On April 26, UBS said that the current market thinking is consistent with the bank's basic forecast, that is, for the rest of the year, tariffs will be reduced from the currently announced level, and the Federal Reserve will cut interest rates further this year. However, volatility expectations also remain elevated as trade, economic and Fed policy uncertainties remain elevated. However, UBS believes that the US stock market is attractive, and the S&P 500 is aiming for a continuation of 5,800 points by the end of the year. UBS's current base case is for the Fed to cut rates by 75 to 100 basis points this year, but in the near term, the Fed's policy flexibility appears to be more limited, as it must balance growth concerns with risks to an inflation recovery.