Kevin Wang, chief strategist at Clocktower, said that the core contradiction in the 2026 global macro is the trend of inflation. Currently, the US inflation level is still significantly higher than the policy target, and the pressure is still there, and the market has taken into account many interest rate cuts. He warned that investors need to prepare for the possibility that the Fed will cut interest rates less often than currently anticipated next year. He stressed that if inflation rises further above 3.5% next year, there is a possibility that the Federal Reserve will switch to raising interest rates.

Kevin Wang, chief strategist at Clocktower, said that the core contradiction in the 2026 global macro is the trend of inflation. Currently, the US inflation level is still significantly higher than the policy target, and the pressure is still there, and the market has taken into account many interest rate cuts. He warned that investors need to prepare for the possibility that the Fed will cut interest rates less often than currently anticipated next year. He stressed that if inflation rises further above 3.5% next year, there is a possibility that the Federal Reserve will switch to raising interest rates.