Talking about the macro market perspective for 2026 this Wednesday: 1. Most of Trump-Biden's policies revolve around 'affordability'; 2. The pace of the Federal Reserve's actions should be viewed in the context of fiscal and monetary integration; 3. The midterm elections, like the general elections, are still a battle for centrist voters. In the past 30 years, the ruling party has only won the midterms twice under special circumstances—either in 1998 when the economy was strong and prosperous, or in 2002 due to the unity sparked by the 9/11 attacks. When market interest rates can't go down, administrative measures are used to intervene: 1) Utilize $200 billion in reserves from Fannie Mae and Freddie Mac to buy MBS; 2) Issue an executive order capping credit card interest rates at 10%.