Current market summary:

1. In the future, the currency circle will continue to be closely related to US stocks.

2. There is a significant correlation between changes in U.S. dollar liquidity and U.S. equity assets.

3. Although interest rate cuts will release US dollar liquidity, this shift will take time to fully manifest.

4. As a high-risk asset, the currency circle usually shows a lag after liquidity improves.

5. Historically, after the interest rate cut cycle ends, U.S. equity assets have entered bull markets of varying degrees without exception.