Group 1 - The core viewpoint highlights the negative impact of a prolonged U.S. government shutdown on the economy and the ongoing challenges faced by the Federal Reserve due to a lack of official data [1] - The recent interest rate cut by the Federal Reserve has reignited market interest in small-cap stocks, which have outperformed large-cap stocks by nearly 4% since April [2] - Employment data has shown a concerning trend, with a reported loss of 91,100 jobs from April 2024 to March 2025, raising investor concerns about data reliability [1] Group 2 - The Federal Reserve's recent interest rate cut has led to an increased allocation to U.S. small-cap stocks, shifting the allocation stance to neutral for large-cap stocks [2] - The macro environment is favorable for growth stocks, particularly in the AI/technology sector, prompting a shift towards growth-oriented investments [2] - The company maintains a low allocation to bonds due to inflation and fiscal stimulus financing demands, which may keep interest rates under pressure [2]

Core Viewpoint - The conflict between Trump and the Federal Reserve has raised concerns, leading to an increase in U.S. long-term Treasury prices and a decline in the dollar [1] Group 1 - The ongoing disputes between Trump and the Federal Reserve are causing market volatility [1] - U.S. long-term Treasury prices are experiencing an upward trend as a result of these tensions [1] - The value of the dollar is decreasing in response to the situation [1]