Recently, I've been pondering a question—this turning point in the market may not be about interest rates themselves.

The Federal Reserve is currently facing a delicate situation: the market has largely priced in rate cut expectations, but what really can energize liquidity is the T-Bills repurchase operation. Technical tools can handle short-term fluctuations, but they can't sustain the overall market outlook.

Now, there are three forces exerting simultaneous pressure: fiscal deficit pressures, banking system reserve requirements, and market hunger for liquidity. When these three variables overlap, it's difficult for the Federal Reserve to continue playing word games and delay.

Therefore, my judgment is that: a repurchase operation is highly likely to be initiated. Once reserves are replenished and liquidity truly flows into the market, that will be the solid support for asset prices.

This round isn't about betting how much interest rates will cut, but whether liquidity will actually be unleashed. I tend to believe—money is coming, fast.

Pay attention to the AIA trend; it might serve as a good observation window.