China Securities International Chief Macro Analyst Li Chong: The Fed's monetary policy framework faces major adjustments and the logic of asset allocation in major asset classes is changing.

Currently, the labor market in the United States is performing well, with employment data significantly exceeding expectations. The hawkish voices within the Federal Reserve continue to strengthen, leading to increasing policy disagreements and heightened concerns about inflation risks. Chief Analyst of Overseas Macroeconomics at CITIC Securities, Li Chong, recently stated in an interview that, considering the overall economic fundamentals and internal policy tendencies, the Federal Reserve will maintain its current interest rate levels this year and will not immediately initiate a rate cut. Furthermore, Federal Reserve Chairman Kevin Wash has introduced a new monetary policy approach, marking a fundamental departure from his predecessor's policies. This shift in monetary policy ideology could have a profound impact on global liquidity and the trends of various financial assets.