#通货膨胀 I recently came across a set of data that deeply resonated with me. U.S. credit card debt has surpassed $1.2 trillion, with an average interest rate exceeding 20%, while the voluntary resignation rate among consumers has fallen to its lowest since 2020—what does this reflect? Household finances are quietly tightening.

Although expectations of rate cuts have provided some support to the market, I want to emphasize that in this macro environment, we need to be more cautious. Weak employment data combined with high debt levels suggest that market volatility could be more intense than we anticipate. Inflation is easing but still remains above policy targets, indicating that the economy is still in a period of adjustment, not a smooth sailing.

My advice is straightforward: now is not the time to chase gains, but to review your asset structure. Check whether your positions are too heavy, and whether you have diversified enough. Keep a sufficient safety margin to give yourself room to handle fluctuations. In the long run, a prudent asset allocation is always more valuable than chasing short-term gains. Market ups and downs are normal, but maintaining a stable mindset is our true moat.