#美联储利率政策 UBS is optimistic about the US stock market in 2026, and the core logic boils down to three words: corporate profitability. The technology sector's profits remain strong, with S&P 500 earnings expected to grow by 10%, a figure that can indeed support valuations. Coupled with the possibility of the Federal Reserve continuing to cut interest rates, and the new chair taking office providing market stability expectations, if trade policies become clearer, it would reduce a lot of uncertainties.

In simple terms, the profitability effect is still there, supported by leverage policies, so it's no wonder they recommend maintaining allocations. However, this optimistic tone should be taken with a grain of salt; we still need to see how corporate earnings reports and actual Federal Reserve actions unfold. The crypto circle is also fluctuating under this environment. If the US stock market continues its upward trend, risk asset sentiment will likely loosen somewhat.