Why did the big pie rise last night while the US stock market fell slightly? From a personal perspective, the logic is that macro events are improving and each industry is experiencing differentiation. On a macro level, the most direct thing is that the CPI data is still good, especially the core CPI is lower than expected and continues to decline. As we discussed last night, although it is not enough to drive a rate cut in January, it has largely dispelled the market's concerns about a sustained rebound in inflation, and it is also the first test that the market has safely passed this week. The fundamental differentiation of the industry lies in: 1. Regarding the cryptocurrency market, the Senate Banking Committee has proposed its own draft of a clear bill, although there is still a long way to go before the bill is finally implemented. https://(x.com)/qinbank/status/2011000219648008283? S=46&t=k6rimWSEbo2D2TXolYcM-A, but it is still a big step forward. 2. But the drag on the US stock market and yesterday was actually the banking stock market Is Monday in this week's outlook https://(x.com)/qinbank/status/2010691265361477750? S=46&t=k6rimWsEbo2D2tXolYcM-A talked about that this week's financial report focuses on the financial reports of several major bank stocks, and we need to focus on their views on Trump's limit on credit card interest rates. During JPMorgan's earnings conference call, CEO Jamie Damon and CFO Jeremy Barnum explicitly opposed the proposal. Damon warns that the no discrimination cap will have a "very severe" impact on credit supply, especially for low credit score groups, and will be detrimental to the banking industry as a whole. CFO Barnum stated that the cap will "significantly change" the company's credit card business and stated that "everything on the table is under consideration," including legal challenges to prevent its implementation. They believe that this will not only fail to reduce credit costs, but also decrease credit supply, harming consumers and the broader economy. There are also analyses suggesting that JPMorgan Chase may join forces with other banks to launch a challenge. This has caused market concerns. Yesterday, both JPMorgan Chase and Visa fell by more than four points, and overall bank stocks fell, which also dragged down the US stock market. Let's take a look at the statements from other banks this week, but is the overall restriction on credit card interest rates still in place Of course, it also depends on whether Trump's proposal can form a law through Congress in the future. The President of the United States does not have the legal authority to unilaterally enforce the national credit card interest rate ceiling through executive orders. 1) The upper limit of credit card interest rates falls within the legislative authority of Congress, as it involves price controls on private financial institutions (banks, credit card issuers) and requires amendments to existing federal laws (such as the Truth in Lending Act or related consumer finance regulations). 2) The President cannot directly enforce private businesses to comply with such interest rate caps through executive orders, and the Dodd Frank Act does not give the President or CFPB the power to set interest rate caps. Unlike tariffs, there are many bills in the history of the United States that can be used by Trump as the legal basis for launching tariffs. Trump's post used "calling for" instead of direct "order", and the White House did not specify the execution mechanism, which can be considered a political call or pressure, but does not have legally binding instructions. This is more like hoping to use public/political pressure to encourage credit card companies to voluntarily cut interest rates, or to push for rapid legislation in Congress. Ultimately, it depends on the progress of legislation in Congress.