According to the CITIC Securities Research Report, we believe that the risk of a second US inflation is small, but high oil prices will hinder the room for the inflation rate to fall back during the year. Under the benchmark situation, the Fed is still expected to cut interest rates by 25 bps during the year. US bonds are currently more suitable for trading opportunities. US stocks need to pay attention to the short-term risk of capital gains being settled after the strong earnings season comes to an end. The US dollar index may fluctuate weakly below 100 but not continue to decline.

According to the CITIC Securities Research Report, we believe that the risk of a second US inflation is small, but high oil prices will hinder the room for the inflation rate to fall back during the year. Under the benchmark situation, the Fed is still expected to cut interest rates by 25 bps during the year. US bonds are currently more suitable for trading opportunities. US stocks need to pay attention to the short-term risk of capital gains being settled after the strong earnings season comes to an end. The US dollar index may fluctuate weakly below 100 but not continue to decline.