According to Jinshi, China Galaxy Securities released a research report saying that, in general, the European Central Bank's monetary policy shift may come in the middle of the year, and at the same time, the U.S. and European central banks will enter a new state of "cutting interest rates while shrinking their balance sheets." From a structural point of view, food, energy and commodity prices in the euro area are further easing; manufacturing performance is weak, and economic growth expectations have been lowered. Looking forward, falling inflation and continued wage growth will increase real disposable income. The terms of trade will pick up due to falling production costs and improving external demand. Economic growth should gradually accelerate in 2024 and be better than the situation in the second half of 2023. In addition, the U.S. dollar index may continue to maintain a high position (above 103) due to passive factors in the coming quarter, although the Federal Reserve, which is inclined to cut interest rates, may not make a hawkish statement.