Infratil Asia Pacific (excluding Japan) global market strategist Zhao Yaoting said that he predicts there will still be 1 to 2 interest rate cuts in the remaining time of this year, and the number of interest rate cuts next year will be even more, possibly weakening the US dollar exchange rate and causing bond market volatility. In the face of slowing inflation, it is recommended to continue to pay attention to core personal consumption expenditure (PCE) data and employment market data. Zhao Yaoting pointed out that the latest dot plot shows that the US interest rate cut cycle has been postponed, but the expectations for the number of interest rate cuts in the next two and a half years have not changed, still 9 times. The Fed has raised the median core PCE forecast for the end of this year from 2.6% to 2.8%, considering the recent CPI data better than expected, suggesting that the Fed is sending a signal to the market not to expect interest rate cuts in the short term, and the Fed's views may be too conservative. He expects that global economic growth will stabilize in the second half of this year, with some economies accelerating, overall inflation continuing to slow down, many developed countries beginning to implement loose policies, and expected real wage growth to accelerate. Looking ahead, China is expected to introduce further fiscal, infrastructure, and real estate support measures, and the economic situation and consumer sentiment are expected to improve in the second half of the year. He believes that mainland China can achieve its GDP growth target of 5% for the whole year. It is reported that Infratil currently prefers to allocate to cyclical stocks, including value stocks and small-cap stocks, and is bullish on developed and emerging market stocks outside the United States; in the fixed income sector, priority is given to higher quality non-investment grade bonds, as well as emerging market local currency and strong currency bonds.