Judging from last night's US GDP and core CPI data, there is a clear divergence. On one hand, economic growth has slowed down; on the other hand, CPI remains stubbornly above 3%. The only explanation is that commodity prices have impacted CPI, leading to imported inflation for the US, while actual economic growth remains lackluster. This also provides some expectation for interest rate cuts. From this perspective, resolving the Middle East issue becomes particularly important, which is also one of the key tasks for Blinken's visit to Beijing. In the market, tech stocks are waiting for direction after earnings season and are likely to continue exhibiting the Matthew Effect.
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