Trump said inflation is "basically solved", and the market is betting on a 25bp rate cut by the Fed. This time, Trump is controlling the Fed.
Macro-wise, follow three lines: whether inflation can continue to fall, whether the labor market will loosen, and whether fiscal policy will turn expansionary.
Strategically: increase the proportion of growth positions in the short term, but still rely on cash flow and valuation as anchors in the long term.
Don't treat rate cuts as a master key—they only slightly loosen the market's door lock.
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