US June CPI came in below market expectations, easing concerns about the Federal Reserve tightening policy further, and the market saw a broad-based rebound. However, this round of gains is more about sentiment improving due to repaired macro expectations rather than a complete reversal of the trend. Going forward, the market will still focus on the Fed’s subsequent remarks, as well as geopolitical factors. Only if liquidity expectations continue to improve will the market have a chance to open up new upside space.