs, and easing regulations, a correction of 10% to 15% in the index could occur at some point this year.

He mentioned that investors should make appropriate plans, believing that the US stock market should be higher at the end of the year compared to the beginning, but they should hold enough liquidity to cope with potential fluctuations.

He also recommended that investors pay attention to the yield on ten-year US Treasuries. If the benefits from deregulation and tax cuts offset the inflationary effects brought by tariffs, reduced labor, and the large budget deficit, the yield on ten-year US Treasuries should remain between 4.5% and 5%. However, if the yield significantly exceeds 5% and remains high, it would indicate that serious problems have arisen.