Morning News

# Source: Wall Street见闻 (Wall Street CN)

## Market Overview

The U.S.-Iran ceasefire negotiations hit a deadlock, reigniting risk aversion. Crude oil surged over 4% at one point, while U.S. stocks, Treasuries, gold, and Bitcoin plummeted. After the U.S. stock market closed, Trump announced a 10-day delay in strikes on Iran's energy facilities, triggering a sharp plunge in oil prices followed by a rebound. U.S. stock futures spiked instantly but then pared gains.

By Wednesday's close, the S&P 500 tumbled over 1.7%, chip stocks crashed nearly 5%, dragging the Nasdaq down more than 2%. Memory chip stocks extended their losses from the previous session, with SanDisk plummeting 11%. Meta slumped over 8%, a day after being found liable in a social media addiction lawsuit.

The 7-year U.S. Treasury auction was dismal. Treasury yields rose across the board, with the 2-year yield jumping over 10 basis points and the 7-year yield up 9.6 basis points.

The U.S. dollar rose 0.35% at one point before plunging in late New York trading, falling back to around yesterday's late levels. Bitcoin dropped over 4%, breaking below $69,000. Ethereum fell nearly 6%.

After the U.S. market close, WTI crude futures plunged from $94.39 to $89.51 per barrel in short order, hitting a fresh session low. Brent crude futures dived from $107.58 to near $103 per barrel, sharply narrowing intraday gains. Spot gold rose from around $4,350 to $4,415.65, trimming its intraday loss to 2.3%; spot silver rebounded from around $67 to $69, still down over 3% on the day.

During Asian trading hours, A-share and H-share markets collectively declined in the afternoon! The Shanghai Composite Index fell below 3,900 points again. The lithium battery sector surged, while the Hang Seng Tech Index dropped over 3%, Kuaishou plummeted more than 14%, and Shanghai gold fell below 1,000 yuan.

## Key News

### China

- Is Trump to visit China May 14–15? Foreign Ministry: China and the U.S. maintain communication on the matter.

- Minister Wang Wentao met with U.S. Trade Representative Greer.

- From huge profits to massive losses: Meituan posted an adjusted net loss of 18.6 billion yuan in 2025, with its core local commerce business recording an operating loss of 6.9 billion yuan. During the earnings call: "We firmly oppose cutthroat competition" and "will never rush to become a 'token' factory"; Keeta is on track to turn profitable in Saudi Arabia.

- SMIC's 2025 revenue rose 16% YoY to a record high, net profit surged 39%, and monthly wafer capacity exceeded 1 million pieces.

- Moore Threads' 2025 revenue jumped 1.2 times YoY, net loss narrowed significantly to 790 million yuan, and cumulative GPU shipments exceeded 55,000 units.

- The State Administration for Market Regulation held its first 2026 symposium on fair competition for enterprises, with CATL, BYD, Meituan, and other companies in attendance.

### Overseas

- Trump delays strikes on Iran's energy facilities by 10 days, extending the deadline to April 6, calling U.S.-Iran talks "very smooth." Trump: I don't know if a deal can be reached and I'm not in a hurry; Iran allowed 10 oil tankers to pass through the Strait of Hormuz, and market reaction to the conflict was less intense than expected. U.S. media: The U.S. is developing a "knockout blow" military plan for Iran, possibly including ground troops and massive bombings. Iran says it is ready to respond to U.S. actions by opening the Strait of Hormuz with "suicide operations" and has organized over 1 million people for ground combat. Iran responded to the U.S. 15-point ceasefire proposal through intermediaries, putting forward clear preconditions. Iran: Vessels from China, Russia, Pakistan, Iraq, India, Bangladesh, and other countries have safely passed through the Strait of Hormuz.

- Landmark vote! Trump suffers a setback at home: Democrats win the Florida district where Mar-a-Lago is located.

- To save the yen, Japan considers an unorthodox move: directly shorting crude oil futures.

- Iran tensions hit U.S. Treasuries; third weak auction this week exacerbates bond sell-off.

- Major shift by big gold buyers: Turkey's central bank sold $8 billion in gold during the Iran war.

- SEC begins questioning rating agencies' integrity; private credit "blame game" officially begins.

- Musk releases latest Optimus video, saying production is expected to start this summer, targeting 1 million units of annual capacity by 2027. Tesla sets early Q1 delivery guidance; sell-side estimates around 366,000 units, with earnings due next week.

## Market Closing Levels

### U.S. & European Stocks

- S&P 500: -1.74% to 6,477.16

- Dow Jones Industrial Average: -1.01% to 45,960.11

- Nasdaq Composite: -2.38% to 21,408.081

- Europe STOXX 600: -1.13% to 580.84

### A-Shares

- Shanghai Composite: 3,889.08, -1.09%

- Shenzhen Component: 13,606.44, -1.41%

- ChiNext Index: 3,272.49, -1.34%

### Bond Market

- U.S. 10-year Treasury yield: +7.95 bps to 4.4117%

- U.S. 2-year Treasury yield: +10.05 bps to 3.9858%

### Commodities

After U.S. market close:

- WTI crude futures: Plunged from $94.39/bbl to $89.51/bbl

- Brent crude futures: Dived from $107.58/bbl to near $103/bbl, sharply narrowing intraday gains

- Spot gold: Rose from ~$4,350 to $4,415.65, trimming intraday loss to 2.3%

- Spot silver: Rebounded from ~$67 to $69, still down over 3% on the day

# Detailed News

## Global Highlights

### China

- **Trump to visit China May 14–15? Foreign Ministry: China and the U.S. maintain communication on the matter.**

Lin Jian stated that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations. China and the U.S. are in communication regarding President Trump’s visit to China.

- **Minister Wang Wentao meets with U.S. Trade Representative Greer.**

Wang emphasized that China is willing to strengthen multilateral and regional economic and trade cooperation with the U.S., jointly advance WTO reform, and promote practical outcomes at the 14th WTO Ministerial Conference. He also expressed serious concerns about the U.S. launching Section 301 investigations against multiple economies, including China, under the pretext of so-called “overcapacity” and “failure to ban imports of forced labor products.”

- **From huge profits to massive losses! Meituan posts adjusted net loss of 18.6 billion yuan in 2025, core local commerce records operating loss of 6.9 billion yuan. Earnings call: “Firmly oppose cutthroat competition,” “Never rush to become a ‘token’ factory”; Keeta on track for profitability in Saudi Arabia**

Meituan swung from profit to loss in 2025, with full-year revenue of 364.9 billion yuan, up 8.1% year-on-year, and a net loss of 23.4 billion yuan—a dramatic reversal from the 35.8 billion yuan profit in the previous year. The core local commerce segment’s profit margin plummeted from 20.9% to -2.6%, resulting in a 6.9 billion yuan loss. Sales and marketing expenses surged 60.9% to over 100 billion yuan, with promotional incentives nearly doubling.

CEO Wang Xing explicitly stated that the company “firmly opposes cutthroat competition” and will proactively exit inefficient price wars. Meituan is fully embracing AI, having launched its AI assistant “Xiao Tuan” for all users, aiming to build an “AI super gateway” for local services. For its overseas business, the Saudi market is expected to achieve its first profitable month by the end of this year, and the company guides that the total loss from new businesses in 2026 will not exceed last year’s level.

**Morgan Stanley’s commentary on Meituan’s results**: No major surprises; the core focus remains on market share and margin recovery. Meituan’s Q4 revenue grew 4%, in line with expectations. The core local commerce segment’s operating loss narrowed 4.1 billion yuan quarter-on-quarter, with margin improving 5.4 percentage points—the quarter’s highlight. However, losses from new overseas businesses expanded 264% quarter-on-quarter. Morgan Stanley maintains an Overweight rating with a target price of HKD 120; the pace of market share and margin recovery remains the key variable for valuation.

- **SMIC posts 16% YoY revenue growth in 2025 to a record high, net profit surges 39%, monthly wafer capacity exceeds 1 million pieces.**

SMIC’s 2025 revenue reached 9.327 billion USD, with net profit of 685 million USD, both hitting all-time highs. Monthly wafer capacity exceeded 1 million pieces, and capacity utilization rose to 93.5%, driving a rebound in gross margin. The company ranks second globally in foundry services and is advancing the integration and capital increase of SMIC North and SMIC South. It guides that 2026 sales growth will outpace the average of comparable peers, with capital expenditure roughly flat with 2025.

- **Moore Threads sees 1.2x YoY revenue surge in 2025, net loss narrows significantly to 790 million yuan, cumulative GPU shipments exceed 55,000 units.**

Against the backdrop of accelerated domestic intelligent computing center construction and rising demand for domestic computing power, Moore Threads achieved full-year revenue of 1.644 billion yuan, up 121.26% YoY, with revenue scale continuing to grow rapidly. Losses improved simultaneously: net loss attributable to shareholders was 789 million yuan, a 43.97% reduction from the previous year; adjusted net loss was 830 million yuan, a 20.52% reduction.

- **SAMR holds first 2026 symposium on fair competition for enterprises; CATL, BYD, Meituan, and others attend.**

The State Administration for Market Regulation will strengthen anti-monopoly supervision and law enforcement, enhance corporate compliance guidance, deeply rectify “cutthroat competition,” deepen institutional opening-up in the competition field, and support enterprises in exploring international markets and achieving high-quality development with greater efforts.

### Overseas

- **Trump delays strikes on Iran’s energy facilities by 10 days, extending deadline to April 6, calling U.S.-Iran talks “very smooth.”**

Trump stated that, at the request of the Iranian government, he has delayed the strikes until 8 p.m. ET on April 6. U.S.-Iran negotiations are ongoing and progressing very smoothly, despite claims to the contrary by “fake news.” U.S. crude oil, which had risen nearly 6% during the session, briefly turned negative. This marks the second delay since Trump issued the attack threat; he initially gave a 48-hour deadline last Saturday, later extending it to this Friday.

- **Trump: Unsure if U.S.-Iran can reach a deal, not in a hurry; Iran allows 10 oil tankers through Strait of Hormuz; market reaction less intense than expected.**

At a cabinet meeting, Trump said Iran is “begging for a deal,” but he does not care and is unsure if and when an agreement can be reached. If a “correct deal” is struck, the Strait of Hormuz will open, and he is unclear if the strait contains mines. He revealed Iran’s “big gift”: Iran’s secret plan to use its $1.4 trillion foreign exchange reserves to directly short crude oil futures, aiming to break the transmission chain of “rising oil prices → increased dollar demand → yen collapse.” However, multiple insiders note no consensus within the Japanese government, and the effect is widely seen as temporary even if implemented.

- **Iran tensions roil U.S. Treasuries! Third weak auction this week exacerbates bond sell-off.**

The bid yields for this week’s 2-year, 5-year, and 7-year U.S. Treasury auctions all exceeded market levels at the time of the auction—marking the first occurrence since May 2024, with three poor auctions in one month. In addition to Iran conflict dampening rate-cut expectations (and even fueling rate-hike bets), market volatility has increased trading costs, particularly for short-dated bonds, which may partially explain this week’s weak auction results.

- **Major shift by big gold buyers! Turkey’s central bank sells $8 billion in gold amid Iran war.**

In the two weeks following the outbreak of the Iran war, Turkey’s central bank sold and deployed via swaps approximately 60 tons of gold, worth over $8 billion, putting downward pressure on gold prices. A portion was sold directly, while most was used via swap agreements to obtain foreign exchange or lira liquidity. This sale marks a clear policy shift for Turkey, which has been one of the world’s most aggressive gold buyers over the past decade.

- **SEC questions rating agencies’ integrity; private credit “blame game” officially begins.**

The U.S. Securities and Exchange Commission (SEC) has recently inquired whether credit rating agency Egan-Jones can “consistently issue credit ratings in good faith.” This is not a routine review but a public challenge by regulators to the reliability of a core mechanism in the private credit market. As redemption gates close and asset valuations come under scrutiny, blame-shifting among market participants is accelerating.

- **Musk releases latest Optimus video, targeting production launch this summer and 1 million units annual capacity by 2027.**

Tesla officially released the latest Optimus video, showcasing for the first time the core hardware designs (including reduction gearboxes and dexterous hands) and R&D environment, demonstrating tangible engineering progress. Over 100 specialized positions are open simultaneously. Musk announced that Optimus 3 will enter mass production this summer, targeting 1 million units annual production by 2027 and an ultimate revenue target of $10 trillion.

- **Tesla sets early Q1 delivery guidance; sell-side consensus at ~366,000 units, results due next week.**

Tesla has published a consensus forecast for Q1 deliveries compiled from 23 sell-side institutions (not official company guidance). Analysts expect deliveries to rise 8% YoY but fall 24% QoQ.

## Selected Research Reports

- **When will Trump “TACO” again? Wall Street identifies pattern: U.S. crude nears $100 or 10-year Treasury yield hits 4.5%.**

Whenever U.S. crude approaches $100 or the 10-year Treasury yield nears 4.5%, the White House shifts from hawkish to “cooling mode.” Deutsche Bank has developed a TACO “stress index” incorporating four factors: monthly changes in Trump’s approval rating, 1-year inflation expectations, S&P 500 performance, and U.S. Treasury yields. If all four “pain points” deteriorate simultaneously, the incentive for adjustment becomes strong.

- **Why can’t the U.S. secure the Strait of Hormuz? Iran doesn’t need to block it—just make it unusable.**

- **If markets follow the “1970s playbook,” gold just repeated its first major drop after the 1971–1973 surge.**

Current markets appear to be reenacting the 1970s stagflation script. Gold’s recent plunge is not a sign of weakness but a repeat of the historical pattern of “pullbacks after strong rallies.” In the short term, gold may be used as a “cash machine” for liquidity, but over the long term, it remains the only winner against inflation. The key going forward is how long oil prices stay high and the dollar remains strong.

- **As traders bet on Fed rate hikes, analysts push back: At least one cut this year, earliest in September!**

Swap markets currently price in a >50% probability of a Fed rate hike this year. However, a Reuters survey of 82 economists shows nearly three-quarters expect no rate cut before September, but most maintain a baseline of at least one cut in 2026: 37 predict two cuts, 28 predict one, 13 predict no cuts, and 4 predict three cuts.

- **AI-driven employment winter: A potential trigger for the next Great Depression?**

Citrini Research outlines an economic collapse scenario under the “intelligent substitution spiral”: AI replaces white-collar jobs, firms cut payrolls, consumer demand shrinks, profit margins narrow, forcing further AI adoption for labor substitution—a vicious cycle triggering an economic winter. Citadel Securities and Bianco Research argue AI diffusion is manageable, with the labor market having sufficient time to adapt. All three agree: The speed of the transition will determine the magnitude of risk.

# Domestic Macro

The Most Critical Question After the A-Share Sell-Off: Some Assets Will Never Return to Previous Levels. Lin Rongxiong of SDIC stated that the A-share market is facing a dual paradigm shift: institutional positions in pan-tech sectors have exceeded 50%, combined with an extreme imbalance where outbound resource-related holdings approach 90%, alongside a stronger US dollar driven by high oil prices and liquidity contraction. A "rebalancing allocation" is now inevitable. Drawing on historical parallels, the current environment is more akin to the 2021 "structural adjustment" phase rather than the 2022 "position reduction" phase. However, investors must be vigilant: the future market leaders will have very low correlation with the outperforming heavyweight stocks of the past three years, and sufficient psychological preparation is required to abandon the old investment logic.

# Domestic Companies

- **Goldman Sachs: Temu Enters Monetization Phase, Pinduoduo’s New Growth Inflection Point Has Arrived!** Goldman Sachs is bullish on Pinduoduo, noting that Temu (its cross-border e-commerce business) has largely completed the transition to a "local-to-local" delivery model in developed markets such as the US and Europe, significantly enhancing business resilience. The bank forecasts that Temu will reach a profitability inflection point in 2027, with an estimated profit of 3.2 billion yuan. Meanwhile, Goldman Sachs believes that with accelerating domestic revenue growth and the company’s undervaluation, the current risk-reward profile is highly attractive.

- **The Labubu Myth Fades? Overseas Growth Misses Expectations, Three Major Investment Banks Simultaneously Cut Pop Mart’s Target Price.** Goldman Sachs, Morgan Stanley, and UBS have all lowered their earnings forecasts and target prices for Pop Mart. The shared view among the three institutions is that the overseas expansion engine is cooling, and short-term growth volatility will exacerbate share price fluctuations, but the long-term value of the IP ecosystem can still support fundamentals. The core market debate centers on whether the slowdown is a temporary phenomenon caused by proactive operational adjustments or an inflection point in the IP cycle following the peak of Labubu’s phenomenal popularity.

- **Industrial Bank Releases 2025 Financial Report: Total Assets Exceed 11 Trillion Yuan, Cash Dividend Payout Ratio Surpasses 30%.**

- **CITIC Securities Reports 2025 Full-Year Results: Revenue Up 28.79% YoY, Net Profit Attributable to Shareholders Up 38.58% YoY; Proprietary Trading Business Shines with 27.6 Billion Yuan in Revenue.**

- **China Pacific Insurance Releases 2025 "Report Card": Life Insurance New Business Value Surges 40%, Allocation to Stocks and Equity Funds Increases.**

- **China Mobile’s 2025 Revenue Exceeds 1 Trillion Yuan, AI Computing Power Revenue Achieves Double-Digit Growth.**

- **Pony.ai Turns Quarterly Profit for the First Time in Q4, Robotaxi Commercialization Accelerates, Targeting Coverage in 20 Cities by Year-End.** Pony.ai achieved profitability in Q4 2025, with a net profit of $75.5 million, driven by investment gains from Moore Threads, although non-GAAP losses in its core business widened. The company’s Robotaxi business performed strongly, with its 7th-generation model achieving positive unit profitability in Guangzhou and Shenzhen. Pony.ai is accelerating global expansion, planning to expand its fleet to over 3,000 vehicles and serve more than 20 cities worldwide by the end of the year.

- **Shandong Gold’s 2025 Revenue Breaks Through 100 Billion Yuan Mark, Net Profit Up Over 60% YoY, Annual Cash Dividend Exceeds 1.6 Billion Yuan, Driven by Rising Gold Prices and Overseas Volume Growth.**

- **Dark Side of the Moon Reportedly Considering Hong Kong IPO, Valuation Reaches $18 Billion.** According to media reports, Dark Side of the Moon has held preliminary discussions with China International Capital Corporation (CICC) and Goldman Sachs regarding a potential IPO. The timing of the listing remains uncertain, and discussions are ongoing, with no guarantee that a listing will ultimately proceed. Concurrently, the company is seeking a new round of private financing of up to $1 billion, valuing the firm at approximately $18 billion.

# Overseas Macro

- **Pressuring Walsh to Cut Rates? Trump Jokes: Walsh Could Work from the White House.** Trump jokingly stated: "If Walsh becomes Fed Chair, he could even work directly from the White House." He then asked rhetorically: "Is there any reason not to cut rates right now?" emphasizing the need for monetary easing. On the same day, he again fiercely criticized Fed Chair Powell, calling him an "idiot," while thanking US federal prosecutor Jeanine Pirro and Attorney General Pam Bondi for launching a criminal investigation into Powell.

- **Déjà Vu of 2022! Iran Conflict Triggers "Triple Sell-Off" in Stocks, Bonds, and Gold on Wall Street; Cash Positions Surge to 4.3%.** A Bank of America survey shows that fund managers’ cash holdings jumped from 3.4% in February to 4.3%, marking the largest monthly increase in six years. Surging oil prices have boosted inflation expectations, and traders who previously bet on rate cuts have begun pricing in a Fed hike before October. The current market reaction mirrors the early days of the 2022 Russia-Ukraine conflict. JPMorgan notes that current cash allocations remain below the 5.9% level seen then, and if uncertainty persists, market adjustments may not be over.

- **Massive Foreign Capital Outflow, Asian Stocks Face Largest Exodus Since 2009.** Affected by the Middle East conflict and soaring oil prices, emerging Asian markets are experiencing the largest foreign capital sell-off in 15 years, with approximately $52 billion in outflows this month. Markets with high energy dependence, such as India and South Korea, have borne the brunt. Morgan Stanley warns that supply risks in the Strait of Hormuz and a stronger US dollar...

- **Meta’s Texas Data Center Investment Surges Sixfold to $10 Billion, Betting Big on AI Computing Power.** Meta now plans to invest $10 billion in its AI data center in El Paso, Texas, far exceeding the previously committed $1.5 billion. The data center aims to bring 1 gigawatt of power capacity online by 2028. On Thursday, Meta closed down nearly 8%, leading the decline among the Magnificent Seven tech giants, marking its largest single-day drop since October 30.

# Industries & Concepts

1. **RISC-V** | On March 26, at the RISC-V Ecosystem Technology Forum of the Zhongguancun Forum Annual Meeting, the Chinese Academy of Sciences officially announced a series of major breakthroughs in RISC-V key technologies, industrial collaborative innovation, and talent cultivation. Two landmark achievements—the "Xiangshan" open-source processor and the "Ruyi" native operating system—were unveiled, and joint R&D for next-generation chips and operating systems was officially launched. At the forum, joint development of the next-generation "Kunming Lake" architecture and the "Ruyi" operating system commenced simultaneously. Dozens of enterprises, including China Mobile, China Telecom, ZTE, Alibaba, Tencent, and ByteDance, will collaborate across the entire value chain—from chips and operating systems to terminals and applications—to accelerate the formation of an innovation system integrating industry, academia, research, and application.

   - **Commentary**: Research institutions believe that the strategic shift of the RISC-V architecture into high-performance computing will become a crucial breakthrough for independent innovation in the future chip industry. From embedded applications to data center-level computing cores, and from dedicated control scenarios to general-purpose task processing capabilities, RISC-V is profoundly reshaping the competitive landscape of the chip industry. In the long run, RISC-V has the potential to become a mainstream architecture platform comparable to ARM and x86. Once the ecosystem in high-performance computing is fully established, it will rapidly drive industrial transformation.

2. **Vitamins** | According to Baichuan Yingfu data, on March 26, the market price of vitamin C was 19.5 yuan per kilogram, up 8.33% from March 25, with a cumulative increase of approximately 14.7% over the past two months.

   - **Commentary**: Research institutions note that the prosperity of vitamin APIs continues to rise, with multiple products entering a price-up cycle. VE, niacin (VB3), and folic acid (VB9) have taken the lead. Vitamin API prices were at historical lows before the rally. Driven by rising costs of upstream chemical raw materials and oil transportation, industry players are strongly motivated to control production capacity and raise prices. As vitamins are primarily used as feed additives with an extremely low cost share, downstream customers are price-insensitive, allowing for smooth price increases with significant room for further hikes.

3. **Computing Power** | According to the China Academy of Information and Communications Technology (CAICT), on March 26, the construction of the China Computing Power Platform (Guizhou) was launched in Guiyang. Representatives from the Guizhou Provincial Communications Administration, CAICT, local basic telecom enterprises, and relevant internet data center companies attended the launch ceremony. As a key computing power hub for the national "East Data, West Computing" project, Guizhou boasts a well-laid-out computing infrastructure and a solid industrial foundation.

   - **Commentary**: Hua Chuang Securities points out that the computing power ecosystem comprises general computing, intelligent computing, and supercomputing, with intelligent computing being most closely linked to AI. In China, intelligent computing dominates the computing power landscape, accounting for over 90%. Driven by AI, China’s intelligent computing power grew by 119% YoY in 2025, significantly exceeding forecasts by institutions such as IDC. IDC expects China’s intelligent computing power to maintain an average annual growth rate of approximately 40% from 2026 to 2028.

4. **Embodied Intelligence** | On March 26, the Guangzhou Municipal Government issued the "Implementation Plan for Promoting the High-Quality Development of the Artificial Intelligence Industry in Guangzhou." The plan proposes accelerating the commercialization of embodied intelligent robots, supporting enterprises in independently developing core components, and expanding the application of intelligent robots in industrial manufacturing, household services, medical health, and other fields.

   - **Commentary**: The Securities Times notes that the embodied intelligence industry integrates advanced technologies, complex system integration, and diverse application scenarios, driving human society further into a new era of intelligence. Tesla is leading the global "Physical AI" industrial revolution, with humanoid robots as one of its core pillars, continuously iterating through a closed loop of "data-algorithms-hardware." Tesla’s ongoing previews of Optimus V3 have gradually attracted market attention, and the imminent launch of Optimus V3 is expected to refocus market attention on the humanoid robot sector. The industry currently maintains high prosperity, with several domestic companies in the IPO process. Against the backdrop of AI empowerment, industrial giants entering the market, and policy support, the industrialization of humanoid robots is accelerating.

# Today’s News Preview

- Profit data for China’s industrial enterprises above designated size.

- Zhongguancun Forum: Brain-Computer Interface Innovation and Development Forum.

- US March University of Michigan Consumer Confidence and Inflation Expectations.

- Speeches by Richmond Fed President Barkin, San Francisco Fed President Daly, and Philadelphia Fed President Harker.

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# Risk Warning & Disclaimer

The market is subject to risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are appropriate for their specific circumstances. Investment based on this article is at your own risk.