The expectation of interest rate cuts for various assets is more hawkish than the Federal Reserve's dot matrix (twice a year). According to the calculation by CICC Overseas, based on a calculation of 25bp, the rate of interest rate cuts for the next year included in the current assets is: Federal Reserve Dot Matrix (2 times)>; US Treasury bonds (once)> NASDAQ (0.6 times)> Gold (-0.2 times)>; Copper (-0.6 times)>; S&P 500 (-1.6 times)>; Dow Jones (-1.8 times). The movement of the opposite way, the use of the weak way.