Has Global Liquidity Reached an Inflection Point?

CICC believes that as geopolitical, inflationary, and policy risks gradually fade, global liquidity is expected to become more accommodative in the second half of the year. In the United States, with inflation cooling and growth slowing, the economic fundamentals support a shift toward monetary policy easing. Waller's "hawkish rhetoric, dovish actions" and potential Fed reforms could open room for future rate cuts. CICC remains firmly bullish on the AI and tech growth theme, stating that the gold bull market is not over, and the window for re-allocating after the earlier correction has opened, recommending continued overweight in gold.