I woke up in the morning and read through all the recent news, and indeed found that the wind direction was starting to shift. Although the war in the Middle East has not completely ended, as long as the Strait of Hormuz is safe, WTI prices are now stable at around $65. Looking back on the past week, I saw expectations such as Gaosheng that oil prices could exceed $100, which is really far from the big picture. As expected, believing in oneself is still more important. Trump, who has been able to extricate himself from the Middle East issue, has returned to tariffs. Yesterday, good news came out from both the EU and China. Although the details were not known, he hoped that the matter of reciprocal tariffs would be ended as soon as possible. Powell has been impatient, but listening to the information revealed by the White House, the reciprocal tariffs may be delayed for some time from July 6. The tariffs will be fully implemented as soon as possible, so that the Federal Reserve can obtain data as soon as possible and adjust monetary policy smoothly. The SLR has already begun, and the next step is to stop shrinking the balance sheet.