JPMorgan Asset Management: The Federal Reserve is expected to cut interest rates as soon as the end of July

[J.P. Morgan Asset Management: The Federal Reserve is expected to cut interest rates as soon as the end of July] Xu Changtai, chief market strategist of J.P. Morgan Asset Management Asia Pacific, said that it is recommended to reduce the allocation ratio of stocks and bonds from 6:4 at the beginning of the year to 5:5, and even recommend that more conservative investors adjust the ratio to 4:6. He suggested reducing the proportion of US equities and adding more European equities, which would reduce the holdings of consumer discretionary companies with a high correlation with imports, and favor companies in public stocks, services, financials, and services and drug development in the healthcare industry. He is optimistic about Chinese mainland, Hong Kong, Japan and Indonesia, focusing on high-quality companies with strong cash flow and bargaining power. Xu Changtai expects that the United States has the opportunity to start cutting interest rates as soon as the end of July, and may actually cut interest rates in September, October and December, and cut interest rates three times this year, with a total of 75 basis points. The current consensus in the market is to cut interest rates in June, and he added that for the Fed to cut interest rates in June, the non-farm payrolls data for March and April may need to fall below 100,000 for this to happen.