The Federal Reserve was brought back to the negotiation table for rate cuts, and the market responded positively. The U.S. stock index hit a record high, and the currency market and gold rebounded. The basic scenario this year is rate cuts, that is, a bull market. The so-called "rate cut bull and water release bull" in the financial market may happen at the end of the second quarter. As time goes on, the market will become more optimistic. The next time will be the PCE inflation data at the end of the month. Morgan Stanley expects PCE to continue to decline.

Does the rate cut bull refer to the bull market before the rate cut? Does the water release bull refer to another wave of bulls after the rate cut and water release? Can anyone explain it?