Xinhua News Agency, April 28, according to a research report, China International Capital Corporation pointed out that the US GDP in the first quarter discounted at an annual rate of 1.1% from the previous quarter, the third consecutive quarter-on-quarter slowdown. From a breakdown, the drag on the economy mainly comes from the slowdown in inventories, and consumer spending remains robust. We believe that although the US economy has been resilient since the beginning of the year, it cannot change the downward trend. With the decline of bank deposits, in the future, either banks will spontaneously "tighten credit" and credit spreads will widen, or if tight credit is not obvious, the Fed will continue to "tighten money" and risk-free interest rates will rise. In either case, the end result will be an economic downturn. In addition, we need to be wary of the stickiness of inflation. Us core PCE grew at an annualised rate of 4.9% in the first quarter, up from 4.4% in the fourth quarter of last year, and the overall PCE growth rate was higher than at the end of last year. Structural inflation could lead to "stagflation" in the economy, which will also pose more challenges to financial markets.