The market was relatively calm this week, and Trump did not make a big move. Except for imposing tariffs on steel last Friday, it only maintained the pace of communication with China. The market has been highly adapted to the TACO strategy, and generally adopts the response path of short first and then repair. Especially when Trump's words are fiercest, it indicates the possibility of short-term suspension. The current adjustment period for "equivalent tariffs" is set for July 8th, and tariff related news may still dominate market sentiment in the next month. At the same time, the Federal Reserve continues to adopt a wait-and-see attitude in the absence of clear inflation or employment pressures, and expectations of interest rate cuts continue to be pushed back. According to CME data, the probability of interest rate cuts in the third quarter is now less than 24%. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex