Inflationary pressures have eased. The sword hanging over the market has finally fallen. The US core CPI significantly fell below expectations, directly changing the Federal Reserve's policy outlook. The more than one-year-long rate hike cycle has reached a turning point.

The reason for rate hikes no longer exists. The only question now is—when will the Fed cut rates? Powell's attitude isn't actually that important; the market's own logic and data trends will decide for him.

What does this mean for risk assets? The attractiveness of bank deposit yields has greatly diminished. Idle funds are starting to look for new destinations. From bonds to stocks, from stocks to cryptocurrencies, the risk premiums at every level of assets are being re-priced. Especially those suppressed high-risk sectors will become targets for institutions and large investors to reallocate.

The real change has already begun. The moment CPI data was released, professional institutions were already adjusting their positions. Every subsequent market correction is an opportunity to re-enter. The cycle of liquidity release usually takes longer than the market's reaction time. This is what truly needs attention.