Today's biggest positive news is the Fed's expectations opening up.

The Fed's good news comes from two aspects: one is that Fed Vice Chair Michelle Bowman supports an interest rate cut in September, and claims that there will be three rate cuts this year, each by 25 basis points.

Originally, according to Powell's statement, there would be at most 2 cuts this year, each by about 25 basis points, with a general expectation of 1 cut. If it really happens as the Fed Vice Chair said with 3 cuts, that would greatly exceed expectations.

The key is that the statements of Fed Vice Chair are consistent with JPMorgan's recent predictions. JPMorgan believes that the price increases caused by the tariff war will not lead to inflation, and the Fed's interest rate cut is already an arrow on the string that must be released.

This is also the fundamental reason for the strong performance of A-shares today. The Fed's interest rate cut is a direct boon for global stock markets, and A-shares are an important focus for capital attention, further strengthening expectations of foreign capital returning.

Another aspect is that Treasury Secretary Bessent said yesterday that he is leading the search for a successor to Fed Chair Powell. Based on the various dissatisfaction the understanding king has shown towards Powell this year, it can be basically confirmed that Powell will leave in the next round.

Powell's term ends in May 2026, and now Bessent has already started looking for a successor. It can be seen that the understanding king does not want to leave any room on this matter, and the purpose of replacing the Fed chair is to lower interest rates, so this also strengthens the expectation of rate cuts next year.

Looking at these two matters comprehensively, the expectation of the Fed cutting interest rates has completely opened up. Even if the rate cuts are slow this year, they will fully attack next year. Under this expectation, the capital market has no reason to choose conservatism, especially the stock market and the commodities market, both have positive expectations. @Today's Topic $Kweichow Moutai (SH600519)$