【CITIC Securities: Following Powell's Dovish Speech, the Trading Logic of 'Catch-Up' Will Dominate the Upcoming US Stock Market】 According to a report by Golden Finance, CITIC Securities believes that Powell's speech at the Jackson Hole annual meeting aligns with our previous expectations. We anticipate that the Federal Reserve will cut interest rates three times this year, each by 25 basis points. In terms of assets, we believe that the main theme of the US stock market's 'rate cut trading' will be clearly defined again, and the trading logic of 'catch-up' will dominate the upcoming US stock market. Similar to the rate cut trading in July 2024, we may see a repeat of the upward trends in interest rate-sensitive Russell 2000, S&P 500 Real Estate, and NASDAQ Biotechnology. The market's expectations for the Federal Reserve's interest rate cuts this year still diverge from our view, and we expect that US Treasury yields and the US dollar index still have slight downward space. In terms of non-US equities, Powell's dovish speech and a weaker dollar are expected to boost global equity market risk appetite. Regarding gold, the expectation of rate cuts is beneficial for gold prices, but we need to be wary of potential bearish impacts from a possible agreement between Russia and Ukraine.