This should be the idea of many colleagues. Although many colleagues say that the Federal Reserve is the chairman who can make decisions, from the dot matrix and meeting minutes, it can be seen that although there are "partisan disputes" within the Federal Reserve, it still has a sense of responsibility for its duties. So even if Powell was replaced by Trump, he might not be able to cover the sky with one hand, and even if he did, he would still go back to the path of deflation when inflation in the United States continued to rise. Secondly, we have talked a lot about interest rate cuts in 2023 and 2024, including defensive rate cuts and remedial rate cuts. The former can indeed promote investors' risk appetite in the absence of a recession in the US economy, while the latter is cut due to economic problems, which naturally does not benefit the risk market. If interest rate cuts start in September and the US economy remains stable with a low unemployment rate, then it belongs to the former, which is a good thing for the risk market. But it's only temporary. After all, the current interest rate of 4.5% will need to be lowered even further in the future.