Group 1 - The core viewpoint is that despite pressure from Trump for interest rate cuts, the Federal Reserve is expected to maintain its current strategy, with a forecast of three rate cuts in the next 12 months, bringing the policy rate down to 3.75% [1] - The U.S. economy is projected to slow down by 2026, with inflation expected to stabilize after a one-time spike, leading to a potential shift in the Federal Reserve's stance towards easing [1] - The attractiveness of U.S. dollar assets is diminishing, prompting a shift towards global diversification, with the euro expected to benefit from favorable European policies and Germany's growth potential starting in 2026 [1] Group 2 - The euro to U.S. dollar exchange rate forecast has been raised from 1.0750 to 1.1500, while the dollar to yen forecast has been lowered from 150.00 to 140.00, reflecting the overall weakening of the dollar [1] - In the current uncertain market environment, a neutral stance on risk assets is maintained, with a preference for sectors with long-term structural advantages, including select European and emerging market bonds, as well as mispriced industrial stocks [1] - Emerging market banking sectors are noted for their strong risk resilience, with local economic prospects supporting loan quality and liquidity despite potential profitability impacts from interest rate cuts [1] Group 3 - Gold continues to rise as a safe-haven asset due to deteriorating economic relations and increasing geopolitical risks, with the potential for further monetary easing in China if U.S.-China relations do not improve [2] - The increase in global M2 money supply growth surpassing nominal GDP growth is identified as a key driver for the sustained rise in gold prices [2]