Conditions may gradually improve after Q2 next year. This year, oil prices were relatively normal in Q1, surged in Q2, and were slightly lower overall in Q3 compared to Q2. The annual CPI/PCE rate in Q1 next year will likely continue rising, but after Q2, unless oil prices rise further, overall annual inflation rates should stabilize. Trump and Iran are unlikely to push oil prices even higher. Although the volume of oil exported from the Middle East has decreased, higher oil prices have also reduced demand; theoretically, oil prices should reach a new equilibrium under revised supply-demand dynamics. (They may fluctuate with U.S.-Iran relations, but are unlikely to enter a significantly higher range.) Of course, due to minor discrepancies between real-world oil prices and financial product valuations, along with statistical noise, occasional price increases may occur—but these will not be surges, and the overall trend will not continue upward. There may be one rate hike in Q1 next year, or possibly none. Q2 to Q3 should enter a holding pattern, with no further rate hikes expected. To be honest, U.S. equities remain uncertain. Bee Brother suspects that this AI boom stems from the massive monetary easing between 2020 and 2021, which provided liquidity to support AI research and development. Under current conditions, AI stock prices may wait for actual industry progress to catch up—but they’re unlikely to replicate the 2000 dot-com bubble unless another 9/11-level event occurs. However, after more than a year of suppression, crypto should reasonably perform better. A major rally still depends on monetary easing—but as long as U.S. Treasuries don’t default, crypto could see a modest uptrend. Of course, this remains a阶段性 (phase-based) assessment; we’ll need to adapt as events unfold.