U.S. June CPI came in below market expectations, easing concerns that the Federal Reserve would further tighten policy, and the market saw a broad-based rebound. However, this rally is driven by sentiment improvement stemming from a repair in macro expectations, not a complete reversal of the trend. Going forward, the market will still focus on the Fed’s subsequent remarks and factors such as geopolitics. Only if liquidity expectations continue to improve will the market have a chance to open up new upside space