According to online reports, Morgan Stanley's chief investment officer Mike Wilson believes that the historic sell-off triggered by Trump is over. He reiterated his forecast that the S & P 500 index will stand at 6500 points by the end of the year (a 12% increase from the current level), and pointed out that the reduction of tariff pressure will open up space for the Federal Reserve to cut interest rates, which will directly benefit risky assets such as stocks. Wilson said,"If the tariff threat abates, the Fed can rebalance its dual mission." Although the growth outlook is slightly optimistic, the policy balance may be more inclined to stimulate the economy than to curb inflation." He particularly emphasized that with the weakening of the US dollar and the advancement of Sino-US negotiations, the risk of economic recession has been "significantly reduced" and corporate earnings expectations have improved accordingly: "From the perspective of rating adjustment, the performance in the second half is likely to exceed expectations. After all, the first half is too bad." (Jin Shi)