[State Street Group Warns Investors of Potential Over-Optimism Toward Risk Assets] Dwyfor Evans, Head of Asia-Pacific Macro Strategy at State Street Global Markets, stated at the Asia Securities Industry & Financial Markets Association Asset Management Conference in Singapore that current investor confidence in high-risk assets might be overly optimistic. He pointed out that investors are actively buying U.S. stocks, hedging against dollar risk exposure, and selling U.S. Treasury bonds. Evans expects U.S. inflation to gradually rise due to increases in the prices of imported and domestic goods, and he believes that '3% has become the new 2%.' He emphasized that this shift is critical for Federal Reserve policy, and if the number of rate cuts decreases, the dollar may rebound. Evans warned that in the context of persistently high policy uncertainty, market risk positions could face the danger of excessive optimism.