Market Outlook & Investment Themes - The bull market is expected to continue, driven by a broadening beyond just AI into deglobalization, longevity, and deregulation, all interacting and accelerating simultaneously [2] - The market is forward-thinking, and opportunities exist for investors who may have missed the initial AI-driven gains [4] - A diversified portfolio is recommended to capitalize on these themes, including sectors like materials and industrials, which benefit from deglobalization and increased defense spending [7] AI & Technological Advancements - The current phase is likened to a "candlesticks to light bulbs" moment, emphasizing the ability to scale, implement, and download AI technology to produce earnings power across various business models [5] - The focus is shifting towards tangible returns on significant capital expenditures in AI, with confidence that these returns will materialize [5] - AI is seen as a cost-saving and productivity-enhancing engine that will continue to lead the market [4] Interest Rates & Monetary Policy - Interest rates are anticipated to decrease, potentially impacting investors overweight in cash, who may experience a "pay cut" [10] - The market typically anticipates interest rate changes 6 to 12 months in advance [11] - Morgan Stanley's interest rate team projects a couple of rate cuts this year plus five more next year, contingent on data [12] Sector Opportunities - Utilities and power companies, traditionally valued for dividends and defensive characteristics, are emerging as new growth stocks [14] - Industrials are highlighted as a strong performing sector with continued potential [8] - Investing in sectors with quantifiable merit and opportunistic potential is encouraged, even if not completely proven [9]

Government Debt Issuance - The Treasury is issuing $58 billion in three-year notes [1] - The government aims to increase liquidity following a $5 trillion debt ceiling increase [1] - A record $100 billion four-week bill auction is expected on Thursday [1][2] - The Treasury issued $50 billion in one-year bills, the second largest ever [2] - A $85 billion six-week bill auction occurred, the largest ever [2] Bond Market Dynamics - The size of auctions keeps growing or staying at historically high levels [3] - The administration is issuing shorter bills due to the optimistic view that interest rates will decrease [4] - Prices paid for the three-year auction were just under 70, almost the highest in three years [4] - Short maturity treasury yields did not reflect the weak ISM data, unlike longer-term yields [5] - The yield curve flattened, contrasting with the steepening observed on Friday [5]

Market Outlook - Infrastructure Capital Advisers 认为市场目前处于一年中表现较差的时期，但对市场持中性态度而非负面 [2] - Infrastructure Capital Advisers 预计标普 500 指数目标为 6600 点，并可能在年底超过该目标，但预计秋季表现不佳 [2] - 利率是判断科技股或传统经济、分红股票表现的关键指标 [6] - Infrastructure Capital Advisers 看好利率，10 年期国债收益率目标为 375% (375 basis points)，因此认为传统经济股票和分红股票将表现良好 [7] Investment Strategy & Portfolio - Infrastructure Capital Advisers 建议持有多元化投资组合 [2] - AMZA 基金（pipeline fund）最大的超配股之一是 LNG Cheniere，美国最大的液化天然气出口商，beta 值为 06 [3] - Infrastructure Capital Advisers 的 IAP 基金持有高 beta 股票，如金融股 Goldman Sachs 和 Morgan Stanley [3] - Infrastructure Capital Advisers 认为天然气是关键的过渡燃料，美国天然气比世界其他地区便宜 80% [4] - 美国总统及其团队正在推广美国出口，其他国家更容易同意购买比世界其他地区便宜 80% 的产品 [4] Risk Assessment - 大多数科技股的风险是市场平均水平的两倍，而 Infrastructure Capital Advisers 讨论的保守型股票的风险是市场平均水平的一半或更低 [7]

🇺🇸 $3 TRILLION GOLDMAN SACHS EXPECTS THE FED TO START CUTTING RATES IN SEPTEMBER. ...

🇺🇸 $3 TRILLION GOLDMAN SACHS EXPECTS THE FED TO START CUTTING RATES IN SEPTEMBER. ...

The dollar is primed to fall a lot further and the appointment of a new Federal Reserve chair who’s willing to cut interest rates quickly could be the catalyst, according to Bill Campbell, portfolio manager at DoubleLine Capital https://t.co/zQwnHhidx8 ...

There’s now a 92% chance Powell will cut rates at the next FOMC meeting in September.All markets are set to explode! 💥 https://t.co/PplsFYSDKj ...

Philippine inflation decelerated to the lowest in nearly six years in July and stayed below the central bank’s target, giving monetary authorities room to cut interest rates further this year https://t.co/wiwk494f4R ...

Gold held a small gain after traders became increasingly optimistic that the US Federal Reserve will cut rates at its next meeting in September https://t.co/KLP89yru7E ...

Joining us right now is Ross Mayfield, investment strategist at Baird's Private Wealth Management. And there's not a whole heck of a lot of a dip here, Ross. If this qualifies as a dip, I don't know.>> Yeah, I think you're right. I mean, we came into uh the fall anticipating that look, we had this great three-month rally. We knew about all these headwinds, tariffs coming into play on August 1.Now we have the the Fed and the the non-farm payrolls report kind of weighing. So, expecting a bit more of a correct ...