Bao is speaking, but I can't stand it anymore, so I won't interpret it at the same time.
So far, he has basically explained the first interest rate cut of 50 basis points in a relatively mild tone, which is to boost the strong momentum of the economy.
However, judging from the current future trend of inflation, there will be no QE before 2025, and the policy will still be loose and the action will be tightened.
I think it's better to ignore this automatically. This is Bao lowering the market's expectations for QE. Generally speaking, when the interest rate cut cycle starts, the market will actively wait for the Fed's QE action, which will lead to the overheating of the risk market. At this time, it is appropriate to use "expectation management" to reduce the confidence in short-term QE so as not to overheat the risk market.
So far, it is basically understood that the theme of Bao's speech this time is "maintaining stability". After all, the first interest rate cut is 50 basis points. He wants to come out to stabilize the market and not trigger bad expectations of interest rate cuts.
I guess there will not be many key points in the speech tonight, and it will be the same as the "old chef".
Although the interest rate cut of 50 basis points has been implemented, I still think that this drastic measure of the first interest rate cut of 50 basis points may not be as safe as it seems. (This is just my personal expectation, not bearish)