[CICC: The Fed's final rate cut may exceed market expectations, and dollar easing trades could return in the short term] Jin10 Data, February 6 – A CICC research report states that we believe the Fed may find it difficult to 'shrink its balance sheet' in the short term, but the threshold for continued 'balance sheet expansion' and QE has also significantly increased. If the Fed is unwilling to support fiscal easing through 'balance sheet expansion,' a new temporary monetary-fiscal coordination approach may involve the Fed increasing the rate cut magnitude and the Treasury increasing short-term debt issuance, first promoting financial deregulation and then initiating the 'balance sheet reduction' process. The Fed's final rate cut may exceed market expectations, and dollar easing trades could return in the short term. The steepening of the U.S. Treasury yield curve combined with financial deregulation is favorable for U.S. bank stocks. The Fed may determine the end of the gold bull market, but this turning point has not yet arrived. Chinese stocks and global commodities are only temporarily under pressure, awaiting the return of easing expectations.