Chang Tai Xu, Chief Market Strategist of Morgan Asset Management Asia Pacific, pointed out that thanks to the consumer stimulus from tax refunds in the United States and the enthusiasm for AI investments, the US economy performed better than expected in the first half of the year, with estimated growth rates of 3% to 3.5%. In this context, the conditions for a significant interest rate cut by the Federal Reserve are not sufficient, and the expected timing for a rate cut will be delayed until the end of the year. Regarding inflation, he pointed out that although the risks in the Middle East have led to an increase in risk premiums, oil prices may remain high at $80 to $90 per barrel. However, this is a one-time impact driven by energy and is not a long-term trend.