The large and beautiful bill has been passed, and next, an additional $10 trillion in US debt will be added, which was previously $36 trillion and has now changed to $46 trillion. In the short term, this is bearish, but in the long term, this capital will flow into risk markets! It will benefit the rally in risk markets. The conclusion is bearish in July, looking at a震荡上行 (oscillating upward) in August, a rate cut in September will turn from bullish to bearish, leading to a small adjustment, and then the final sprint at the end of the year, followed by a bear market next year!