Coin World reported that on July 18 (UTC+8), a report from China International Capital Corporation stated that if the Federal Reserve Chairman resigns early, assuming other conditions remain unchanged, it would be bearish for the dollar and bullish for gold. The short end of U.S. Treasury bonds would steepen, and the mid-to-long end would bear steepen until the Federal Reserve resumes expanding the balance sheet, which would suppress long-term rates. Benefiting from the liquidity cycle expected to restart earlier, the medium to short term may be favorable for stock market valuations. However, if the Federal Reserve Chairman completes the current term normally, we expect the U.S. Treasury to net issue approximately $1.2 trillion in U.S. Treasury bonds in the third quarter, which may lead to liquidity tightening and ultimately push the Federal Reserve to restart balance sheet expansion and the liquidity cycle, still benefiting U.S. stocks and gold while being bearish for the dollar. We anticipate that during Trump's second term, the coordination of monetary policy with fiscal policy will become the norm, and U.S. liquidity is expected to remain abundant in the long term.