To summarize the current macroeconomic situation, the minefields in the market are almost cleared:

1. Recession trading: There will be no more. The Fed cut interest rates sharply when the economy is still good, aiming to ensure a soft landing in the United States. Recession trading will disappear for a while;

2. Carry trade cancellation: There will be no more. The Fed cuts interest rates, and other countries follow suit. The key is that the yen will not raise interest rates again this year;

3. Fund rebalancing: This is the only minefield. The transfer of US stock funds from big technology to consumption, real estate and small-cap stocks may lead to a decline in the Nasdaq;

4. Liquidity: Abundant, central banks of various countries compete to cut interest rates;

5. Unemployment rate: The Fed focuses on it. The high unemployment rate means stronger expectations for the Fed to cut interest rates, and the low unemployment rate means that the economy is improving. It seems that everything has suddenly become bright and smooth.