Today's macro main line is still Besent's speech. He will be the protagonist of the story for the next three years, regardless of who the next Federal Reserve Chairman is, they are destined to be a supporting role.

Besent stated today that U.S. interest rates should be 150 to 175 basis points lower than the current level.

In theory, the Treasury Secretary should not interfere with the Federal Reserve's monetary policy, but now it's different. His role as Treasury Secretary can even be seen as America's 'Chancellor'. From his interview for the Fed Chairman position, he is the future BOSS of the Fed.

He hopes for a rate decrease of 150-175 basis points (6-7 rate cuts), which essentially indicates the endpoint of this round of rate cuts, likely to be seen in 2026, with 3 cuts in 2025 + 3-4 cuts in 2026.

This represents the U.S. entering a dual phase of fiscal stimulus + monetary stimulus. At least for the next year, the capital market doesn't need to worry; the liquidity is ample.

Of course, U.S. Treasuries will intermittently drain liquidity, which may cause small fluctuations. For instance, tonight, the Nasdaq and cryptocurrencies are experiencing high openings followed by declines due to liquidity issues.