Will interest rates fall or not? Don’t just listen to what’s being said; pay attention to how inflation trends! Morgan Stanley's global strategist David Kelly doused cold water on the situation: Don’t rush to fantasize about low interest rates; the Federal Reserve may remain inactive until the end of the year, or even longer. He pointed out directly— as long as tariffs push up prices, inflation won’t easily decline, and true easing may have to wait until 2026. What does this mean? The days of the market relying on 'expected rate cuts' for speculation may become increasingly difficult. Don’t dream of waiting for the Fed to save us; what can truly navigate through cycles are those value assets and projects with solid underlying logic. The market can take off not relying on interest rates, but on faith.