Brothers, since mid-June, 5 of the world's 26 major economies have cut interest rates and 2 have raised interest rates.

Among them, Chile, Switzerland, and Canada are all in a cycle of interest rate cuts, while the Bank of England has entered the interest rate cut ranks for the first time, the Bank of Japan has raised interest rates for the second time this year, and the Federal Reserve has not adjusted its monetary policy so far, but the market expects the Federal Reserve to cut interest rates in September.

On June 19, Chile cut its policy rate by 25bp from 6% to 5.75%

On June 20, Switzerland cut its benchmark interest rate by 0.25bp from 1.5% to 1.25%

On July 22, we in mainland China cut the reverse repurchase rate from 1.8% to 10bp to 1.7%, the 1-year LPR from 3.45% to 3.35%, and the 5-year LPR from 3.95% to 3.85%

On July 24, Canada cut its benchmark interest rate from 4.75% to Down 25bp to 4.5%

On July 26, Russia raised its benchmark interest rate by 200bp from 16% to 18%

On July 21, Japan raised its benchmark interest rate by 15bp from 0%-0.1% to 0.15%-0.25%, and announced a balance sheet reduction plan

On August 1, the UK lowered its benchmark interest rate by 25bp from 5.25% to 5%

On August 1, the US Federal Reserve maintained its interest rate at 5.5%, and Powell said at the press conference that a rate cut in September "may be under consideration."

Looking at the monetary policies of these economies along the timeline, there is always a feeling of pouring water into a balloon. The balloon has actually reached a point where it can no longer bear it, but it still has to bear the pressure of water.