According to Jinshi, JPMorgan analyst Marko Kolanovic warned that the unexpected downturn in the US first quarter GDP data, coupled with the unexpected upturn in inflation, posed a challenge to those market participants who held a "soft landing view". Low growth and high inflation indicate stagflation, and the market has not noticed this. Although concerns about overheating in risk markets jeopardize rate cuts, contrary to the overheating argument, recent GDP data shows a trend of stagflation relative to market expectations. So far, the analyst said he was "not impressed" with this earnings season, noting that among the S&P 500 companies, 75% of the companies exceeded earnings per share expectations, but only 59% of the companies exceeded revenue expectations, which was lower than the average of 63%.