Let's review and interpret the macro data from the past few days. The U.S. personal income and spending for January will be released on March 13, so let's list the data first. - Personal income month-on-month +0.4%, disposable income +0.9%, nominal PCE consumption +0.4%, but real PCE only increased by 0.1%. - The January PCE price index month-on-month +0.3%, core PCE month-on-month +0.4%, year-on-year +2.8% and +3.1%, respectively. - At the same time, the personal savings rate returned to 4.5%. The balance sheet of American households seems to be stable, but similar to China, there is no real consumption momentum; saving takes precedence over investment and consumption, and core inflation remains sticky. The U.S. Q4 2025 GDP second reading released on the same day is relatively more revealing: The actual GDP annualized growth rate was revised down from an initial value of 1.4% to 0.7%, reflecting that the real final sales to private domestic purchasers only grew by 1.9%, while the price index gross domestic purchases price index rose to 3.8%. As analyzed last time, the core issue in the U.S. is stagflation, with slowing growth and rising prices. The trend of the JOLTS data for January is also not surprising; there are job openings, but hiring is lukewarm, and not many people are switching jobs, likely related to the impact of AI. Additionally, there are a few interesting data points on FRED that I personally believe are much more important than the mainstream data: The 5-year breakeven inflation rate rose from 2.53% on March 10 and 2.58% on March 11 to 2.61% on March 13; However, the 5-year forward inflation expectation fell from 2.14% on March 11 and 2.13% on March 12 to 2.11% on March 13. You will find that these two sets of data are actually bullish for the overall macro fundamentals and risk assets (such as the stock market). The rise in the 5-year breakeven inflation rate corresponds to the current geopolitical conflicts or tariffs, etc., leading to supply chain issues, which in turn raises inflation expectations. But the decline in the 5-year forward inflation expectation also indicates that the market believes the current surge in inflation is temporary or caused by external shocks. Looking at the longer term, the Federal Reserve still has the ability to keep long-term inflation around the 2% target range....