BlockBeats News, August 2nd, Citic Securities stated that after missing the timing of this round of rate hikes, in the short term, whether the Fed raises rates in September or not, the valuation of US stocks will face pressure. However, in the medium to long term, the landing of the rate hike is expected to relieve valuation pressure. Coupled with the "Productivity and Employment Working Group's" positive attitude towards AI, the AI narrative in the US stock market is expected to continue in the long term.

On July 29th, the FOMC remained on hold for the fifth consecutive time, with three committee members voting in favor of a 25 bps rate hike. Internal Fed dissent has been made public, and the market has shown a "dovish short end, hawkish long end" fragmented response. Rising inflation expectations have suppressed the dollar and provided an opportunity for the Japanese Ministry of Finance to intervene in the forex market. The high growth of CSP cloud services has to some extent alleviated concerns about the sustainability of AI's triple capital expenditure. Interest rate-sensitive industries, high-valuation low-growth sectors, and small-cap stocks are under pressure. The next liquidity expectation shift will focus on the Jackson Hole Symposium at the end of August or the September policy meeting.