9.5 Macroeconomic Market Analysis Good morning, everyone. The recent market has been sluggish, and many are asking if we will see a sharp drop and bear market, and what opportunities might arise? Last night, two economic data points were released: the number of initial jobless claims in the U.S. and the ADP non-farm employment change, both of which are favorable for the Federal Reserve to cut interest rates. We will see how the non-farm payroll data at 8:30 PM tonight plays out; if it passes this threshold, the market may improve a bit. Last night, the third-in-command of the Federal Reserve stated that a timely interest rate cut is appropriate, further reinforcing the possibility of a rate cut. The head of interest rate strategy at Bank of America indicated that the Fed might lower rates to at least 3%. The market has underestimated the potential outcomes of the Fed possibly lowering rates below 3%. The analysis department at Bank of America is quite competent, and this viewpoint...