Will the grand narrative be reversed?
Recent grand narratives in the global economy, such as tariffs, the dollar, and technology, are showing signs of adjustment. Trump's declining approval ratings and the Republican election losses may shift his focus back to domestic issues, reducing the impact of tariffs on the global economy. The Federal Reserve's "hawkish rate cuts" could lead to a temporary strengthening of the dollar. The penetration of AI technology is still ongoing, and the technology narrative includes strategic implications such as great power competition. With the midterm elections approaching next year, domestic factors will constrain Trump, the impact of tariffs will ease, the dollar will fluctuate in both directions, and the influence of technology on market risk appetite is not yet over. Domestic demand and price improvements remain key areas of focus
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