CITIC Securities anticipates that the global economy will continue its downward trajectory in the latter half of 2025. Amidst this, the influence of overseas inflation is projected to gradually diminish, while tariffs emerge as a new factor in the economic equation. The U.S. Consumer Price Index (CPI) might escalate due to a resurgence in commodity inflation, prompting the Federal Reserve to potentially lower interest rates once more in September. However, it is anticipated that the total number of rate cuts this year will not exceed two. On the other hand, the European Central Bank might maintain its interest rates following the June reduction, and the Bank of Japan could raise interest rates in the third quarter, contingent on progress in tariff negotiations. The direction of fiscal expansion in both the United States and Europe remains evident. Given this backdrop, CITIC Securities advises investors to explore trading opportunities across various assets, navigating the heightened market volatility.