Group 1 - The core viewpoint is that the current U.S. Federal Reserve's communication strategy is intentionally ambiguous, aiming to extend the negotiation cycle and create monetary space, influenced by political factors as the election approaches and inflation pressures persist [1][2] - The persistent inflation in the U.S. is attributed to structural cost increases resulting from a deep restructuring of the global supply chain, rather than traditional overheating demand or supply-demand mismatches [1] - The past 40 years of moderate inflation in the U.S. were largely supported by a global supply chain centered around China, which has been disrupted since 2021 due to geopolitical tensions and the breakdown of globalization [1] Group 2 - The sensitivity and vulnerability of global capital market valuations have increased, with a warning that lack of strategic coordination between the U.S. and China could lead to rising inflation expectations, higher interest rates, and a compression of valuations [2] - The adjustment of global asset prices is closely tied to the trajectory of geopolitical dynamics, emphasizing that the only path to resolving U.S. inflation issues is through easing tensions and rebuilding cooperative logic [2]