CICC International: Maintains forecast of two interest rate cuts by the Federal Reserve in June and September.

CMB International released a research report stating that the United States' relevant policies have come sooner than expected, which may change the policy path. The mainland economy is expected to continue its recovery trend in the near future, with housing and durable goods sales rebounding as leading indicators suggesting that consumer demand may improve widely; countercyclical policies will respond to the situation accordingly. The report states that the United States' short-term policies towards Canada and other countries will boost US inflation, delay the Fed's rate cuts, raise policy rates, hit US stocks, and in the medium to long term, curb demand and weaken industrial competitiveness. Therefore, the US treasury yield curve may flatten further, with long-term bond yields and the US dollar index potentially rising before falling. The bank maintains its forecast for two rate cuts by the Fed in June and September.