The general direction of the second half of the year:

1. US economic data does not support a recession

2. The Fed will not rush to cut interest rates. The rate cut in September was in accordance with the script, and the rate cut was twice this year

3. Today, the Bank of Japan announced that it would stop raising interest rates, which was most likely forced by the United States.

4. From next week to the end of this year, the US Treasury’s refund announcement will release new liquidity of 300 billion to 1 trillion US dollars.

Summary: Recession is fake, it is intimidation. The rate cut in September, the market has money again, it is real.