Since mid-January, the forecast for U.S. economic growth has been nearly cut in half, and the risk of recession has doubled, climbing to 50%. On the monetary side, the dollar forecast has been lowered by more than 10%, while the yen and Swiss franc have both significantly benefited from tariff risks. It is expected that the Chinese government will increase support measures to stabilize the economy. For investors, the latest investment advice remains: reduce U.S. assets during rebounds and increase European and Chinese assets during weaknesses.