Holly Newman Croft. Welcome back, Holly. Good to have you.Thanks. Good to be here as always. It's quite a setup for Fed day with the stock market at record highs, the 10-year yield back down to 4%, gold up 40% into the year.H how do you view the risk award into the Fed. I think what's really interesting is how the shift in focus from the market has been on inflation and what the Fed's going to do to now a weakening labor market in a slowing economy and what the Fed is going to do. The bond market is telling ...

US-China Trade Negotiation Dynamics - China has navigated trade negotiations with the US without making significant concessions, only small compromises [1] - The outcome of these negotiations has primarily been agreements to continue discussions, providing the Chinese Communist Party with more time to plan for economic challenges [2] China's Economic Strategy - China aims to become more self-reliant in response to potential US tariffs [3] - Innovation within China, especially in the tech sector, has accelerated due to pressure from the US [5] - Delaying concrete trade negotiations allows China more time to advance its self-reliance initiatives [5] Political and Social Implications - The narrative of the US and the West attempting to suppress China is used to rally citizens [6] - The government promotes the idea that enduring short-term pain will lead to long-term success [6] Long-Term Strategy - State-run media references the philosophy of protracted war, similar to the Mao era, to guide the approach to the trade war [7][8][9] - China is prepared to withstand the economic impact of the trade war for the long term [10] - The Chinese government is willing to accept short-term economic pain to achieve long-term victory [10]