On April 26, Jin10 reported that UBS stated that the current market sentiment is consistent with the bank’s basic forecast, which is that tariffs will drop from the currently announced levels for the remainder of this year, and the Federal Reserve will further lower interest rates this year. However, due to high uncertainties surrounding trade, the economy, and Federal Reserve policies, expected fluctuations also remain elevated. Nevertheless, UBS believes that the U.S. stock market is attractive, with a year-end target for the S&P 500 index at 5,800 points. UBS’s current basic forecast is that the Federal Reserve will lower rates by 75 to 100 basis points this year, but in the short term, the Federal Reserve’s policy flexibility seems more limited, as it must balance concerns over economic growth with the risks of inflation recovery.