Internet reports that the United States is expected to make important decisions on trade and fiscal policies in July. While these decisions may cause volatility, we do not expect to have a lasting impact on strong growth or markets in the United States. An environment of falling interest rates and yields supports stocks and high-quality bonds, while the U.S. dollar will continue to show signs of weakness. After recent strong gains, return expectations for global equity markets appear limited for the rest of the year. (Jin Shi)