On January 14th, according to a research report by CITIC Securities, the inflation performance in the United States in December 2025 was lukewarm, with core inflation slightly lower than expected and food inflation rising. We believe that the inflation outlook in the United States may ease this year, and the impact of tariffs on prices may gradually weaken. Service inflation may maintain a relatively ideal medium to low growth rate. The cost of living is a key issue in the midterm election campaign in the United States, and Trump's recent plans to instruct both parties to purchase MBS and limit credit card interest rates are mostly in response to voters' concerns about affordability. We believe that the US prosecutor's criminal investigation into Powell does not help pressure the Federal Reserve to aggressively cut interest rates, and we still expect the Fed to pause interest rate cuts in January this year and cut rates twice a year, each by 25bps.