By the end of 2025, the market has already given a clear signal—this turn is not an illusion.

The Federal Reserve's wording still sounds optimistic about the economy, but the latest meeting minutes have completely exposed their true attitude. The voices supporting rate cuts have become the mainstream, and the policy focus has quietly shifted from "controlling inflation" to "securing employment." It sounds good, but traders clearly aren't convinced—the story of growth in 2026 is no longer credible.

The most heartbreaking data comes from the U.S. bond market. Key inflation expectation indicators are not only inverted but have also fallen to a 15-month low. Where is the expectation of a soft landing? It's obvious that preparations for an economic recession are already underway.

Looking at where the funds are flowing in December makes it clear: U.S. stocks are being massively sold off, while hot money is flowing into commodity-rich countries like Brazil and Chile, and European defense and metals sectors are being aggressively bought. From "concept stories" to "cash flow and physical assets," the attitude of capital has undergone a 180-degree turn.

2026 will enter a true elimination race. Tolerance for errors has been reduced to zero, and the illusory growth narratives are outdated—only those holding hard assets and stable cash flows can continue to stay at the table. Stop obsessing over various expectations; voting with your feet to see where the funds go is the most honest market signal.