Online reports that a report from Goldman Sachs 'trading department showed that U.S. pension funds are expected to sell off US$20 billion in stocks at the end of the month as part of their month-end rebalancing operation. According to Goldman Sachs, the total value of the $20 billion ranks in the 86th percentile of similar rebalancing of net purchases or sales since 2000. The reason for this is that many pension plans adjust equity and debt allocations (which can be seen as a large-scale version of a traditional 60/40 investment portfolio). While stocks performed well this month, bonds performed poorly, meaning some major adjustments will be needed in the model portfolio to bring the two asset classes back into balance. Bret Kenwell, U.S. investment analyst at eToro, said: We are not used to seeing such large fluctuations in the bond market, especially pension funds or institutional investors, who are almost all in the billions of dollars. When these rebalancing operations unfold rapidly, it may indeed become the "compass" for the market in the short to medium term. Whether it's a 90-day suspension of trade talks, a postponement of the deadline for negotiations with the European Union, or a legal process to prevent Trump from implementing tariff policies, I expect the general belief on Wall Street that the worst of the tariff issue is over and the situation is moving towards easing. (Jin Shi)