Let’s talk about a few key signals on the market today.

The White House has already hinted that the Fed is very likely to cut rates by 25 basis points this time. Meanwhile, $7.65 trillion in US Treasury funds are still waiting on the sidelines—where this money flows could determine the direction of the next market cycle.

On the commodities front, news came that 40,000 tons of copper inventory were withdrawn in one go, reigniting global supply chain tension. Mortgage rates are falling, employment data is fairly stable, and the script for a soft economic landing seems to be playing out.

Meta has slashed its metaverse budget again; tech giants are all about "cost reduction and efficiency" now. Although Argentina is facing significant inflation pressure, it has signed a major energy cooperation deal with Chile, giving it some breathing room.

Crude oil is strengthening, silver is under pressure, and gold is consolidating. US stocks are volatile, and risk assets are all waiting for policy decisions to land.

To sum up: the market is brewing, but it’s not quite ready yet.